2008_0317_packet - Laserfiche WebLink

Home

UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF ROSEVILLE Educational Facilities Revenue Note, Series 20,08 (Concordia Academy Association of'Schools Project) THE CITY OF ROSEVILLE, MINNESOTA (the "City") herieby N pr omi ises to pay PREMIER BANK., a, Minnesota corporation or its successors or, registered assigns (the "Lender"), solely from the source and in the manner hereinafter provided, the principal sum of SEVEN MILLION AND NO/100 DOLLARS ($7,0100,,000�),car so much thereof as may have been advanced to or for the benefit of the City and rein .a unpaid from time to time (the "Principal Balance"), with 'interest thereon as set forth in Paragraph I below from the date hereof until March 2029 (the "Maturity Date") or until paid or otherw]"se discharged, in any coin or currency which att the time or times of payment is legal tender for the payment of public or private debts in the United States of America, in accordance with the ternis hereinafter set forth. This Note shall bear interest at a rate of 4.95% per year froni the date hereof to March 2013 (are "Adjustment Date"). From and after the first Adjustment Date,, the interest rate on this Note shall be the "Prime Rate" as defined below) less 2.5% as such rate shall change from time to time, but in no event less than 4.75% per year nor more than 6,45%, per year, Each date which is five (5), ten (10), or fifteen (15) years after the first A1dJ ustment Date also shall be an Adjustment Date, From and after the second Adjustment Date until the date immediately preceding the third Adjustment Date, the interest rate on this Note shall be the Prime Rate less 3.0%, as such rate shall change from time to time but in no event less than 4.75%, nor miore than 7.95%. From and after the third Adjustment Date until the Maturity Date the in rate on this Note shall be the Prime Rate less 3% but in no event less than 4.49% nor more than 9.615%, All interest payable shall be calculated on the basis of a 36G-day year of twelve 30-day months. For purposes hereof, the terin "Prime Rate" means that rate of 'interest published from time to time in the Money Rates Column of the Money & Investing Section of the Waill Street Joitirnail as the "Prime Rate as the same may change from time to time; provided, however, that in the event, that the Wall Street Journal fails to publish a Prime Rate, the Prime Rate shall be the Prime Rate of interest aimounced by the Lender as its "Prime Rate" as the same may change, from time to time. Actual rates charged by Lender to other borrowers may be at, above or below the Prime Rate. 2. Commencing on April _, 2008 and continuing until April 1, 2009 interest only shall be payable on this Note. Thereafter, this Note shall be payable' 'in conselcub"vie monthly I installments of principal and interest sufficient to fully and equally arnortize repayment thereof IN based upon a twenty (20) year amortization commencing on April 1, 2009, , and continuing on the same day of each and every month thereafter until the Maturity Date at which time the Principal Balance plus accrued and unpaid interest,, if any, shall be due and payable in full. Payments shall 2144812v I