Laserfiche WebLink
<br />... ~" <br /> <br />EXHIBIT 1 <br />TO <br />BOND RESOLUTION <br /> <br />(Form of Bond) <br /> <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br /> <br />CITY OF NEW BRIGHTON <br /> <br />Industrial Development Revenue Bond <br />(Chemical Technology, Inc. Project) <br /> <br />No. R-l <br /> <br />$300,000 <br /> <br />The City of New Brighton, a municipal corporation in <br />the County of Ramsey and State of Minnesota (the "City"), for <br />value received, hereby promises to pay, but solely from the <br />source and in the manner hereinafter provided, to the First State <br />Bank of New Brighton or registered assigns the outstanding and <br />unpaid balance of advances on account of an authorized principal <br />sum of Three Hundred Thousand Dollars ($300,000), on (five years <br />from the date of the Bond) upon the presentation and surrender <br />hereof, and to make prepayments of said principal sum in install- <br />ments as hereinafter provided, and to pay to the owner hereof <br />interest on the outstanding and unpaid balance of such principal <br />sum from the date hereof until said principal sum is paid, at the <br />rate of Ten and one-half percent (10.50%) per annum. Commencing <br />on (one month from the date of the Bond) , 1980, and <br />on the same day of each month thereafter to and including (24 <br />months from the date of the Bond) 1, 1982 the sum of <br />$4,500.00 shall be paid and commencing on (25 months from the <br />date of the Bond), 1982, and on the same day of each month there- <br />after to and including (60 months from the date of the Bond), <br />1985, the sum of $8,136.89 shall be paid, such amounts to be <br />applied first to accrued but unpaid interest on the Bond and, <br />second, to unpaid principal of the Bond; and on (5 years from the <br />date of the Bond), 1985, the unpaid principal and interest due on <br />the Bond. shall be paid. Principal and interest shall be paid to <br />the registered holder hereof in lawful money of the United states <br />at the office of the First state Bank of New Brighton (the "Bank"), <br />in New Brighton, Minnesota. <br /> <br />This Bond is issued pursuant to the Minnesota Municipal <br />Industrial Development Act, Chapter 474, Minnesota statutes, as <br />amended (the "Act"), and in conformity with the provisions, <br />restrictions and limitations thereof. This Bond does not consti- <br />tute a charge against the general credit, property or taxing <br />powers of the City and does not grant to the owner or holder of <br />