HomeMy WebLinkAboutResolution 0940kit I (-)Is Nf), 440
BOND RLSOWTION
ft- 30 0, 600
INDUSIAIIIAL DEVELOPMENT REVENUC NOT9 UP )978
141tjWAY InVUSTR14L SUPPLY CO., INC. , PROjECT
CITY 00 MOUNDS VIEW
ADOPTIDt Gait.-abor 10# 1978
r/7'
V7
U _.!1H ,!!i 7,1!!. t140
(Th..q tew-i4- �d i., litit a vct�'_ uf Lhim
but .1" J�t t-iiiIj-)
TAULE 00 CONTENTS
ARTICLL Q14L
- UMNITIUNA,
LEGAL AUTHORIZATION
AND
FINDTNGS ......................... .
I
Section
1-1.
Definitions ...
Uation
low2,
Legal
Section
1-3.
Findings ........
3
Section
1�4.
Authorization and Ratification
uf
ARTICLETW NOTE
......... ...............
5
Section
2-1.
AuthoriZod AMOOnt and rorm
Of
foation
2�2#
The Initial
13
section
2-3.
xx*Qwt!Qllv 0 9 1 !Z. v 0 - 0 - 9 0 # 0 0 t 0 - 0
13
S9.6 IoA`0-47;
--Dal L ve Cy of IM US !-No W - - -
*0 #Ott
A"tLan
2-1h
-2-A.-
Issua-ftaq of Now Wtea # # # #
Irrandfar,
14
A-
Sadtim-
lautalty-A-Flarm at- --Opt-@
14
Akmttivw
�-.7 -#
Nu tilpit" v -Wat OF-Dentroyod-
NO-to 06 # 4 0 4 p 0- 0 # of # 0 0 0 _# # #
14
__"Otto 4-9,
_0
X, If
--jam, M Z V"uw_..
0 a
-10
tior
_��u rou
to�
-17
$action
4-1,
Pa nt of PrincilpAl and
y"
17
Son-Im-4--Z-1
VWrfO1MMV_ W,_ Affid- Au
of Cbmants. to at-# ##*##too too** to
17
Section
4-3.
Enforcement and Performahea
o o t
LAW-
..4mation
4-4,
NOW6 of
I ill I ,!� � �,;4jj
IF
Pauv
ARTICLE FIVi�
- MT SULLANEUU-
.- -
. ..J. I ....... I ......... ..
Sum, L itill
5-1.
:...
Suvou'll, 1 1 J, I y ... � I � �'. � � I . I
!;v C t, on
5-2.
Authenticatiun. uf
Section
�-3.
RLIJlfatrAtain of
19
Section
5-4.
AuLhoriv,tion to Ex&-cutw
AyrooMolita ....... * ..............
10
AMNATURES ........
I ............
.......
20
- ---- -- -----
VIP;,
HIE, I OL'J 1�1'-) C
I]', !'I V;;f! t �I
ARVICLE ONE
'�TZATxUbl A141)
The terms used hurtlit's unless tha cOntext hereof
mhall require otherwiat Shall havo the f0llclwing tn"nings, and
any other tc;r"148 ul,�.f in" in the LO, ' 0 Agreement Shall have the
0ame lljeanings wholl used herein no a8staned to thein iri thf- Loan
calcm. another
Unlads tile context or use thereof ndi
,'!reement
Aifforant meaninq or intent.
the Minnr�ota Munloipal indii-strial DevelOP-
(1) Acti .0 -
Mqnt A;ct# Minnesota 2�dtut&b# chaptuj� 474, az nminded;
(2) Dond Counse-Is the firm of Brig9p and MorUan,
Professional - 8-00 at oft# of St. paul, Minnesota, And anY
opinion elf Sonti counsel shall be a writtOn opinion signed by
such COUP11*11
(3) V4rrgw?,ri M'dw&y industrial Supply CO -t TAct, &
Annesota cofPOV&tLOn, its Successors and assiSnG, and any
llukvLving, gesuitInq or troinsfecatl Waing,88 *ntity which may
assume i's obItgati-Ont Undsr Cho ijoan Ag4etrontl
Re "tt the City of M*uAs View, 14W#50ts, iVS
Or gemtat I t1ja c%greement to
dill LOAD
-borrower And mortg4goof relatiny to
.be execut on ftu�,tion cnd
acquisition al the Project pr9miges and the o a
ifisiallotLeft of the lilprOvumentsl
(6) Img[ovemVI-Itu the structures and other improve -
ac -c -or
mtntj to jigc0nstruct#q Dy the Borrower in -dm.ce with the
piano and SpecificAtional
(7) QAn, Agroome-n—t 1 t I no agreemdnt to be executid b
the City an- t a Barrowort and assignment tiler -Of, providIng
for the loan Of acquinition and construction funds to the
mendm#nts or gupplements thereto made
Uorcowete including any a
in accordance with its provisionsi
VI 1 �_i� I 'i 1 1 , - Wi , � '44 f,
IA' q t -Jllqf� ho llol t ivi j; 1 1 1 i u:hl
t t� 1 xf�'-ot ud wv� Ji t I, H-1 r "'4t�r ;,-1 t
M
"I e P�Ivlrien.t r ho fjoh.
