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Last modified
7/17/2007 8:40:10 AM
Creation date
12/2/2004 10:23:12 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
9705
Resolution Title
Approving the Issuance and Sale of the $1,847,407 Health Care Facilities Revenue Note and Authorizing the Execution of Documents Relating Thereto (St. Ann's Residential Services Project)
Resolution Date Passed
11/8/1999
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<br />paid in any coin or currency which at the time or times of payment is legal tender for the payment of <br />public and private debts in the United States of America. This Note is payable in the amounts and at the <br />times described below. <br /> <br />A. Schedule of Payments. <br /> <br />Payments of principal and interest on the outstanding principal amount hereofwill be payable <br />commencing on , 1999, and continuing on the day of each month thereafter <br />through and including ,2014 (TOTAL TERM: 180 MONTHS) <br /> <br />The entire outstanding principal balance and interest, if not sooner paid, must be paid in full <br />on the maturity date set forth above. <br /> <br />B. Calculation of Interest. <br /> <br />Interest payments will be computed on the basis of a year of twelve 30-day months. <br /> <br />Through and including <br />percent per annum. <br /> <br />, 2004 interest will be payable at the rate of 5.75 <br /> <br />On in the years 2004 and 2009 (each an "Adjustment Date"), the interest <br />rate on this Note will be adjusted to a rate per annum equal to 96.8 percent of the then current rate <br />ofthe Treasury Constant Maturities for five year obligations as reported by the Federal Reserve for <br />the preceding month (the "Adjusted Rate"). The maximum annual rate ofinterest payable hereunder <br />will not exceed 8.25% (provided there has been no Determination ofTaxability). <br /> <br />C. Adiustment and Application of Payments. <br /> <br />Monthly installments of principal and interest must be in an amount sufficient to amortize <br />the principal amount at the interest rate then in effect over the remaining term ofthe Note. On each <br />Adjustment Date, the installments hereunder will be adjusted to amortize the then outstanding <br />principal amount over the remaining term of this Note at such Adjusted Rate, payable commencing <br />on the _ day of the month following each Adjustment Date. <br /> <br />Payments will be applied in accordance with Section 3.02 ofthe Loan Agreement described <br />below. <br /> <br />Penalties for late payments hereunder will be paid and calculated in accordance with Section <br />3.10 of the Loan Agreement. <br /> <br />1096613.2 <br /> <br />B-2 <br />
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