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• <br /> No. R-1 $457, 568. 38 <br /> UNITED STATES OF AMERICA <br /> STATE OF MINNESOTA <br /> COUNTY OF RAMSEY <br /> CITY OF MOUNDS VIEW <br /> TAXABLE TAX INCREMENT REVENUE <br /> NOTE OF 1991 <br /> (SYSCO PROJECT) <br /> The City of Mounds View, Minnesota (the "City") , hereby <br /> acknowledges itself to be indebted and, for value received, hereby <br /> promises to pay to Sysco/Continental Food Services of Minnesota, <br /> Inc. , a Delaware corporation, or its registered assigns (the <br /> "Registered Owner") , but only in the manner, at the times, from the <br /> sources of revenue, and to the extent hereinafter provided, the <br /> principal sum of FOUR HUNDRED FIFTY-SEVEN THOUSAND FIVE HUNDRED <br /> SIXTY-EIGHT AND THIRTY-EIGHT HUNDREDTHS DOLLARS ($457,568. 38) . <br /> . Interest shall accrue from the date hereof on the unpaid principal <br /> amounts of this Note at the simple, non-compounded rate of interest <br /> of nine and ninety hundredths percent (9. 90%) per annum, all such <br /> interest to be computed on the basis of a 360 day year consisting <br /> of 12 30-day months. In addition to the interest which may accrue <br /> on the principal of this Note from and after the date hereof, <br /> pursuant to certain payments (the "Payments") made to the City by <br /> Sysco/Continental Food Service of Minnesota, Inc. , a Delaware <br /> corporation, as Redeveloper (the "Redeveloper") under and pursuant <br /> to that certain Contract for Private Redevelopment, dated as of <br /> January 23 , 1989 (as the same may be amended from time to time,' the <br /> "Development Agreement") , between the City and the Redeveloper, <br /> inter-est on the Pa• - - - o n o <.,6:4-590-69 <br /> ::........... <br /> shall also constitute accrued interest on this Note. <br /> Subject to the terms hereof, amounts due on this Note shall be <br /> payable on February 1, 1992 , and on each February 1 thereafter to <br /> and including February 1, 2005 (the "Payment Dates") . <br /> On each Payment Date the City shall pay by check or draft <br /> mailed to the person that was the Registered Owner of this Note at <br /> the close of the last business day of the _city receding__such <br /> Payment Date an amount equal to the lesser of (1) the Available Tax <br /> • 22309 <br /> � I <br />