M',-1 t(It(1ve t i t- M'"way 4n' Innzil Bijn� ot 1, h Li
i I I t i rl 0 !, C! U
' N -o t e tho industria-1 ()evLJ()rjjr1@11t kove-luc. Nott,
at 1918 M i i_,ha y Industriai Supply Co., lnc., Pru!)uct or
Notor. it tile holdor 01 ftctq to tonvt tne Roto into tw,) or
mo.',-, Notes ar, provi ed thorEaln, to bek iAutied by tliv Cj:ty
uurzuant to thiz W';rjolut ioq t�-J �C_qjjj rq.1 dequ;ition
and construction fun -15,
(10) Note Re-11st@rs the fbCorft knpt by thO City
Clerk to provide for the rqqistratian r?f transfer of ownorahip
Ui the Noto;
(11) UAri-A ,Ap_.4 SpeAfications: the plans and apec.'L_
Fications TiT co-not—r"ot-i-o—n- "n installation of
Improvements on the Project Promises, which are approved by
the MortangeO, togather with much mrdif;r^finn* risor,sof ant)
additla4i thrreto which are reasonably determinvd by the
Burrowar to be necessary or desirable for the completion of
the improvements and are approved by the Mortgageel
(12) MIncival Balance: so much of the principal
SUM On tht Mgt@ An Ef—OWITM-6 to time may have been advanae& to
or for the benefit of the City and remains unpaidl
# I '. 4 ... - " � � &U - no 'A no .4
thol, may Ut any TLMI rmxist,.L
ffl�jfvt YFOM1898t the land anf� any r�-thlor ease-
MWI 4nd Ights --criFed' in Exhibit A Attecim; ti, the Loan
(15) PJ;V1UJi2p_t this kesolation of the '�Jty adopti"d
pursuant to whieh the Note is au"hirixed to *a
issued, to�ether wie!i tny auppiamc.it Inv 31"CnO.awtit therstol and
all W,ervirces in this instrum*nt 20 d*Nign&tvd 0Arttc2vv?41
"Bections" and other subdivisiorg at* to the designated Arti-
clan, SecttonR and subdiVihions of thiA indtf=efit AN origi-
nally executed. The words "herain,n nhereof" and "hereunder*
and other wordj of similar import refer to this Resolution an
a whola% not to any particular Article, Section or subdivision.
`7�
I _ Aut 11-1 1 -it ]'!,it .
t
I t 1 -at I' tilt!
mirinpnota nrirj in ;—I
revenue produ(-iliq projoct harvirl rarorrp-,) to, nnd to !7 t I t- Ano
noli bUJ;11:3 I r im, t W-
Not6 Lol tne purpuse, in the manner arld tAPOn t h Qi-
cunditions aet forth in tho Act and in thi-m Rotuo 'Lilt 1011,
The? C I I Y coullL: i i hian tier e tutor u du t arm i nod , ai)d does
horetiy fjilteflfflirQ� d8 fOlIOWIJ;
1 ) The City is- authoriz��,d by tho Act to &ntar inuo
a Loan Agreement for the public purposes exproused in the Acti
IPA
(2) The City haS made the necriamary orrang6ments with
the Borrower for tile establishment within the City of a
project consisting of geetairl property all as more fully
dear'ribed in the 'Loan Agr*61ft nt with the Ro;:rowor ard which
will he of the character and accomplish the purposes provided
by thu Act, and the City has by this R*nolution authoritod the
project and executton of the Loan 4rvepl*nt, Arpfiignnft�W, Of
Loan Agroamentt Note and Conatruction Loan Agreement#
specifying the terms and conditions of the acquisitioni,
V
installation, consttuuLlun and financing of ftc *,,mpr *voman t a
he lnelud*d fn the projectf
I I 4n Jpinq J-�,* project the city's purpose
Is., and., in -its JU44ment.the effect thiefoOf WiiI b0p to promote
the pubiia W#lCRV6 byi the attractia4it ancOUtAtatmeftt AAd*
nt Of- SCOAMi-LAlly 40,,,Ad Udgbtf)! &A COMM rV4 So as -
"V01OPM d a
to, prevent, io far as pqar�ibte,, the -smergInVe Wit-glitm �A_nd-
I- I -A- -4 vitotift,#@ elf rlirirank� tiY4c4iAU1JVMVfit And- tQ 4'.& -in
oi- Areas of existing- blight, marginal- lano.
p1vym4nti ", ym
and uvwm 640 A*VelO stilt Of
to use -the available I-69OU90112
of the Community, In Order to, ratain the benefit ok the
CrI it kxigting invqgtment in tedvaacional and public
rAMUn. a I
hajtj,�V the movomiglit of talented, educatt�d
personnel of all ages to cther &teas end thur. preserViiig the
A��"Q for-, -v
_--tconomie gnd-human rosourAces- needed an- -pt cz -id4no
governmental services and faciliti'M the provision of acets-
Bible employment Opportunities for/ residents in ti�# aroal the
expansion of 3n adequate tax 1:48e-tO finance the inoreaoe-in.
the amount and cost of governMOntul *Drvic*fif including
educational services for the school district serving the
community in whir'n the Project is situatedl
-3-
4
4) - i 11"
"Ic 1 " y W
tfi�,. collt-q
111"Itoirrj the vngts alij ent imated caatj�
pprmittOd bY Section 474,05 Of tho " Act, %vi I I requIre the
issuAr)(T Of the Noto in tlie princip-1.1 6-ffount of -V3001000
As b(WrinaftL-r ;�rovidv(jl
5 desitabI46
ftizib-10 and c�jnujstent with tjt
01ijects AA4 Purposeb uf the AL4 to ,
i 5�ut the Induatrial
rje.vOtupment Revenue Note Df 1970 fA
or the pur
the rmprovementg to th& projqct; and POGO Of finAnCing
(6) tba Not* and the IntereRt ftct;uing thereon do
noL constitute #n indObtednoss of the City within thQ Meaning
of any c0n8titUtiOna), or ststutory limitation and do not
constitute or give rise to it Pecuniary liability or 4 Charge
against tho g6heral credit Or taxing Powers r_j the City and
neither the full f4ith and credit nor th& taxin Powers of the
City is Pledyed fOL� U10 payMont of the Note 0-
th*reon, r Int"est
-4-
11-4t p&tifid -
Mact.
