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Last modified
7/17/2007 9:18:53 AM
Creation date
4/25/2005 12:19:51 PM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
7680
Resolution Title
$900,000 Commercial Development Revenue Note of 1984, Series D
Resolution Date Passed
12/26/1984
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<br />from time to time so that the unpaid <br />principal and interest shall be amortized <br />over the period remaining before the Final <br />Maturity Date; or <br /> <br />(B) if amortization of the Principal Balance <br />had theretofore commenced, the monthly <br />installments of principal and interest <br />payable commencing with the next succeeding <br />payment shal1 be recomputed on the basis of <br />the Taxable Rate in effect from time to <br />time so that unpaid principal and interest <br />shal1 be amortized over the period <br />remaining before the Final Maturity of the <br />Note. <br /> <br />(ii) Upon a Determination of Taxability, the <br />Holder may declare the entire Principal Balance of this Note <br />together with accrued interest thereon at such retroactively <br />increased Taxable Rate to be immediately due and payable, and <br />with the prepayment premium, if any, specified in paragraph 8 <br />hereof. <br /> <br />(iii) The Holder shall give notice, as soon as <br />practicable, to the Borrower of any Notice of Taxability, as <br />hereinafter defined, received by the Holder and permit the <br />Borrower to contest, litigate or appeal the same at its sole <br />expense. In the event any such contest, litigation or appeal <br />is undertaken, the increased interest provided in paragraph <br />(c) (i) shal1, nevertheless, be payable to the Holder and shal1 <br />be held by the Holder in escrow (without paying interest <br />thereon) pending final disposition of such contest, litigation <br />or appeal, provided that the Borrower shall indemnify and hold <br />harmless the Holder and each prior Holder from any and all <br />penalties, interest or other liabilities which they may incur <br />on account of such contest, litigation or appeal. <br /> <br />(iv) The terms "Determination of Taxability," <br />"Date of Taxability" and "Notice of Taxability" shall have the <br />meanings ascribed to such terms in the Loan Agreement, dated <br />the date hereof (the "Loan Agreement"), between the City and <br />Health Resources Roseville Partnership (the "Borrower"). <br /> <br />2. In any event, the payments hereunder shall be <br />sufficient to pay all principal and interest due, as such <br />principal and interest becomes due, and to pay any premium or <br />penalty, at maturity, upon redemption, or otherwise. Interest <br />shall be computed on the basis of a 360 day year, but charged <br />for the actual number of days principal is unpaid. <br /> <br />10 <br />
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