|
<br />.~
<br />
<br />...
<br />
<br />EXHIBIT 1
<br />TO
<br />BOND RESOLUTION
<br />
<br />(Form of Note)
<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 Note
<br />(Wolkerstorfer Company, Inc, Project)
<br />
<br />No, R-1
<br />
<br />$1,400,000
<br />
<br />The City of New BrightQn, a municipal corporation in
<br />the County Qf 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 Northwestern
<br />Mutual Life Insurance Company or registered assigns the principal
<br />sum of One Million Four Hundred Thousand Dollars ($1,400,000), on
<br />February 1, 2005, and to make payments of said principal sum in
<br />installments as hereinafter provided, and to pay to the owner
<br />hereof interest on the outstanding and unpaid balance of such
<br />principal sum from the date hereof until said principal sum is
<br />paid, at the rate of Nine and One Hundred Twenty-five Thousandths
<br />percent (9,125%) per annum. If there shall be a Determination of
<br />Taxability, as defined in the hereinafter-mentioned Loan Agreement,
<br />such interest rate shall be increased to an effective annual
<br />interest rate of Ten and Five-Eighths percent (10-5/8%) per
<br />annum, Such increased interest rate shall accrue from the Date
<br />of Taxability, as defined in the Loan Agreement, until final
<br />payment of the principal of the Note, Upon 120 days prior
<br />written notice from the Holder hereof to the Company, the Company
<br />shall pay all additional interest accrued hereunder from the Date
<br />of Taxability to the date of such payment, and, thereafter, such
<br />additional interest shall be paid monthly on regular installment
<br />payment dates, Interest only accruing from the date hereof,
<br />shall be paid on March 1, 1980, and, thereafter, principal of and
<br />interest on this Note shall be paid in 178 installments of Eleven
<br />Thousand Eight Hundred Eighty Dollars ($11,880) each on April 1,
<br />1980, and on the first day of each month thereafter to and including
<br />January 1, 1995, and a final installment on February 1, 1995, at
<br />which time the unpaid principal of this Note shall be subject to
<br />mandatory redemption as hereinafter provided, Payments of such
<br />installments shall be applied, first, to accrued and unpaid
<br />interest and, next, to unpaid principal, Principal and interest
<br />shall be paid to the registered holder hereof in lawful money of
<br />the United States at its address as it appears on the registration
<br />
|