=
JO__
The City has he tofa
re
____tW_horrw.#-r, -&--naddowwunos
Wjt.
h the provisions of section
474.03(d) Of the Act %nd subJ*ct to LhO OTAD - and- eond-ttimm
$It fOrth In
W Chhetruc
conatrucMi'm t'*n WAA AM*"Ati 1104-r-OVUe. -tau.
1"t,111AWICK of th
in the llr�oJeau under che V I" And SPOO4 V_U".-bv.�*ujh-
MeAns as CA411 be 4#njjmhj�
Astarift,14A4 bv ta-j ftrre"r Ut lawar
# ar. d mi trot�t -Ld_v6tt i f4hiGnt
f0c Ods
.44 may be rsi�jired for the construution #Ad MQq4j4 At+ 4 f in
U
_.&W the. ritI, her6bi
if f-ift ...... Vitt if ten,
0 * all&. approves 44 Y; apt tf�fjjt- hC - t -
"It by- vtai
AM nticip4tion of Such k0thac-iiY
nomPlim".00
with t�" Plins: and Bp4cif4
-4-
i kit. (in `4 1;
ARTICLE "Ill 0
2-1. 1- it J pr, v j ytzd Aj;itjwjj I i4i it I 1�(A ill (it NOLL!
The Note irisued purvuent, to thin Runalut4on shall be
in aubstantial IV the form aut iULth herigin, Uith #tich
Approprlatq v4*11f.14-tions, omiantons and �nsvrtion-- an are
permitted or required by thl.n Ranclution, and Ir accordanqv
with thip further proviniona Of Lhin Articloi And the total
principal amount OE the Not^ that ri�iay 140- a-ut-8tAnding hereunder
is expressly limited to $300,000 unless a duplica-;O NOtib ifi
jdaued pursuant to baction 2�7# Said Notu rahall be in
substdntially the following form;
. �M
--J
4-
. �M
--J
IMPVVA� �'iTMVK.�i 6F
STATr OF MINNESOTA
COUNTY OF ibl%-M"5EY
C I Ty (W Hol IN 16 V I EW
Indu5trial Develupment 1!vventin rintL- nj 1 T1 H
Midway Irdustrial Supply Co., inc., 11roj"Ct
SI - - , - r, 1
, UU Ij I
FOR VAbur REccivED tne City of Mound" View, Ramqev
County, Minnesota, herei)y promises to pay to the order of
Midway National Bank (the- 'Payco"), St. Paul, Minnonota, its
y
successors or registered avaigns#,from the source and in the
manner hereinafter provided, the! principal AUAI of Three
Hundred Thousand and no/100 Dollars ($300#000), ov so much
thereof as may have been adtit-nced.to or for the benefit of the
City and remains unpaid from time Lu time (the "Princival
SoUrtit")t wt-thI intiriast thomm as the rot* of eijht and Otte
quarter porcent (B L/4%) per annum? in an coin or ctirrency
which at the time or times of po%yment is Tegal. tinder for the
--psymowt of-publiz or private deb -tis in the lWited States at
Affi6ticat nod In Accordance with the torma hereinafter so*
it 14) Tr6Im and after the date h*rncf and.
until the "Amrtization Date"? (the first day of the calendar
fvireemsA tottim9toc rerery*j- t®rt 7
vto -0
Ulf cit�
Uhall ptv in twn-st- tnly -U$r4n %h -of
mcorw i MW-
--ese* and -vvexy advanve- st, MOU -AuWqr this
thi -�dstv of
tha f i -vat day of the - ee!*Mar month- tmxt
_Yab v on
iWadAr-din4 the date upon hich the first.&dVance is im
—vw-*M Awat--Asy� of each and- -*v*ry -Aanth thereatterl- -
.--"b From and after the Amortization Date
this Note shall be amortixW and paid in 240 equel monthly
iWat#11ments, payable ot. the ftrst day of each month
--cofthenaing -aA---ths-- -first - day. of -the -calandar. -manth-n*xt - sue---
ceeding the Amortination Date and continuing until the
and accrued interest thereon shall have been- -
- 6 -
if -L
ill PC)
11, j j JAij I i V
JULA-lull of UJU Prill'.1 i144
1 (') If. 0)(- 4.11teut—il ()I!
