09/12/2011 Council Packet - Laserfiche WebLink

Home Search

Council has obligated itself to levy ad valorem taxes on all taxable property in the City in the event of any deficiency in special assessments pledged, which taxes may be levied without limitation as to rate or amount. The Amended Note is issued only as a fully registered Amended Note in denomination of $3,695,000. As provided in the Resolution and subject to certain limitations set forth therein, this Amended Note is transferable upon the books of the City at the principal office of the Registrar, by the registered owner hereof in person or by the owner's attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner or the owner's attorney. Upon such transfer or exchange the City will cause a new Amended Note be issued in the name of the transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee or governmental charge required to be paid with respect to such transfer or exchange. The City and the Registrar may deem and treat the person in whose name this Amended Note is registered as the absolute owner hereof, whether this Amended Note is overdue or not, for the purpose of receiving payment and for all other purposes, and neither the City nor the Registrar will be affected by any notice to the contrary. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota and the City's home rule charter to be done, to exist, to happen and to be performed preliminary to and in the issuance of this Amended Note in order to make it a valid and binding general obligation of the City in accordance with its terms, have been done, do exist, have happened and have been performed as so required, and that the issuance of this Amended Note does not cause the indebtedness of the City to exceed any constitutional, statutory or charter limitation of indebtedness. IN WITNESS WHEREOF, the City of Lino Lakes, Anoka County, Minnesota, by its City Council, has caused this Amended Note to be executed on its behalf by the facsimile or manual signatures of the Mayor and City Administrator and has caused this Amended Note to be dated as of the date set forth below. Dated: CITY OF LINO LAKES, MINNESOTA (Facsimile) (Facsimile) City Administrator Mayor 383077v3 SJB LN140 -103 A -2 • • •