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02-14-2001 Council Agenda
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02-14-2001 Council Agenda
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the rights and obligations of the City to pay the principal of this Note, and said <br />provisions are hereby incorporated into this Note as though set out in full herein. <br />This Note is a special, limited revenue obligation and not a general obligation <br />of the City and is payable by the City only from the sources and subject to the <br />qualifications stated or referenced herein. This Note is not a general obligation of the <br />City of Little Canada, Minnesota, and neither the full faith and credit nor the taxing <br />powers of the City are pledged to the payment of the principal of this Note and no <br />property or other asset of the City, save and except the above - referenced Tax <br />Increments, is or shall be a source of payment of the City's obligations hereunder. <br />This Note is issued by the City in aid of financing a project pursuant to and in <br />full conformity with the Constitution and laws of the State of Minnesota, including <br />the Tax Increment Act. <br />This Note may only be assigned pursuant to and in accordance with the <br />requirements of Section 6.9 of the Development Agreement. If such an assignment is <br />so allowed, the assignee shall surrender this Note to the City either in exchange for a <br />new fully registered note or for transfer of this Note on the registration records for the <br />Note maintained by the City. Each permitted assignee shall take this Note subject to <br />the foregoing conditions and subject to all provisions stated or referenced herein. <br />IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions, and <br />things required by the Constitution and laws of the State of Minnesota to be done, to <br />have happened, and to be performed precedent to and in the issuance of this Note <br />have been done, have happened, and have been performed in regular and due form, <br />time, and manner as required by law; and that this Note, together with all other <br />indebtedness of the City outstanding on the date hereof and on the date of its actual <br />issuance and delivery, does not cause the indebtedness of the City to exceed any <br />constitutional or statutory limitation thereon. <br />IN WITNESS WHEREOF, City of Little Canada, Minnesota, by its City <br />Council, has caused this Note to be executed by the manual signatures of its Mayor <br />and City Administrator and has caused this Note to be dated as of February 1, 2001. <br />City Administrator Mayor <br />1206506v1 <br />Page 33 <br />
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