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<br />A RESOLUTION PROVIDING FOR A REVISION IN THE FORM OF <br />COI~RcIAL DEVELOPMENT REVENUE NOTE, <br />SERIES 1980 (Irvin P. Moen and <br />Judith D. Moen Project) <br /> <br />BE IT RESOLVED by the city Council of the city of New <br />Brighton, Minnesota, as follows: <br /> <br />1. Investors Syndicate of America, Inc. (the "Per- <br />manent Lender") has reques.ted, despite reservations by bond <br />counsel, that the form of Commercial Development Revenue Note, <br />Series 1980 (Irvin P. Moen and Judit.h F. Moen Project) (the <br />"Note") he revised to provide for redemption at the option of the <br />registered owner at the end of the 15th Loan Year, rather than <br />mandatory redemption with an option to extend to maturity at <br />such time, and have submitted to this Council a revised form of <br />Note to incorporate this provision which is attached hereto as <br />Exhibit A. Such form is hereby approved and shall be executed <br />arid deliver"ed in the manner provided for in the Bond Resolution <br />relating thereto adopted March 25, 1980. '. <br /> <br />2. Corresponding changes reflecting this revision shall <br />be made in the Loan Agreement, Construction Loan Agreement and <br />other documents. <br />