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\ . . EXHIBIT 1 TO BOND RESOLUTION (Form of Bond) UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF NEW BRIGHTON Industrial Development Revenue Bond (Harold and William Becker Project) No. R-l $600,000 . \ ~- . The City of New Brighton, a municipal corporation in the County of Ramsey and State of Minnesota (the "city"), for value received, hereby promises to pay, but solely from the source and in the manner hereinafter provided, to First State Bank of New Brighton or registered assigns Six Hundred Thousand Dollars ($600,000), on October 1, 1996, upon the presentation and surrender hereof, and to make prepayments of said principal sum in installments as hereinafter provided, and to pay to the owner hereof interest on the outstanding and unpaid balance of such principal sum from the date hereof until said principal sum is paid, at the rate of Eleven and fifty-hundredths percent (11.50%) per annum. Commencing on November 1, 1981, and on the first day of each month thereafter to and including September 1, 1996, the sum of $7,009.14 shall be paid to be applied first to accrued but unpaid interest on the Bond and, second, to unpaid principal of the Bond; and on October 1, 1996, the unpaid principal and interest due on the Bond shall be paid. Principal and interest shall be paid to the registered holder hereof in lawful money of the united States at the office of First state Bank of New Brighton (the "Bank"), in New Brighton, Minnesota. This Bond is issued pursuant to the Minnesota Municipal Industrial Development Act, Chapter 474, Minnesota Statutes, as amended (the "Act"), and in conformity with the provisions, restrictions and limitations thereof. This Bond does not consti- tute a charge against the general credit, property or taxing powers of the City and does not grant to the owner or holder of this Bond any right to have the city levy any taxes or appropriate any funds for the payment of the principal hereof or interest hereon, nor is this Bond a general obligation of the City or an obligation of the individual officers or agents thereof. This Bond and interest hereon are payable solely and only from the moneys received under the Loan Agreement hereinafter mentioned, including loan repayments to be made by Harold C. Becker and William B. Becker, individuals residing in the State of Minnesota (the "Borrowers") and from enforcement of the Mortgage and Assign- ment of Rents hereinafter mentioned.