Agenda Packets - 1991/11/04 - Laserfiche WebLink

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• Increments (as hereinafter defined) and (2) the sum of (a) the current period accrued interest, that is, the interest which shall have accrued on the unpaid principal of this Note since the previous Payment Date (or, in the case of the first Payment Date, since the date hereof) plus (b) the result obtained by multiplying the sum of the unpaid principal and all other accrued interest (excluding the current period accrued interest described above but including the accrued interest described in the last sentence of the first paragraph of this Note) on this Note by a fraction, the numerator of which is the number of six month periods from Augu3t ki)6illary 1, 1991, to the applicable Payment Date, and the denominator of which is The City may at its option, but shall have no obligation to, prepay at any time, in whole or in part, the payment amounts described herein. All payments made by the City under this Note shall be applied first to pay accrued and unpaid interest on this Note and second toward reduction of the principal hereof. The amounts due hereon shall be payable solely from tax increments (the "Tax Increments") which are paid to the City and which the City is entitled to receive and retain pursuant to the provisions of Minnesota Statutes, Sections 469 . 174 through 469 . 179, as the same may be amended or supplemented from time to time (the • "Tax Increment Act") , from the City's Tax Increment Financing District No. 3 within its Municipal Development District Plan No. 3 , as amended March 13 , 1989 . This Note shall terminate and be of no further force and effect following the last Payment Date defined above, on any date upon which the City shall have terminated the Development Agreement, or on the date that all principal and interest payable hereunder shall have been paid in full, whichever occurs earliest. As used herein, the term Available Tax Increments, as of a Payment Date, means those Tax .Increments which exceed (1) the amount necessary to pay then current or past-due debt service on the-City's Bonds (as defined in the Development Agreement) and (2) the then current or past-due $16, 925 annual amount which the City is entitled to deduct from the Tax Increments in 1991 and in each year thereafter (which annual deduction may be made by the City as of February 1 of each such year) . The City makes no representation or covenant, express or implied, that the revenues described herein will be sufficient to pay, in whole or in part, the amounts which are or may otherwise become due and payable hereunder. • 22309 2