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<br />First Draft <br />December 1, 2021 <br /> <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br /> <br />City of Mounds View <br />Amended and Restated <br />Healthcare and Housing Facilities Revenue Refunding Note <br />(Catholic Eldercare Project) <br />Series 2014C <br /> <br />No. R-2 <br /> <br />Original Date of Issuance: December 18, 2014 <br /> <br />Original Principal Amount: $4,000,000 <br /> <br />Date of Modification: December 22, 2021 <br /> <br />Outstanding Principal Amount as of Date of Modification: $___________ <br /> <br />Final Maturity Date: December 22, 2041 <br /> <br /> <br />1. Principal Balance. FOR VALUE RECEIVED, the City of Mounds View, Minnesota, a <br />municipal corporation organized and existing under the laws of the State of Minnesota (the “Issuer”), <br />hereby promises to pay to Northeast Bank, a Minnesota banking and insurance corporation (the “Lender”), <br />solely from the source and in the manner hereinafter provided, the principal sum of Four Million Dollars <br />($4,000,000), or so much thereof as has been advanced and remains unpaid from time to time (the “Principal <br />Balance”), with interest thereon from the date hereof as set forth in Section 2 below. Payments shall be <br />made in any coin or currency which at the time or times of payment is legal tender for the payment of public <br />or private debts in the United States of America, in accordance with the terms hereinafter set forth. <br /> <br />2. Interest. Interest on this Note shall be computed on the basis of a three hundred sixty (360) <br />day year of twelve (12) thirty (30) day months and shall be payable as follows: <br /> <br />(A) Commencing on the date of this Note and continuing to December 22, 2021, <br />interest shall accrue on the outstanding principal balance at the rate of 3.00% per annum. <br /> <br />(B) On the Date of Modification and continuing to December 22, 2028 (the “First <br />Adjustment Date”), interest shall accrue on the outstanding principal balance at the rate of ______% <br />per annum [a rate per annum equal to 0.695% multiplied by the sum of the 7-Year Treasury Rate <br />(as such term is defined below) plus 260 basis points]. <br /> <br />(C) On the First Adjustment Date and continuing to December ___, 2035 (the “Second <br />Adjustment Date”), interest shall be adjusted to a rate per annum equal to 0.695% multiplied by the <br />sum of the 7-Year Treasury Rate (as such term is defined below) plus 260 basis points. <br />