ljechrnp gobject tc) fetleTal or Minnt-rot i st-ito itwom_ LaAdti011
purmiant to a "Wtorminution (it TaxaLii ity" at; thist torm Lfi
(jetined in section 4.07 of the Wqn Aqreui.tent, upon racoipt by
the Burrowor from the vank of notice of the of
Taxabxlity," the inturent rnLu shAIIL L," iiimlttddltiti�ly incCea0c.1
to Lwo and one-balf porcent (2 1121) Q*v614 the yield on 71
Unit --d Statev Tzeanury "ndo of May is, 199c, whizh rato shall
be adjuqted each munth. accaLdiny to tbo yield quotEd an t.1'e
first. bumineum day �jr (vg�;rj month by The Chase Manhattan bank,
Nth# (cr if sur-- bank cthstAft W Ox�stt Or cOaLug tr,? quote Ouch
yitldi by Stich other hank as the Mortgagee shall choose) ond
each monthly installment theveafter payable shall be
accordingly incressvd w amort.J.ze triv rumaining PrinvApal
salia-wo by the rinni Maturity Date with interest at said
increased ratel and In Addition the Payee shall be antitliod to
t`,1#JV9 An #1ount equal to thq Aggrogate difference between
ti) the montbly payments thiretofore made to the Pa 00 on this
Note betWeen the HDAto %)i 'taxability" an that t%rm is win*4
Ln the Loan Agreement and t11% offVetiv* dote of the rate
inamw-And- tW: -the amth y PAY-ments which would- have been
#We 4urin Su h period if the increa"d rate had been in
eprovid*d in Section 4,07 of the Lo" Agreawat
99factl all As
2, InUrtat shall be Compi" on Cas LaBis of
_ng' R -b- a' r of days pringipil is 'un_oalri.
--j. _lf- tb*� 7A"q -'-V# on the firs -t
__ahbjlJ nat _Vwt.
aw -09 ony No ' n-sh .01A, us WIV kor-LIM&P"I 4110 anufffvxt C-11911411ow (XI
Tx1W twust- iW_W �Ir- this, -W# .-shoul-&-
A"Uto"Xr
Apnt- due -havounde lot -the- Payse,
an the 444teen-th, day—C-1 **Uch m0t6th a' servide
J *AW
(440%) of the delinquent. priistuipal and
its
C M-101 pal-land--inte root And- any -ren<y--or:-
1W,40JAW duo hereunder shall be payable, at the principal affice
May
of the ftyse, or tit auuh other place at the PAyet
its Lqna to In--W—rL t LWq t
—Mi -a #()-to is - issued by thu city to providt
toaft for a Project, an defined in Section 474.02, Subdivision
I I
ME
V .: -
L 1 f t h 'i L
tit" Lutcsii
C' I iA
C; _j_Lj
wai _hrltrn
'V fr' f, a
'Jity t-11vJ70011, Wid .11fil . ,
a L,, I on, tho city and MWWOY lfldk""
horgwith, betw""li 010 Pzl'/- -
Supply Co., Inc. tho
and thir% Not,-- iS f,,rth-r issuht-1 purnuant t"I and In full corit-
plfano.a with tj)e Conis LILUtion and jaw!� L)f th" state ot minnezo�
_tIcul-Ily (;haptar 474, MitiriebuLiA St-dLkIt", and pursunnt
A�or 10,
pa- on
to resolution of the City ft"U110 I
jq7A (the oythaolution').
is secur-rd bY An annignment of
Agroamen4 by thq City to i.tie
the Loan 4 payee antj by a Mortqtjqn
r3f even date herewtth between th4 Porrower, ae Mortgagor, and
i#UuL5egant of the Proceeds of
tile PAY00 46 Mortgagee* Tne d fit
tjjv loan covar@d by t1jim Note im subjec- - t t-() j.he terips and
conditians of a construction Laun Agreemant of evan 4ate
halswith betwesin the Payou, r�ty and Rorro4er,
7. The V6160MAY qj�and t.he timo" Of payments
of intiarcut and/or principal Of Or Any Penalty Or PrwMi-1311 due
on this Nato, including Lho date of the Final Maturity Pat@,
jable hereon and
vo:t* or 4onsont 01 any party
without nat'i ... sy
aleasing any such portY, HOWOVOrl in no ev"t M
without r , , tq bq extenSed bqy9nd octoLier 12, 3008,
the Final maturity DA
F,
may be prepaid at any tiple, tither
a This NOtO
but In Case rit prapayment at Any Arount
in whole or in part
Also
of #06tint in calemar- -year - AIhtn -tA"* SW'
torest four
v;- W1 aboyt , the ".,n- - 7 -usd V1114at the Urms 1f
0qu&.L.---W tu, --int-&-r-mr-Av vor, t-40-
an- O'bun
JWW_i '; '.qt'iC1% In— At thi-j- tims-OV
d&ya# at Lho i;a-Q - rou"t
of on qt%hLy PA ok
on this fict
%is Note is ferther subjeCt-tO PrOW""i
utsah the oijourrance of -
without A PrGMLU(4,* in.w!�#719 or lit PA -to ation too the
ftruetion,,ur condemn.
n -t a,
or# in Wh it ut nrot in part # "ro
you that the interest on the Note
race ving notice from tile Pay
-am*
---td-fud-c-ral--cr MnASSOU state, inc -
is sub3aot
rmin&tion at TaxabilitY#" all as specified
pursuant to a "Dete_
clution.
_Aqrqomgnt an -d. Ros-
k
10_* No praptyMnt which does not rosult in the
en&,Jgt Principal saiance slid i6ttirtst -tharadn- and sAY
nt prol4mitin, boing paid in full Rhall reduce
nj of the monti Ily paymelits due horounder pursuant tv
the smou ntinu* itntil tile
which PAYmanta :hall 00
p&ragral* 2 hereof, t
;Jpal Selena* has b::n,p*1d, Noticv of propsyMn
entire ]Print t a I be given in accordan-.6
of this NoU in whold or par
with the terms of thft R0110lutiOm-
f)f t_jj tht-rc, lilt thib
, , t I -ICU! ('f t ill-
trai-JAI �Yililv Upon Lhe b"KIP �4 OL Lhe
City cirry, by till" P_�'LL j" �;(- I -!1,_-,n (u Y2 Y
fl '411 1
1AUtlildr W1 ot trar- I ut
ij L
2t1jvr w til t, wl� t t_el, i,4:�trUrnt
- -Or to
lit UL
ratisfactory to Lho (iity Murk, fluly c�evllt" by t1lu PAO or
afor thp City Clar),
his duly authCrizc-d ""Onti, UPQn sue" tran V.
