Laserfiche WebLink
Document management portal powered by Laserfiche WebLink 9 © 1998-2015 Laserfiche. All rights reserved.
<br />be made by check or draft made payable to the Owner and mailed to the Owner at its postal <br />address within the United States which shall be designated from time to time by the Owner. <br /> <br />The Note is a special and limited obligation and not a general obligation of the City, <br />which has been issued by the City pursuant to and in full conformity with the Constitution and <br />laws of the State of Minnesota, including Minnesota Statutes, Sec. 469.178, subdivision 4, to aid <br />in financing a project, as therein defined, of the City consisting generally of defraYing certain <br />public redevelopment costs incurred and to be incurred by the City within and for the benefit of <br />its Development District No.1. <br /> <br />THE NOTE IS NOT A GENERAL OBLIGATION OF THE CITY OR THE STATE OF <br />MINNESOTA (THE "STATE"), AND NEITHER THE CITY, THE STATE NOR ANY <br />POLITICAL SUBDIVISION THEREOF SHALL BE LIABLE ON THE NOTE NOR SHALL <br />THE NOTE BE PAYABLE OUT OF ANY FUNDS OR PROPERTIES OTHER THAN TAX <br />INCREMENT, AS DEFINED BELOW. <br /> <br />The PaYment of this Note due on any PaYment Date is payable solely from and only to the <br />extent that the City shall have received as of such PaYment Date Tax Increment, as defined in the <br />Agreement, and shall be subject to the priority for use of Tax Increment as set forth in the <br />Agreement. In the event that Tax Increment is not sufficient to pay when due the principal of and <br />interest on this Note, the failure of the City to pay the principal of and interest on this Note then <br />due shall not constitute a default hereunder. <br /> <br />The City shall pay on each PaYment Date to the Owner the Tax Increment. On December <br />31, 20_, the maturity date of this Note, any unpaid portion shall be deemed to have been paid <br />in full; provided that Tax Increment received by the City after December 31, 20_ as a result <br />of the paYment of delinquent taxes payable prior to such date shall be used to pay any unpaid <br />amounts under the Note when received by the City, subject to the priority for use of Tax <br />Increment as set forth in the Agreement. <br /> <br />This Note shall not be payable from or constitute a charge upon any funds of the City, and <br />the City shall not be subject to any liability hereon or be deemed to have obligated itself to pay <br />hereon from any funds, except the Tax Increment, and then only to the extent and in the manner <br />herein specified. <br /> <br />The Owner shall never have or be deemed to have the right to compel any exercise of any <br />taxing power of the City or of any other public body, and neither the City nor any director, <br />commissioner, Council member, officer, employee or agent of the City, nor any person executing <br />or registering this Note, shall be liable personally hereon by reason of the issuance or registration <br />hereof or otherwise. <br /> <br />The City makes no representation or covenant, express or implied, that the revenues <br />described herein will be sufficient to pay, in whole or in part, the amounts which are or may <br />otherwise become due and payable hereunder. <br /> <br />48 <br />