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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 A <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 <br />remains unpaid from time to time (the "Principal Balance"), <br />with interest thereon at the rates specified in paragraphs l(a) <br />and l(b) hereof (the "Tax Exempt Rate"), as such Tax Exempt <br />Rate may change from time to time, 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 />forth. <br /> <br />1. (a)(i) From and after the date hereof through <br />and including the Call Date, as hereinafter defined, interest <br />only shall be payable at the Tax Exempt Rate in effect from <br />time to time hereunder as hereinafter provided. Interest shall <br />accrue from the date hereof and shall be payable on each <br />Payment Date, as hereinafter defined, through and including the <br />Call Date. <br /> <br />(ii) The Tax Exempt Rate in effect from time to <br />time under this paragraph (a) shall be initially determined on <br />the date hereof and shall be redetermined on each succeeding <br />Rate Change Date through and including the Rate Change Date <br />next preceding the Call Date and shall accrue on the unpaid <br />Principal Balance from the date of such determination through <br />and including the next Rate Change Date. As of any date of <br />determination, the Tax Exempt Rate shall be a rate per annum <br />equal to eighty-five percent (85%) of the sum (rounded to the <br />nearest one-hundredth of one percent) of <br /> <br />7 <br />