will note the- dAt'll ut rtqi*tratiujj onj tto nPme and addruhrl Of
the- regiatr4tiatt bltis;X t1PPetArilig
th,7 ptjw regiqturad PLAYeU iP
below. Alternativu-1Y, th" CitY will at of "a
- # Sp iggUp nL-W IFIA60 In aygrogate
Payee W at tho Payfllr= A 6AF-W-n— - - nC'P&l 6k, thin
pvinaip4l ".aunt vqvul to the UnPaid Pri 3 -
Note, ana ot like tenov oxcept ani to number, pri4*ipal OmOunt,
anti - tfa 4mount oil' the monthly instal ljilanLu payjplu thereunder,
uch trane-fareep as
and reykatered in the namu Of thu P&Yec- Or r
�v_ _i... j_or.j anti tront
may be dtirii9nalled DY tile lvaywtf. 1,1.�
tv-,e perisoin in Whoma nAme th@ Note is last reyistered upon tile
books of tijq City, with such registration noted on thO Note,
as the AbAolute owner horeof, whrthar or not overdut, for the
(I3unt of the PrinGipal
Purposo of receiving Paymillint Of Or On 00-
Bal,ancell radiomption price or iiiterefft AIVA for all other
Anj all such payment$ so made to the Payee 0V upon
purposes, to satisfy and
his order shall be volid and offeCtU&l
the liaLlility upon thQ Note to the extent of this sum
disoharge
or sums to paid, and the City shall not be &f fected by any
--notion to -the --- go-n-trorl t__
12. All of the agrahmentsit Conditions, 0Dv6n&nt4#
r7_7--- alned Ir, the Resolution,
stipulatiano cant
_16a K' AgVLOMAt �and- -(1OftStVM0W
of Ujig Note to the saffiL extent anA With
7 fair th* - W#,vv. iulky _r4t.1o_Y_W
the- dam at aft&� of �tjgt
_7
bie- 90101Y frW* -th*--*
at _MiAA dUt b4IMUndet are Ma-
_PrV_ th
proceeds dori qL-d from -the- Won )W",*Om*nt# a--
WeVINUMvo and th .1 the
titute a debt of thw City
Hor-tqagg jrd' do not cr)nm hre Mt
lot-IRAT co"aUtut -�Oma -
pjj�aojla trom or a charge Won aftY fund# dthur t
-roof, and do
Alnual V and -proL:,u tide pledged to the payment the
not give r"o to 0 pgcunimory-liabillty
any of its offtcerst ogental at
vittent p4rmittod by lrw, of
-.0 shall ever havu tnit
and -no holder.of.thiP�NOt
compel. any exorcise of tho tax 1,figj, po-we-r -of thin -C. i-ty-
FT right to forco
--to, -pay-- this -Not* or the interest thereon, or to an
M cc Paymelit, thar9of against any
payment theveont Or to onfor
propecty of the City, and thim Nr%#4*A An@r not coratitutiS A
charge, lion or encumbrance, legal or aquitablaii jpQn any
EEL of the City to Perform
property of the City, anl the agre4ment.
-9-
It
or trie covena-vitfi ind othf,-r provin—n-n
1-ier� "n rf-Jerrod i -o nriall ho t;tjb'jt.-ct nt &J.1 tfitwo to tht-
.11ity of rwocinuf-n or othur hind.9 furninhed [fir Auch
I I
purpose in aockledance with tho Loan Agreemant, FuttiOl-ot LO
pay all cogta of ouch perfnrmance or the enfuucvinmr.'t th6V&0f.
