HRA PACKET 12102019 - Laserfiche WebLink

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2 625406v1SA730-2 with Phase I of the Minimum Improvements shall be issued in the maximum principal amount of $1,950,000, and the Note issued in connection with Phase II of the Minimum Improvements shall be issued in the maximum principal amount of $1,350,000, subject to the terms of the Agreement. The Notes shall be dated the date of delivery thereof and shall bear interest at the lesser of the rate of 5% per annum or the actual rate of the Owner’s mortgage financing, from the date of issue to the earlier of maturity or prepayment. The Notes will be issued in the principal amount of Public Redevelopment Costs related to each Phase of the Minimum Improvements and submitted and approved in accordance with Section 3.3 of the Agreement. The Notes are secured by Available Tax Increment, as further described in the form of the Note herein. The Authority hereby delegates to the Executive Director the determination of the date on which the Notes are to be delivered, in accordance with the Agreement. Section 2. Form of Note. The Notes shall be in substantially the form of the Note attached hereto as Exhibit A, with the blanks to be properly filled in and the principal amount adjusted as of the date of issue. Section 3. Terms, Execution and Delivery. 3.01. Denomination, Payment. The Notes shall each be issued as a single typewritten note numbered R-1. The Notes shall be issuable only in fully registered form. Principal of and interest on the Notes shall be payable by check or draft issued by the Registrar described herein. 3.02. Dates; Interest Payment Dates. Principal of and interest on the Notes shall be payable by mail to the owner of record thereof as of the close of business on the fifteenth day of the month preceding the Payment Date, whether or not such day is a business day. 3.03. Registration. The Authority hereby appoints the Finance Director of the City to perform the functions of registrar, transfer agent and paying agent (the "Registrar"). The effect of registration and the rights and duties of the Authority and the Registrar with respect thereto shall be as follows: (a) Register. The Registrar shall keep at its office a bond register in which the Registrar shall provide for the registration of ownership of the Notes and the registration of transfers and exchanges of the Notes. (b) Transfer of Note. Upon surrender for transfer of any Note duly endorsed by the registered owner thereof or accompanied by a written instrument of transfer, in form reasonably satisfactory to the Registrar, duly executed by the registered owner thereof or by an attorney duly authorized by the registered owner in writing, the Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, a new Note of a like aggregate principal amount and maturity, as requested by the transferor. The Registrar may close the books for registration of any transfer after the fifteenth day of the month preceding each Payment Date and until such Payment Date.