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• <br />b) Security. The City Note will be issued under Minnesota Statutes, <br />Chapter 429 and the City Charter, and will be secured primarily by <br />special assessments levied against property in the city benefited by <br />the Project, and will be further secured by the City's full faith and <br />credit. <br />c) Payment Schedule. The payment schedule for the City Note will be <br />substantially as shown in Exhibit B hereto, subject to adjustment <br />based on the actual terms of the County Bonds. <br />d) The City Note will include the following additional terms: <br />Optional Redemption. The City may pre -pay the City Note in <br />whole or in part on any date. Prepayments will be applied in <br />reverse order of maturities on the City Note. The prepayment <br />amount will be the outstanding principal amount (or relevant <br />portion thereof) of the City's allocable share of the County Bonds. <br />For any maturity or portion thereof that is prepaid under this <br />Section, the parties agree and understand that the "County fee" <br />shown in column [4] of Exhibit B (or allocable portion thereof, if <br />only part of maturity is prepaid) is not paid, and the prepayment <br />amount is only the sum described above. <br />ii. Mandatory Redemption. The parties agree and understand that a <br />substantial portion of the assessments levied against benefited <br />property are expected to be deferred under various provisions of <br />Minnesota law (referred to as "Deferred Assessment "). If the City <br />receives pre - payments of any such Deferred Assessments, the City <br />shall apply such prepayments toward redemption of the City Note, <br />in accordance with the terms described in clause (i) above. <br />6. As a credit to the City's share of the cost of the Project, and as executed under <br />separate agreements, the following items may be used to reduce the City's share <br />or to apply for the City's repayment schedule: <br />a) A $300,000 credit for the turnback of County Road 153 (Lilac Drive) <br />from the County to the City; <br />b) The appraised value of land provided by the City to the County as <br />accepted by the County for its purposes. <br />IV. TERM <br />This Agreement shall continue until terminated as provided hereinafter. <br />V. DISBURSEMENT OF FUNDS <br />