14. it in agrvud that time in of thu VOW91eu Of
this Notai In the event of to 1 -lure by MA City W PAY a-ny
monthiy inst&l1ment of principal ov int4rost within ton days
aftoc the duo date, or any premium tor paralty duo harounder,
or i.Ton the failure to Oure 4n �Ven-t Ot V*f4ult shall, occir,
aa defined in the Martojage or in tho Unan Agreement, all of
even date herewith, tt-fon the Payee shu.13. have the rigi,t and
option to duu1suat tipon Lhii;Ly tjuj uisyb WCILL4a
the remaining indebtednims of unpaid 9iincipal ord accrued
Ifitor@st, evidono&4 by this Note# immediately due and payablt,
Failure to exorcise such option at any time shAll not
constitute a waiver of the rigt" to exurc-ise tno 9�� at any
15. The risme6ise of the Psyes, as provided
in: ;�hs:mortgager. Ujart Aqv4emont and Constz-uct-ion
Loan Aqro*m*nt, shall be uumulativa and concurrtnt and mry be
Pursued oinglyo *uQQ*S#tV*ly or togother, at the sale diss-
-Irotuh--of - Ue payet, and -may -be
"aasion tiAmrafor aiiiii occurl oncl tne tailuro to *xorciso any
or re Wy, -nhall in no Ovebt be- mm2tru*4 - 4
-Wa4ver-ft V -*1 AhqrAO4� - -
A
F; AM
Tat--Iw- A a
W- my
h U -NO.- - 7c -
61- AAL" ft Or C-0 W--- "MO ve w1yel -4" CK
is S-154
win. ararn.undcr :n 1 *.*a 1441ell waiver if,; in vv0-i%- .#.,,A signt-4
ha - t+
de*=
of t ight of tftec�v -t -0 A-'gubs4444ht 406%
Th Note he o been U-
17 IMMIdd Without re
...tion undor ;iAte or other securities laws, pimsuant7to an
ptivn for such 'j"nre"nd- accord tn7ly-tho- Wt -0
"jewigned or transferred in whole or parti, nor -a" A
Uips
9 yon pursdan an
part iiaii ini6kazi in the Note be t W r
m such
registration requiremonts or an applicable exemption fro
— -----------
IT 18 HEREBY CUTIFTED AND RECITED that All
conditionat atta and thing* requLrOd to oxist* happen
4 ii- r� A
a n
Pf- � follood
L III tile 1ki-watice C)f thfia Nrite
haVe Loem ULALtormetj ,
due form aA r4quirL-d by Inw, in regular and
IN WITNUS& WHLRLtjV, the Ctty has cauqfA(l
bu f2lily nxecutod it! irn ruirre L_jy th'a maijual th-lb Nute tu
Mayur and Cit L;i9naWror; of thg
Y f�lor4 and 01-i Corporate se —
rlftr*toi and hs- ciJUG63 thic Note tt to bc affievd
0 _� ra'.kd OCtOber 12, 1078,
0TV OF No, 1jD Vjr-z,,
r
COuntgraigned
CRY C ori
F
js
1tiyi-.uIutiLjn Ni_ 941)
PROVISIONS AS 11K) REGI!;TftATI`)N
Tim ownertihip of tho unpaid Principaj HnIanvo ot
thlb Notc and thu jr1t4-rorm mccruinq thereon is rvyIAt(:L:ed On
the books Of thcv C ty (it Mount's View the nalim of the holder
last noted be! --w.
W-0 M"O of alignatuxu of
Routr-tration aS�Listvrcd Owner Secretary
Tho 14idwAY NatiOnAl
Octoter 12, 1078 Bank of St. Paul
_77
9 4'-)
M"tinor, -Oiall bc-ar intvrc--ru Tit tLo and Jj�- 1 1 r--
tv sucil ut/hur terms anul cunditiow,; u; are t-uIlk- fol:L"i
2-j, Execution.
+
Noto &hall bu pxecutoj on b"half Of th(; City by
thn signatureA (if its Maycr and Clern and Shall be moaled with
thm sual ot thr Oty. In came any oiiicur Whone signature
ahal.1 appoar on thca Nc,,.a shiV. e@axo t* be buch officer b@PDro
the delivery uf the Note, sufh #19nature shall, neverthelezo be
valid and sufficient for all purpoves, the saii!L! -in if he had
remained in office until delivery.
2-4. P#1jvq-ry qt+j_rjAt.kaA NRL�E-
Before delivery of the Note there shAll be filcd
with the City Cletk the followiny itumat
-13-
(1) (it) An original of the Loan Ag.-*4ment and Asnign—
ment of the samej
(9) an original of the Mortgage with ovidence to
astablith that the Same has bnen recorded in the office of the
A
Roin -^f
(C) an or itj inal- of the Construction Loan
XL
-19-
&.I- -00-njan; Cvwsvl for i-jiv V�rrowar in #w"�
-obasnew "tillf-latory-to �my:eel the-
Food an to ratitarit
f to- -*ftt Into
-he *r av ;ooan AVrvom*nt, HortyAgo idne.
Agregm tto 'n'
—�tmit
oatim to oa- t and other + rel-sted me
opinion ot- Scad 1.
to -Oo validity+ orA tax exempt. Atatus of the tfotrw issued
(4) such other documents andopiiiions or Bond Counsel
pay roe* *nobly require for purpoRes, Of rendering its opinion
ih� M+
"quirod in subasation (3) AbQV41 Or thA- AY
V��:
ro4ulrt for the closing.
-13-
II)II No� '140
1 il Ion do I I vo U,I1 op tj If. 'No t t �j Mi -,7- t (I (if I sill 111 1 1
r t U i f
I InI k1L; f ok* payme I It Of P I(;, It -C t
if �Iwh -Ut.;q—i -, ii:i it 1-h I If"
mortqivtt, wiy tipt;m rt-e,.--,t)nnt)1y n.c
pl i ati ce w th Llic- pt ov P. i ijjjf4 u
I )I. thu COW -1 L r 1 - it -ti in LuDan Agrue-
rrv- n t . The Mvrtqaq�v ur LurruwuL Lihali prrwifit- thti cit- Wiril a
ul- N -w riuLvb.
Su!)Ject to the provi.iona ut Jactiun 2-9, Chu- City
fiballi at the request nnd expenae uf thu Mortgryo,-) Issuc? naw
noton, in tgqray'%te outstand.nq principAl arijount equAl to
that Of tho Moto surt-i-ndirred, and WE lixe tanar oxcar
pt an
to number, prinuipril amovj)U, ands the amuunt of tha
int-tAllftntA Payable t1jereundor, And fivqiatered in the name
of thiv mortgague or &ucl4 trAninturoc an may be designated by
thic- Mertgugue.
-14-
2�6. Rei-jistration of Tranater.
