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Last modified
7/17/2007 9:18:44 AM
Creation date
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 />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF ROSEVILLE <br /> <br />Industrial Development Revenue <br />Note of 1984, Series C <br />(Advance Circuits, Inc. Project) <br /> <br />$5,000,000 <br /> <br />FOR VALUE RECEIVED the CITY OF ROSEVILLE, Ramsey <br />County, Minnesota (the "City") hereby promises to pay The First <br />~ational Bank of Saint Paul, in St. Paul, Minnesota, its <br />successors or registered assigns (the "Lender"), from the <br />source and in the manner hereinafter provided, the principal <br />sum of FIVE MILLION AND No/IOO DOLLARS ($5,000,000) (the <br />"Principal Balance"), with interest thereon at the rate of <br />seventy-five percent (75%) of the Reference Rate (as <br />hereinafter defined) as such rate may change from time to time <br />or at such higher rate as hereinafter provided in paragraph <br />l(b), in any coin or currency which at the time or times of <br />payment is legal tender for the pa~nent of public or private <br />debts in the United States of America, in accordance with the <br />terms hereinafter set forth. For purposes hereof, the term <br />"Reference Rate" means the rate publicly announced as such by <br />the Lender; actual lending rates charged by the Lender to other <br />borrowers may be at, above, or below said Reference Rate. <br /> <br />1. (a) From and after the date hereof, this Note <br />shall be amortized and paid in twenty-eight consecutive <br />quarterly principal installments of $178,571.43, plus accrued <br />interest payable on the 10th day of January, April, July and <br />October commencing on January 10, 1985 and continuing until <br />October 10, 1991 (the "Final Maturity Date") at which time the <br />Principal Balance and accrued interest thereon shall be paid in <br />full. Payments shall be applied first to interest due on the <br />Principal Balance and thereafter to reduction of the Principal <br />Balance. In addition, on the date hereof City shall pay as and <br />for additional interest for the period from the date hereof <br />through December 31, 1984 the sum of $50,000. <br /> <br />7 <br />
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