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UNITED STATES OF AMERICA <br /> STATE OF MINNESOTA <br /> COUNTIES OF HENNEPIN AND RAMSEY <br /> HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY <br /> TAX INCREMENT REVENUE NOTE <br /> (EVERGREEN TOWNHOMES) <br /> SERIES 1989 <br /> No . $ <br /> Date of <br /> Rate Maturity Original -Issue <br /> 12 .00% June 1, 2001 1, 1989 <br /> THE HOUSING AND REDEVELOPMENT AUTHORITY OF ST. <br /> ANTHONY, Hennepin and Ramsey Counties, Minnesota (the HRA) , <br /> acknowledges itself to be indebted and, for value received, <br /> hereby promises to pay to Evergreen Development Corporation, or <br /> registered assigns (the - "Registered Owner") , the principal <br /> amount specified above, on the maturity date specified above, <br /> with interest thereon from the date hereof at the annual rate <br /> • specified above, payable on January 1 in each year, commencing <br /> January 1, 1991, all subject to the provisions referred to <br /> herein with respect to the redemption of the principal of this <br /> Note before maturity. The interest hereon and the principal <br /> hereof, are payable in lawful money of the United States of <br /> America, by check or draft of the HRA. <br /> This Note is issued pursuant to a resolution adopted <br /> by the Board of Commissioners on , 1-989 (the <br /> "Resolution" ) to pay the capital costs of a redevelopment. <br /> project to be undertaken in Tax Increment Financing District <br /> No. .2 Ramsey County (the "District" ) -of the HRA, and is issued <br /> pursuant to and in full conformity with the provisions of the <br /> Constitution and -laws of the State of Minnesota thereunto <br /> enabling, including Minnesota Statutes, Section 469 . 041, <br /> Section 469 . 178 and Chapter 475 . This Note is payable solely <br /> from tax increments to be derived from the District (the "Tax <br /> Increment") which have been pledged to the payment of this Note <br /> by the Resolution. <br /> The Tax Increment received by the HRA will be <br /> deposited by the HRA in the Bond Fund established by the <br /> Resolution (the "Bond Fund") . Tax Increment on deposit in the <br /> Bond Fund shall be applied first to pay or reimburse the City <br /> • and HRA for payment of any out of pocket administrative <br /> -3- <br />