Thr Of ty wi I! t7;iiipo f*n h- ;�ert At the office of
the Cit� Clerk a Note /Kagicter in whia, subject to Such
ruaoona le rayulatiuns an It may Prescriber the city shall
provide for the registration of tranaferb oK ownership of
the Note. Said Note shall be transforable upon the Note
JWgIster by thv Mortgages in person or by its attornty duly
&uthOrizod in writing, uvon surrender of -the Note tootther
with a written ingtrumwnt of tramefer satitfai atory to the
City dily executed by the M01ttgAgwo Or its duly
cuUorized ageht# Upon sunn tr%nsfer the CityiClerk Shall
n-ote -t�he date a re glitration anj the nalaq and Adre-430-f-
tton blank appoaring an the Note#
Aut-ilPvtsdi- Vint- qr D"tre
med -Rqte.
ad hqry ar'."! Al_l_**.?*__0_ole_
nut-ilsted or be castro od -or 1"t, the- Citj sitk1l, if T
Y
A :-:f
thwn.P.r0twitild tiY- -1AWj_ CAUNG tt bf GX*CJt64 and d6lLV--
4, new "Ots Of UX4 out9tanding PrinciPal Amount, nombtr.. and
-tanor AA_ AxchanOs And, substi tuticn-: for-4nd upon
of much mutilatod Notv# at in lidu of and in subAtitution
for such Note destroyed or lost, Upon L'�.ft Mortgages's
payinu Ahv - reasonable- vitpanneu und charqua of the City in
th"rowith#
R
on And in the CAR* Of A Note destroyed
Or lost# the filing W4h.tho City of ovidence. satisfactory
'such'
Note was destroyed or lost# and
Ing thc citi wn"-tia-facti�r`; W itt If
-14-
Inut- J, !a ted , iju�- L;- Oyu (I fj� ju�- t '-�
-a- I Urcd
or been called for redurniption in arrordanco with its tvrTr.s
it sholl not Ljt� necL*sriaty to issuv- a now No�-v prior to
The City may devil, art.] truat, the portion In whoev
ndma aAch Noto in lust r3yiattirad in thu NoLvi ',W-qiVtwr and
by notatirin of] Lhe Ww-ta whethdr or nu -t LUch Nfiltw- rhim-11 bO
Overdue, 44 thu Abmol,uto owner of Pucii Nofo tor the purp(ma
jf receiving paymant. of or on ACCOUrM Qf the PrinCipal
Balance, rademptivii prict- oz interest and for all otht-r
purposes whatsolovee, and the City Ahall hot be atfoated by
any notiov to ttie conticAr,,
1�
M
J. 5--
lit i 1_)Jj 11U. (14()
Ail 11J4 11111NOAl'
17rDJ'!4J:TT(-)N 01" !-,'0TF REFORE 4ATUJUTY
I I !tP20-trP —t- L7�-Jl
G) I the 6vont of (a) damage to or dentruction or
the Pro-oct or Condemitation of thtg-Proluu-t or any part
thereof nud (L)) if re3toration in not t.'Oquiriod be thu
J-jrrower doov not nlQQt tu rantor&- tlL- vr�,jlect pursuant tt---
Section 2.04 of tho mottgAge, the Note ah"ll be subject
to prepayment by the City from funds furnisho.' by tb@
barredor at tho time, to the extent ard in Litt manner ROL
fritO in Section 6.01 of thL Lojan Agmument.
(2) In the evtnt that the Borrower shouli razeive
Pt-tivi I u t i fri 114o . 9 4 6
AI -T if i,ll
GENIEPAI, Cil'VFNIA-4 ..... S
A
1-1--i1ciit
The City --uv(,naj,ta thr-t it. will pj:om,-)tly pay or
cAuso to bo F-ald Uiu principal of and interopt on the Note
at tho place, on the datum Q in the rianner provided
herein and in jaid Notu. Tht driticipal an,] intureat are.
pOyA:)J# Aololy teom revanties and proce-eda derived frinn the
Lem Agroomept, Mortyiaga ond Assignment of Lonsto and
Rents* which revenues ok 4
nd proomads are hereby apecifically
plodgqd to tti� paymoat tharaof in thn manner and to tho
extent specified in the Note. Loan AgeoOMMt, Mortgage
and Assignment vt Leabes and RenLaj atid nothiny In the WQta
or in this Rasolution ahall be considered as abuigninq,
pludqin� or otherwiso encumbering any other funds or hiffil(Irta
of the City.
