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<br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF ROSEVILLE <br /> <br />Commercial Development Revenue Note of 1982, Series B <br />(Heco, Inc. Project) <br /> <br />$1,500,000 <br /> <br />FOR VALUE RECEIVED the CITY OF ROSEVILLE, Ramsey <br />County, Minnesota (the "City"), hereby promises to pay the <br />First National Bank of Minneapolis (the "Lender"), its succes- <br />sors or registered assigns (the Lender and any such successor <br />or registered assignee being also sometimes hereinafter <br />referred to as the "Holder"), from the source and in the manner <br />hereinafter provided, the principal sum of ONE MILLION FIVE <br />HUNDRED THOUSAND DOLLARS ($1,500,000) or so much thereof as re- <br />mains unpaid from time to time (the "Principal Balance"), with <br />interest thereon at the rates specified in paragraphs l(a) and <br />l(b) hereof (the "Tax Exempt Rates") or at such higher rate as <br />provided in paragraph l(c) hereof (the "Taxable Rate"), in any <br />coin or currency which at the time or times of payment is legal <br />tender for the payment of public or private debts in the United <br />States of America, in accordance with the terms hereinafter set <br />for th . <br /> <br />1. (a) From and after the date hereof through and <br />including the Call Date, as hereinafter defined, interest only <br />shall be paid at the rate of /.~II~ % per annum. Interest shall <br />accrue from the date hereof and shall be payable on each <br />Payment Date, as hereinafter defined. <br /> <br />(b) Commencing on the Payment Date next <br />following the Call Date and on each Payment Date thereafter, <br />this Note shall be amortized in equal consecutive monthly <br />installments of principal and interest, the amount of each of <br />which is to be calculated on an assumed ten-year amortization <br />with interest at a rate per annum equal to the Bond Buyer Rate <br />(as hereinafter defined), or if the 20 Bond Index is not <br />published, the Treasury Rate (as hereinafter defined), as <br />determined on the Payment Date which falls on the Call Date, <br />and a final installment on the Final Maturity Date, as <br />hereinafter defined, which shall be equal to the Principal <br />Balance and accrued interest thereon. Any payment shall be <br />applied first to accrued interest and thereafter to reduction <br />of the Principal Balance. <br /> <br />18 <br />