2009-097 Council Resolution - Laserfiche WebLink

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• Y • No. R -1 EXHIBIT A FORM OF NOTE UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA CITY OF LINO LAKES GENERAL OBLIGATION IMPROVEMENT NOTE OF 2009 $4,260,000 Date of Original Issue: , 2009 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 $4,260,000 on the maturity date specified above, payable in annual installments on August 1, together with interest thereon 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 Note in whole or in part. If in part, prepayments will be applied in reverse order of the principal installment amounts due on the 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 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 Note is issued in the aggregate principal amount of $4,260,000 all of like original issue date and tenor issued pursuant to a resolution adopted by the City Council on November 9, 2009 (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. The full faith and credit of the City are irrevocably pledged for payment of this Note and the City 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 Note is issued only as a fully registered Note in denomination of $4,260,000. 359834v3 SJB LN140 -103 A -1