Laserfiche WebLink
capitalized terms in this resolution have the meaning provided in the Agreement unless the context <br />requires otherwise. <br />(b) The Notes shall be issued to the Owner in the maximum aggregate principal amount of <br />$3,300,000 in consideration of certain eligible costs incurred by the Owner in connection with <br />construction of the Minimum Improvements under the Agreement. If two Notes are issued, the <br />Note issued in connection with Phase 1 of the Minimum Improvements shall be issued in the <br />maximum principal amount of $1,950,000, and the Note issued in connection with Phase II of the <br />Minimum Improvements shall be issued in the maximum principal amount of $1,350,000, subject to <br />the terms of the Agreement. The Notes shall be dated the date of delivery thereof and shall bear <br />interest at the lesser of the rate of 5% per annum or the actual rate of the Owner's mortgage <br />financing, from the date of issue to the earlier of maturity or prepayment. The Notes will be issued <br />in the principal amount of Public Redevelopment Costs related to each Phase of the Minimum <br />Improvements and submitted and approved in accordance with Section 3.3 of the Agreement. The <br />Notes are secured by Available Tax Increment, as further described in the form of the Note herein. <br />The Authority hereby delegates to the Executive Director the determination of the date on which the <br />Notes are to be delivered, in accordance with the Agreement. <br />Section 2. Form of Note. The Notes shall be in substantially the form of the Note <br />attached hereto as Exhibit A, with the blanks to be properly filled in and the principal amount <br />adjusted as of the date of issue. <br />Section 3. Terms, Execution and Delivery. <br />3.01. Denomination, Payment. The Notes shall each be issued as a single typewritten note <br />numbered R-1. <br />The Notes shall be issuable only in fully registered form. Principal of and interest on the <br />Notes shall be payable by check or draft issued by the Registrar described herein. <br />3.02. Dates Interest Payment Dates. Principal of and interest on the Notes shall be <br />payable by mail to the owner of record thereof as of the close of business on the fifteenth day of the <br />month preceding the Payment Date, whether or not such day is a business day. <br />3.03. Registration. The Authority hereby appoints the Finance Director of the City to <br />perform the functions of registrar, transfer agent and paying agent (the "Registrar"). The effect of <br />registration and the rights and duties of the Authority and the Registrar with respect thereto shall be <br />as follows: <br />(a) Register. The Registrar shall keep at its office a bond register in which the Registrar <br />shall provide for the registration of ownership of the Notes and the registration of transfers and <br />exchanges of the Notes. <br />(b) Transfer of Note. Upon surrender for transfer of any Note duly endorsed by the <br />registered owner thereof or accompanied by a written instrument of transfer, in form reasonably <br />satisfactory to the Registrar, duly executed by the registered owner thereof or by an attorney duly <br />B-2 <br />623340v3SA730-2 <br />