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Res 1996-62 0011.14.1 RESOLUTION NO. 62 - 1996 A RESOLUTION APPROVING A $1,500,000 LOAN TO THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF FRIDLEY BE IT RESOLVED by the City Council (the "Council") of the City of Fridley, Minnesota (the "City") as follows: Section 1. Recitals. 1.01. Minnesota Statutes, Section 469.041 provides that a City may make loans to its housing and redevelopment authority for redevelopment projects. 1.02. The Housing and Redevelopment Authority in and for the City of Fridley (the "Authority") has requested that the City loan the Authority the sum of $1,500,000 to defray certain redevelopment costs. Section 2. Approval and Authorization. 2.01. A Loan to the Authority in the amount of $1,500,000 is hereby approved. The City's Finance Officer is hereby authorized to loan and shall loan to the Authority, on or before February 1, 1997, the sum of $1,500,000 upon receipt of the Authority's executed and registered General Obligation Tax Increment Note (Series 1997) (the "Note") attached to this Resolution as Exhibit A. The loan is to be repaid in accordance with the terms described in the Note. PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 26TH DAY OF AUGUST, 1996. 1444 , r WILLIAM J. N - MAYOR ATTEST: 'AL..A ∎ I Ali,.-.41 WILLIAM A. CHAMPA - CITY CLERK ®©11.1 Page 2 -- Resolution No. 62 - 1996 EXHIBIT A 199 $1,500,000 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA HOUSING AND REDEVELOPMENT AUTHORITY In and For THE CITY OF FRIDLEY GENERAL OBLIGATION TAX INCREMENT NOTE (SERIES 1997) The Housing and Redevelopment Authority in and for the City of Fridley, Minnesota (the "Authority") , hereby acknowledges itself to be indebted and, for value received, promises to pay to the order of the City of Fridley, Minnesota, a municipal corporation, or its registered assigns (the "Owner") solely from the source, to the extent and in the manner hereinafter provided, the principal amount of this Note, being One Million Five Hundred Thousand Dollars ($1,500,000.00) (the "Principal Amount") , together with interest thereon from February 1, 1997 at a rate of five percent (5.0%) , on the dates (the "Scheduled Payment Dates") set forth on the Payment Schedule attached as Exhibit A hereto and in the amounts stated thereon (the "Scheduled Payments") . This note shall be payable in semiannual installments commencing on August 1, 1997, and on the 1st day of February and August thereafter until and including February 1, 2012. Upon 30 days' prior written notice from the Authority to the Owner, the Principal Amount is subject to prepayment at the option of the Authority in whole or in part on any Scheduled Payment Date. Each payment on this Note is payable in any coin or currency of the United States of America which on the date of such payment is legal tender for public and private debts and shall be made by check or draft made payable to the Registered Owner and mailed to the Registered Owner at its postal address within the United States which shall be designated from time to time by the Registered Owner. The Note is a general obligation of the Authority, which has been issued by the Authority pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Section 469.178, Subdivision 3, to aid in financing a "project" , as therein defined, of the Authority consisting generally of defraying certain public redevelopment costs incurred and to be incurred by the Authority within and for the benefit of its Redevelopment Project No. 1 (the "Program") . Calm Page 3 -- Resolution No. 62 - 1996 The Note is not a general obligation of the City of Fridley, Minnesota (the "City") or the State of Minnesota (the "State") , and neither the City, the State nor any political subdivision thereof shall be liable on the Note, nor shall the Note be payable out of any funds or properties other than funds and property of the Authority and from tax increment resulting from increases in taxable valuation of real property in the Authority's Tax Increment Financing Districts as set forth in the Resolution, authorizing the issuance of the Note, to which reference is made for a full statement of rights and powers thereby confined. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions, and things required by the Constitution and laws of the State of Minnesota to be done, to have happened, and to be performed precedent to and in the issuance of this Note have been done, have happened, and have been performed in regular and due form, time, and manner as required by law; and that this Note, together with all other indebtedness of the Authority outstanding on the date hereof and on the date of its actual issuance and delivery, does not cause the indebtedness of the Authority to exceed any constitutional or statutory limitation thereon. IN WITNESS WHEREOF, the Authority has caused this Note to be executed by the manual signatures of its Chairman and Executive Director and has caused this Note to be dated , 199 Chairman Executive Director This instrument was drafted by: Casserly Law Office, P.A. Suite 1100 Southpoint Office Center 1650 West 82nd Street Minneapolis, MN 55431 CERTIFICATE OF REGISTRATION It is hereby certified that the foregoing Note, as originally issued on , 199_, was on said date registered in the name of the City of Fridley, a Minnesota municipal corporation, and that, at the request of said Owner of this Note, the undersigned has this day registered this Note as to principal and interest on the Note in the name of such Owner, as indicated in the registration blank below, on the books kept by the undersigned for such purposes. Ce1117 Page 4 -- Resolution No. 62 - 1996 Name of Date of Signature of Registered Owner Registration Executive Director City of Fridley, , 199_ Minnesota EXHIBIT A PAYMENT SCHEDULE SCHEDULED PAYMENT DATES SCHEDULED PAYMENTS August 1, 1997 $71,666.46 February 1, 1998 71,666.46 August 1, 1998 71,666.46 February 1, 1999 71,666.46 August 1, 1999 71,666.46 February 1, 2000 71,666.46 August 1, 2000 71,666.46 February 1, 2001 71,666.46 August 1, 2001 71,666.46 February 1, 2002 71,666.46 August 1, 2002 71,666.46 February 1, 2003 71,666.46 August 1, 2003 71,666.46 February 1, 2004 71,666.46 August 1, 2004 • 71,666.46 February 1, 2005 71,666.46 August 1, 2005 71,666.46 February 1, 2006 71,666.46 August 1, 2006 71,666.46 February 1, 2007 71,666.46 August 1, 2007 71,666.46 February 1, 2008 71,666.46 August 1, 2008 71,666.46 February 1, 2009 71,666.46 August 1, 2009 71,666.46 February 1, 2010 71,666.46 August 1, 2010 71,666.46 February 1, 2011 71,666.46 August 1, 2011 71,666.46 February 1, 2012 71,666.46