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88-2029 WMITE - CITY CIERK PINK - FJNANCE GITY OF SAINT PAUL Council �J . CANARV - DEPARTMENT /7( � BI.UE - MAVOR File �0• `"O� - Council Resolution ;���..:r� Presented By Referred To Committee: Date Out of Committee By Date WHEREAS , the City Council of the City of Saint Paul has been advised by the Port Authority of the City of Saint Paul ( "Port Authority" ) that the Port Authority on December 5 , 1988 approved the issuance of $3 , 100, 000.00 in bonds which will be purchased by Nor-West Bank, the proceeds of which will be used for the early acquisition of land and site improvements for the Twin City Testing site, a joint project of the Port Authority and the City of Saint Paul ; and WHEREAS , repayment of the bonds will be made out of revenues from the Port Authority' s Accumulated Net Revenue Fund until such time as the tax increment district is approved and the financing through Nor-West Bank can be replaced by tax increment bonds ; and WHEREAS , Laws of Minnesota 1976 , Chapter 234, as amended, provides that any issue of revenue bonds authorized by the Port Authority of the City of Saint Paul shall be issued only with the consent of the City Council of the City of Saint Paul by Resolution adopted in accordance with law; and WHEREAS , the Port Authority has requested the City Council to give its requisite consent pursuant to said law and to facili- tate the issuance of said revenue bonds by the Port Authority subject to final approval of the details of said issue by -che Port Authority; now, therefore, be it RESOLVED, by the Council of the City of Saint Paul , that in accordance with Laws of Minnesota 1976 , Chapter 234, as amended, the City Council hereby consents to the issuance of the aforesaid revenue bonds for the purposes described herein, the exact details of which, including but not limited to, provisions relating to maturities , interest rates , discount, redemption, and for the COUNCIL MEMBERS Requested by Departme of: Yeas Nays Dimond '�� c.ong In Favor cosw;tz � �eet�j _ Against BY �� Sonnen Wilson DE� Z 2 �ga� Form Approved by City Attorney Adopted by Council: Date ,� g „� - _� •_ ��....__"2_.`� Certified Passed by Council Secretary y >, By c:... Approved by Mavor: Date _ Appro d by Mayor for Sub io to Council By B WHITE - CITV CLERK COLLRCII PINK � - �}NANCE GITY OF SAINT PAUL � GANARV - DEPARTMENT �� "�O� BI.UE - MAVOR File � NO. V ��� Council Resolution Presented By Referred To Committee: Date Out of Committee By Date issuance of additional bonds as are to be determined by the Port Authority, pursuant to Resolution adopted by the Port Authority; and the City Council hereby authorizes the issuance of any additional bonds ( including refunding bonds) by the Port Authority found by the Port Authority to be necessary to carry out the purposes for which the aforesaid bonds are issued. COUNCIL MEMBERS Requested by partment of: Yeas Nays Dimond Long [n Favor co�� � �, � �bQ1�� _ Against BY Sonnen Wilson Adopted by Council: Date DEC 2 -'-� Form Approved by City Attorney Certified Yas y cil Sec ry BY gy, App ove iVlav _ � � 4�� Appr ved by Mayor Eor Sub i to ncil � � F"�"�.1� �'�C v 119� St. Paul Port Autho�ity DEPARTMENT N� 2 2 4 3 . P. K. Feders/E. A. Kraut CONTACT � �� (612)224-5686 PHONE December 5, 1988 DATE �Q,/�� Q, Qi ASSIGN NUMBER FOR ROUTING ORDER (Clip All Locations for Signature) : I Department Director � Director of Management/Mayor Finance and Management Services Director City Clerk Budget Director � Council Research � City Attorney RE: $3, 100,000 Loan to Temporarily Finance WHAT WILL BE ACHIEVED BY TAKING ACTION ON THE ATTACHED MATER�A�LS?S(�Pu�r ose/ rland and si-te improve- RatponaleJeni-s for Twin City The purpose of the financing is to provide temporary funding 'Testing, for the cost of acquisition and site improvements at _ '�,� � ,� �;- the Twin City Tes-ting Redevelopment district. �� COST/BENEFIT, BUDGETARY AND PERSONNEL IMPACTS ANTICIPATED: The Port Authority will issue a $3, 100,000 Taxable Note to be purchased by Norwest Bank for a term of one year. The Note will .bear interest at the Bank's reference rate and will cover