2011-092 Council Resolution - Laserfiche WebLink

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• • 2.01. Issuance. The City will forthwith issue the Amended 1\ the Improvement Act and the City Charter to the County in the total prir $3,695,000. The Amended Note is issued to the County in consideration obligation under the Joint Powers Agreement, as amended by the First Amendment, to construct the Project; the Amended Note evidences the City''s obligation to pay to the County the City's revised share of the cost of the Project in accordance with the Joint Powers Agreement, and is intended to replace and supersede the original Note in all respects. 2.02. Terms. The Amended Note shall be in fully registered form, in the denomination of the par amount, dated as of the date of issue of the County Bonds, bear interest at the same rate as the interest on the County Bonds, and shall be payable on the dates and in the amounts set forth in the form attached hereto as Exhibit A, with such amendments thereto as shall be deemed desirable or necessary by the Mayor and City Administrator as evidenced by their execution thereof. The City paid interest due on the original Note on or about August 1, 2010 and February 1, 2011, which interest payments are now reduced because of reduction in the principal amount of the Amended Note. As shown in Exhibit A, the first interest payment on the Amended Note, on August 1, 2011, is reduced by the amount of the prior overpayment. 2.03. Optional Redemption. 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 then outstanding, together with accrued interest to the date of redemption. For any installment amount or portion thereof that is prepaid under this Section, the "County Fee" shown in the payment schedule attached to the Amended Note (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. 2.04. Mandatory Redemption. A portion of the assessments for the Project levied against benefited properties are expected to be deferred under various provisions of Minnesota law (referred to as "Deferred Assessments "). If the City receives pre - payments of any such Deferred Assessments, the City shall apply such prepayments toward redemption of the Amended Note in accordance with the terms of Section 2.03 hereof. Section 3. Registrations. 3.01. Registered Form. The Amended Note will be issued as a single typewritten note only in fully registered form. The interest thereon and, upon surrender of the Amended Note, the principal amount thereof, will be payable by check or draft issued by the Registrar described herein. 3.02. Registration. The City appoints the City Finance Director as note registrar (the "Registrar "). The effect of registration and the rights and duties of the City and the Registrar with respect thereto will be as follows: (a) Register. The Registrar will keep a note register in which the Registrar • will provide for the registration of ownership of Amended Note and the registration of 383077v3 SJB LN140 -103 3