Laserfiche WebLink
FROM THE SOURCES AND SUBJECT TO THE QUALIFICATIONS STATED OR <br />REFERENCED HEREIN. THIS NOTE IS NOT A GENERAL OBLIGATION OF THE <br />CITY, AND THE FULL FAITH AND CREDIT AND TAXING POWERS OF THE CITY <br />ARE NOT PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF OR INTEREST <br />ON THIS NOTE AND NO PROPERTY OR OTHER ASSET OF THE CITY, SAVE AND <br />EXCEPT THE ABOVE -REFERENCED PLEDGED TAX INCREMENTS, IS OR SHALL <br />BE A SOURCE OF PAYMENT OF THE CITY'S OBLIGATIONS HEREUNDER. <br />The Registered Owner shall never have or be deemed to have the right to compel any <br />exercise of any taxing power of the City or of any other public body, and neither the City nor any <br />person executing or registering this Note shall be liable personally hereon by reason of the <br />issuance or registration thereof or otherwise. <br />This Note is issued by the City in aid of financing a project pursuant to and in full <br />conformity with the Constitution and laws of the State of Minnesota, including the TIF Act. <br />This Note may be assigned only as provided in Section 5.3 of the Development <br />Agreement and subject to delivering to the City the Acknowledgment and Receipt of Note in the <br />form included in Exhibit 2. Additionally, in order to assign the Note, the assignee shall <br />surrender the same to the City either in exchange for a new fully registered note or for transfer of <br />this Note on the registration records maintained by the City for the Note. Each permitted <br />assignee shall take this Note subject to the foregoing conditions and subject to all provisions <br />stated or referenced herein. <br />IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions, and things <br />required by the Constitution and laws of the State of Minnesota to be done, to have happened, <br />and to be performed precedent to and in the issuance of this Note have been done, have <br />happened, and have been performed in regular and due form, time, and manner as required by <br />law; and that this Note, together with all other indebtedness of the City outstanding on the date <br />hereof and on the date of its actual issuance and delivery, does not cause the indebtedness of the <br />City to exceed any constitutional or statutory limitation thereon. <br />D-3 <br />519394v8 JSB ELI 8549 <br />