6.3.B. SR 06-16-2008 - Laserfiche WebLink

Home Browse Search

Year Amount Year Amount 2008 $500,000 2011 $486,000 2009. 474,000 2012 492,000 2010 480,000 2013 499,000 and to pay interest on so much of the principal amount of the debt as may be disbursed and remains unpaid until the principal amount hereof is paid or has been provided for, at the rate of one and three hundred eleven hundredths percent (1.311%) per annum (calculated on the basis of a 360-day year of twelve 30-day months). Interest on this Note is payable semiannually on February 20 and August 20, commencing August 20, 2008. Interest starts accruing as of the date of the initial disbursement. Principal and Interest Payments. Interest shall accrue only on the aggregate amount of this Note which has been disbursed under the Minnesota Public Facilities Authority Project Loan and General Obligation Bond Purchase Agreement (Transportation Revolving Fund) MPFA-07- 0002-R-FY08, dated as of April 29, 2008, by and between the City and the Minnesota Public Facilities Authority (the "Project Loan Agreement"). The principal installments shall be paid in the amounts scheduled above even if at the time of payment the full principal amount of the Note has not been disbursed; provided that if the full principal amount of this Note is never disbursed, the amount of the principal not disbursed shall be applied to reduce each unpaid principal installment in the proportion that such installment bears to the total of all unpaid principal installments (i.e., the remaining principal payment schedule shall be reamortized to provide similarly level annual installments of total debt service payments). Interest on this Note includes amounts treated by the Minnesota Public Facilities Authority as service fees. Principal, interest and any premium due under this Note will be paid on each payment date by wire payment, or by check or draft mailed five business days prior to the payment date to the person in whose name this Note is,registered, in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. Redemption. This Note is subject to redemption and prepayment in whole or in part at the option of the City or mandatorily as provided in the Project Loan Agreement. If redemption is in part installments of principal payable last under this Note shall be prepaid first, unless the City and the holder of this Note agree to a different result. Purpose; General Obli a~ tion. This Note has been issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota for the purpose of providing money to finance the construction of the 193rd Avenue project in the City, and is payable out of the MPFA Debt Service Account of the Transportation Fund of the City, to which account have been pledged from moneys to be allotted to the City from its account in the City's State-Aid Street Fund. This Note constitutes a general obligation of the City, and to provide moneys for the prompt and full payment of said principal installments and interest when the same become. due, the full faith, credit and taxing powers of the City have been and are hereby irrevocably pledged. Registration; Transfer. This Note shall be registered in the name of the payee on the books of the City by presenting this Note for registration to the City's Finance Director, who will 2170696v1 4