12-19-2007 Council Agenda - Laserfiche WebLink

Home Browse Search

Draft: 12/13/2007 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF LITTLE CANADA Educational Facilities Revenue Note (St. John the Evangelist School Project), Series 2007 December 20, 2007 R -1 [$1,800,000] THE CITY OF LITTLE CANADA, MINNESOTA (the "City ") hereby promises to pay to the order of BANKCHEROKEE, a Minnesota banking corporation, or its successors or registered assigns (the "Lender "), solely from the source and in the manner hereinafter provided, the principal sum of [ONE MILLION EIGHT HUNDRED THOUSAND AND NO /100 DOLLARS ($1,800,000)[, or so much thereof as remains unpaid from time to time (the "Principal Balance "), with interest thereon as set forth in Paragraph 1 below from the date hereof until December 20, 2027 (the "Maturity Date ") or until paid or otherwise discharged, in any coin or currency which at 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 terms hereinafter set forth. 1. This Note is dated December 20, 2007 and is issued by the City to provide funds for a project, as defined in Minnesota Statutes, Section 469.152, consisting of the non - religious portions of the renovation and equipping of, and construction of additions to, a school for grades kindergarten through 8th grade known as St. John the Evangelist School, owned and operated by St. John's Church of Little Canada, a nonprofit religious organization organized under the State of Minnesota (the "Borrower "), and located at 2621 McMenemy Street in the City, pursuant to a Loan Agreement (the "Loan Agreement ") dated as of December 20, 2007 between the City and the Borrower. This Note is further issued pursuant to and in full compliance with the Constitution and laws of the State of Minnesota, particularly Minnesota Statutes, Sections 469.152 to 469.1651 and pursuant to a resolution of the City Council duly adopted on December 19, 2007 (the "Resolution "). 2. This Note shall bear interest at a rate of four and 65/100 percent (4.65 %) per year (the "Note Rate ") from the date hereof to December 20, 2012 (the "First Adjustment Date "). From and after the First Adjustment Date, the interest rate on this Note shall be recomputed for the period from the First Adjustment Date to December 20, 2017 (the "Second Adjustment Date "). From and after the Second Adjustment Date, the interest on this shall be recomputed for the period from the Second Adjustment Date to December 20, 2022 (the "Third Adjustment Date," and together with the First Adjustment Date and the Second Adjustment Date, the "Adjustment Dates "). From and after each of the Adjustment Dates until the date immediately preceding the next Adjustment Date or the Maturity Date, as the case may be, the interest rate on this Note shall be the "Recomputed Rate" (as defined below) in effect on each of the applicable Adjustment Dates. 21105884 9