09/12/2011 Council Packet - Laserfiche WebLink

Home Search

• • • No. R -1 EXHIBIT A FORM OF AMENDED NOTE UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA CITY OF LINO LAKES $3,695,000 GENERAL OBLIGATION IMPROVEMENT AMENDED NOTE OF 2009 Date of Issue of Original Note: December 9, 2009 Date of Issue of Amended Note: , 2011 The City of Lino Lakes, Minnesota, a duly organized and existing municipal corporation in Anoka County, Minnesota (the "City "), acknowledges itself to be indebted and for value received hereby promises to pay to Anoka County, Minnesota, or registered assigns, the principal sum of $3,695,000 on the maturity date specified above, payable in annual installments on August 1, together with interest thereon from the date of issuance of the Original Note at the annual rates specified in Schedule A hereto payable semiannually on August 1 and February 1, and an annual fee payable on August 1, all in the years and amounts as shown in Schedule A attached hereto. The City may elect on any date to prepay the Amended Note in whole or in part. If in part, prepayments will be applied in reverse order of the principal installment amounts due on the Amended Note. The prepayment amount will be the outstanding principal amount of the County Bonds (as defined in the Resolution referenced below) then outstanding, together with accrued interest to the date of redemption. For any installment amount or portion thereof that is prepaid, the "County Fee" shown in Schedule A attached hereto (or allocable portion thereof, if only a portion of an installment is prepaid) is not paid, and the prepayment amount is only the sum described above. The Amended Note is further subject to mandatory redepemption upon prepayment of certain Deferred Assessment (as defined in the Resolution), in accordance with the terms described in the Resolution. This Amended Note is issued in the aggregate principal amount of $3,695,000 all of like original issue date and tenor issued pursuant to a resolution adopted by the City Council on September 12, 2011 (the "Resolution "), for the purpose of providing money to defray the expenses incurred and to be incurred in making local improvements, pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapter 429 and the City charter, and the principal hereof and interest hereon are payable primarily from special assessments against property specially benefited by local improvements as set forth in the Resolution to which reference is made for a full statement of rights and powers thereby conferred. This Amended Note is issued in replacement of and substitution for the $4,260,000 General Obligation Improvement Note of 2009 (the "Original Note "), and this Amended Note supersedes the Original Note in all respects. The full faith and credit of the City are irrevocably pledged for payment of this Amended Note and the City 383077v3 SJB LN140 -103 A -1