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2016-010 Council Resolution
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2016-010 Council Resolution
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Last modified
7/27/2016 4:33:16 PM
Creation date
7/27/2016 2:29:10 PM
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City Council
Council Document Type
Resolutions
Meeting Date
02/22/2016
Council Meeting Type
Regular
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EXHIBIT A <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY <br />CITY OF <br />$ GENERAL OBLIGATION CAPITAL NOTE, SERIES 2016A <br />The City of , County, Minnesota (the "City"), certifies <br />that it is indebted and for value received promises to pay to the City of Circle Pines, Minnesota, <br />or assigns duly certified on the Certificate of Registration attached to and made a part of this <br />Note (the "Owner"), in the manner hereinafter set forth, the $ principal amount of <br />this Note in the principal installments due on the first day of each month in the years and in the <br />amounts, respectively, as follows, with each such principal installment bearing interest until paid <br />in the amounts as follows: <br />Principal Interest Principal Interest <br />Month/Day/Year Installment Payment Month/Day/Year Installment Payment <br />Interest shall be payable monthly on the first day of each month, commencing 1, <br />20_, and shall be calculated on the basis of a 360 day year consisting of twelve 30 day months. <br />At the time of final payment of all principal of and interest on this Note, the Owner shall <br />surrender this Note to the City [Finance Director] at the City Hall, in <br />Minnesota. Notwithstanding anything to the contrary herein, the City's proportionate share of <br />any amount transferred from the Capital Account to the Debt Service Account (as such terms are <br />defined in the Issuer Note Resolution, defined hereinafter) upon completion of the Project shall <br />be applied as a credit against the principal or interest payment or payments due on this Note after <br />such transfer. The term "proportionate share" means the original principal amount of this Note <br />as a share of the original principal amount of the Issuer Note. <br />Manner of Payment. The principal of and interest on this Note are payable when due by <br />check or draft mailed or otherwise delivered by or on behalf of the City [Finance Director] to the <br />Owner hereof as of the end of the fifteenth (15th) day of the month, whether or not a business <br />day (the "Record Date"), immediately preceding the applicable payment due date; provided that <br />if the City shall be in default in payment of interest due on said date, whenever money becomes <br />available for payment of such defaulted interest, the City [Finance Director] shall establish a <br />special Record Date with respect to the payment thereof and shall mail written notice of the <br />special Record Date not less than fifteen (15) days prior to such date to the person that was the <br />Owner of the Note as of the close of business of the City on the fifth (5th) business day of the <br />City preceding such mailing, and the Owner as of the special Record Date shall be entitled to <br />A-1 <br />7393412v2 <br />
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