4-2. Perfortunce of and Authorit to Covenants,
The City covenants that it Will faithfully PerfQL-M
at all times any and all covanants, undertakings, stipula-
tions and provisions contained in this Resolution, in the
AhM-AHUffoUt#d-j-- auth:enticat - 4md: delivered -t4ex#un4tv mW ift
all proceedings of the City Council pert4ining th*r*t9j that
it if duly authorized under the Constitution end 1AWS Of the
State of Minnesota inaludLnj partLaulaflj* On -4- WithWA IMU
tion the Act;, tr issue the Note siAthorised horftt Pledge the
-7— ---Md Assig-ft- "'s -Z4"-- A-r**M Un Un- Omixer
--the ON at�nftt f2r-th-.-in- this
Lost- AqViteft"t and 4200mint therwi that 0,11 actLen an
t r Not
) th6
na IhALIO f-hes--tibgn ZAJJ*
Ar" ItUt Abe. -No.te 11 1he handO.Of the KCPCtW- 44, 00-- W411- -
tu_ aws
4-3, forcement and Petfirrvaneq of nants
The Ct.;y agrees to enforce all adlftftfitt 8hd
obligations ofthe Borrow r ander the Loan hareement and
and other provisions' contai' the Loan
nod in the Notat
A%reemiant and the Constructiah Loan Agreeffient,
-17-
q4n
4 A Nil 1,
_18—
U �V
r4ritwithstandinti anythintJ cont-aln-1 in th Llt(-�,
MUKU40110, Wjr, AgrCURRUn't i j ally (jtjjt�r d�-CUIIIL31,t r,Jui:t=ud Lu in
let ij,t_ yj-tvj.-,Jurj4- rif the Art
;t joij 2 LU UiL contrary, un0qr
t1jo t4,Au itiely fj0L I& J:SYMAU jrLym ti, 1�u . chjrqu upon any tundr.,
oi the City other Ih-ii LIJ: rilve-nuct! 4nd proceedn pledtj0d to
thu payment t1jareot, Tjor ahall thu City bu 1jubject tP any
lioh-ility thereon, nor ahall thfut NuLe ornarwisr- contribute or
pvt riae to a pwanniary liability of th%j CitY or, to thu
IL y's orticure, ainployeen
VXtuj.t PutMiLtA by laW, ArN Of thO C t
and &gentki. No YQider of thu Nntu shall ever have the right
C*T# U _ ppwpr Of t' 'a City W Flay the
to c nny OIerein@ Of tmxinq
Nato or the i,tervat tfiere-on, or to entoree PAYMent thereof
against any Property Of the City) and the Note shall not
constitute A charqu, lion ca. ancumbranev, lacmial jr (�quitablc,
"pon any peoparty of the Cityl and the Noto ShAll not
cojnstiCute a debt of the City within the- meaning of any
constitutional or statutbVj limitutionj but nQthing in the Act
impairs tho rights of the Mortgagee tr) *nf6e-'.Q 4ho caveraints
m4do for the security thoreof as provided this Resolution,
-in
-nd
the Loan Agcoon#nt, - the Nortgaga, the Assignment of Waves 4
Ren j ww- in the Acti, and by authortty of the A; ;k the CLtLy
has made the c4vonanta &;id agroaments herein for the benefit
of the Martgageol provided thut in any oventit the agreement of
-CL-ty�-ta-qwrfom thi, covuriants And othor Vrovjotion4
tjjn#d in the Note# cement and the Conattuott.on
the Loan Pgr
,A reament, -shall kw subject at all tims to the
nt reftWAO Un"M -0 LOA w
A-11 vests 0C xuaharr9ormance o r the enforcement
'Y - st Us a jb N to -ay pL
tt*vsrpt# and. *be M h noti J�Oat xam A r
IJA-blu.cy- tato ww..-
low
_18—
K__ ___ - -
APIPT(IIIJ, P"WE
M I SICE), I, AN P N 1 "'
5-1, buvoEnt4ili.�Y.
if any Provitcioll of thin "1'qF:oiutj6n shall be hold or
t-leamod to be or shall, in fpet., bo inoperativo or L!nen,-
forceable as applied in any pArticulaf caso in any jurifi-
diatic
m or juriodiatiOns cir in all juriad! ctioild Of in -1
0004Uiq it conflicts wl.th Any Prt-Wi_--iCiIII8 M 4nY
or public policy, or g-rr any
"titution tr Statute ekr rule
other reastin, auch ejecuwatancea mhall not have the effect of
rendering the pr.,wision in question inoperative Of
anenforovablo in any other case or circumstaticO, Ot of
rend*rinq any other P,ovision or pvoviaiang herein contained
invalid, inaperati,,re, -.r unenforceable to 4AY fixtQnt Wndt-
over# The invalidity of any one or more phrnseAt nontencos,
or paragraph in this Resolution ctint-ainod 4hdlI not
_tbh rrsm.a Ining port iona of thin Rpenlution or any part
A�_-_J, A"Mft JeAtion Of. Tr SGV #
The, Officers Of the city are directed to furnish to
-CA this R6801-UtUA-Alnd A U---
jogVzonts refs rLLLL hor*in, &rd &ffidaoLta or certificates
z ad
_Ar7w_an_ Other _WttI -Ir.- Ary tc-
ov4de4tw Atw Sate. —.-All
At horecofors
#SVItAfteates and a fidaviiit LneLue-Ifto A
ANW-w-th
UZI*
Aud-LI*rAw -
vbtaL from said Clur Auditor a
')W;'k4 inu a the CIL
thAt t"ho -to as
a tona register.
enter" "Uh. hi
--ut for" of -proposed-Lio-w- "Im"t
mont thereof# Constructir3n Loan Agreemer.,. and# Mortgage are
htg4byu - Too --jIvaubstantiAkIly--the- form heretvto" 9ftmMted-
CIZy Councill and the Mayor and Clark of the City are
to the a!
jilthorl sed to. ***mite the Loan Agreement and Construction L04n
_jft th# ftWS of SnA an behalf of the CJ,tY and such other -
411d
documents as Bond Counsel consider appropriate J.n connection
W I L Lhu- I Fn Ei W a n u! tj ij f L I
mayor or CILY,
dimtbility ot tho
(;it_ ag, in thu gp�jjjujj L);v LiLy A.LLQrhuy, In"y u L L)
.7 - - - i r- - 1 t Y
behalf , rhml I w4' -,IL Lot 0� i -z,-, n of Ffit C
C n " nd
Council Ao a'I t1l i Ile j IjXVVkJtI4' rILL L Lit -- V'
doc=,enta required U.? Jk� tli.iw ur uX,1cUt!.,d bY twrh absenC. or
disabled officurb.
Aeoptod; OcWbur 10, 1978
it
Mapuw-bf the C fs iw
-- A -U0.4
L�- "20—
-A
L�- "20—