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7/17/2007 9:18:44 AM
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4/25/2005 12:19:20 PM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
7660
Resolution Title
Final Note Resolution; $5,000,000 Industrial Development Revenue Note of 1984, Series C, Advance Circuits, Inc. Project
Resolution Date Passed
10/8/1984
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<br />3. Principal and interest and premiwu or service <br />charge due hereunder shall be payable at the principal office <br />of the Lender, or at such other place as the Lender may <br />designate in writing. <br /> <br />4. This Note is issued by the City to provide funds <br />for a project, as defined in Section 474.02, Subdivision 1, <br />Minnesota Statutes, consisting of the acquisition and <br />installation of Improvements as defined in the Loan Agreement <br />in the building located at 1629-1645 Terrace Drive, Roseville, <br />Minnesota pursuant to the Loan Agreement and this Note is <br />further issued pursuant to and in full compliance with the <br />Constitution and laws of the State of Minnesota, particularly <br />Chapter 474, Minnesota Statutes, and pursuant to a resolution <br />of the City Council duly adopted on October 8, 1984 (the <br />"Resolution") . <br /> <br />5. This Note is secured by a Pledge Agreement of <br />even date herewith by and between the City and the Lender (the <br />"Pledge Agreement"), a Security Agreement, of even date <br />herewith executed by the Borrower, in favor of the Lender (the <br />"Security Agreement") and an Occupancy Agreement dated October <br />iv, 1984 by and between the Borrower and the Lender (the <br />"Occupancy Agreement"). The proceeds of the Note shall be <br />placed in the Construction Fund and the Debt Service Reserve <br />Fund established pursuant to the Resolution and the Disbursing <br />Agreement (hereinafter referred to), and the disbursement of <br />the proceeds of this Note from the Construction Fund and the <br />Debt Service Reserve Fund is subject to the terms and <br />conditions of a Disbursing Agreement of even date herewith <br />among the Lender, the City and the Borrower (the "Disbursing <br />Agreement") . <br /> <br />6. The City, for itself, its successors and assigns, <br />hereby waives demand, presentment, protest and notice of <br />dishonor: and to the extent permitted by law, the Lender may <br />extend interest and/or principal of or any service charge or <br />premium due on this Note, including the Final Maturity Date, or <br />release any part or parts of the property and interest subject <br />to the Security Agreement or to any other security document <br />from the same, all without notice to or consent of any party <br />liable hereon or thereon and without releasing any such party <br />from such liability and whether or not as a result thereof the <br />interest on the Note is no longer exempt from the Federal <br />income tax. In no event, however, may the Final Maturity Date <br />be extended beyond thirty (30) years from the date hereof. <br /> <br />9 <br />
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