the cost of acquisition, demolition, relocation, parking replacement and issuance costs. The St. Paul Housing and Redevelopmeni- Board of Commissioners at its November 16, 1988 meeting approved the tax increment financing plan and district for the Twin City Testing project. FIPIANCING SOURCE AND BUDGET ACTIVITY NUMBER CHARGED OR CREDITED: (Mayor's signa- ture not re- Total Amount of Transaction: N/A quired if under $10,000) Funding Source: Activity Number: ATTACHMENTS (List and Number All Attachments) : i . Staff Memorandum 2. Draft City Counci l Resolution .. � _ �� . - " ' �`��' �' ����r 3. Port Authority Resolution No. 3069 , �':_'v °_ �; I:;ts U cc: J . Shoholm DEPARTMENT REVIEW CITY ATTORNEY REVIEW X Yes No Council Resolution Required? Resolution Required? X Yes No Yes �No Insurance Required? Insurance Sufficient? X Yes No Yes X No Insurance Attached: (SEE REVERSE SIDE FOR INSTRUCTIONS) Revised 12/84 � ., ���a°�� � . Members: - Bill Wilson, chair � GITY OF SAINT PAUL Tom Dimond ' '�,aill���6ii1 . . � . OFFICE OF THE CITY COIINCIL Kiki Sonnen � Date: December 14, 1988 }} RfCEIVED WILLIAM L. WILSON COmCT�IIIP.P. RE:pOCI MARK VOERDING CounCilman Legislative Aide D E C 15 1988 � To: Saint Paul City Council ���l� CITIf CLEkK From : Housing and Economic Development Committee Bill Wilson, Chair 1. Approval of Minutes - APPROVED . 2. Resolution supporting an MTC transit free-zone in the core of the City (C.F. 88-1768) COMMITTEE RECOIrIlKENDED APPROVAL 3. Request by M. E. Evenson for an appearance before Council concerning a Board of Appeals and Review decision on 703 Wells Street COMMITTEE RECOMMEENDED FOUR WEEK LAYOVER 4. Economic Development Strategy Update NO COMMITTEE ACTION REQUIRED 5. To Authorize a $3,100,000 loan to finance acquisition, relocation, demolition and related development costs in the University Avenue/Twin City Testing redevelopment area COMMITTEE RECOMMENDED APPROVAL 6. Authorize a $1,300,000 loan to reimburse the Port Authority for the acquisition . of the St. John's Hospital site for Metro State University COMMITTEE RECOMMENDED APPROVAL UNDER SUSPENSION: Resolution amending the 1988 budget by adding $661,705 to the Financing and Spending Plans for PED-Self Sufficiency for Homeless Individuals Grant . (C.F. 88-1900) COMMITTEE RECOMMENDED APPROVAL CITY HALL SEVENTH FLOOR SAINT PAUL, MINNESOTA 55102 � 612/298-4646 9�48 PORT ���-�°a9 AUTHORITY OF THE CITY OF ST. PAUL Memorcrndum TO: BOARD OF OOMMISSIONERS DATE NOV. 30, 1988 (MEETING DECEMBER 5, 1988) � l � FROM: PERRY K. FEDERS-� �'l�� , SUBJECT: $3,100,000 LOAN TO TEMPORARILY FINANCE TNE ACQUISITION OF LAND AND SITE IMPROVEMENTS FOR TWIN CITY TESTIP�G, AND THE INTERIM USE OF ACCUMl1LATED NET REVENUES TO FUND SUCH OOSTS RESOLUTION N0. 3069 At a Special Commission Meeting held on October 3, 1988, the Board approved the creation ot an industrial development district and redevelopment and tax increment financing district to accommodate an expansion by the Twin City Testtng Corporation. At this time we are requesting approval of financing the following costs of the Tax increment District on a temporary basis until per- manent financing arrangements can be made: Acquisition $1 ,850,000 Demolition 160,000 Relocation (Housing 8 Commercial ) 330,000 Parking Replacement 8 Construction 500,000 Issuance Costs 25,000 Contingency 250.000 $3, 100,000 We have obtained a commitment from Norwest Banks for a term of one year at the Bank�s prime rate. The financing will be secured by a pledge of the Port Authority�s Resolution 1270. We are also requesting to use Accumulated Net Revenues to fund any of the above costs on an interim basis until the final loan documents are completed. Staff recommends approval of the above Resolution. sjs �- ��� � -����� , � � _ _.,�. G��.�a�a 9 � . � FAX(612) 223-5198 PORT AUTHORITY OF THE CITY OF SAINT PAUL TOLL FREE (800) 328-8417 1900 LANDMARK TOWERS • 345 ST. PEfER STREEf • ST. PAUL, MN 55102 • PHONE(612)224-5686 December 5, 1988 Mr. Ken Johnson, Director Planning and Economic Development Department City of St. Paul 13th Floor - City Hall Annex St. Paul , Minnesota 55102 Re: $3,100,000 LOAN TO TEMPORARILY FINANCE THE ACQUISITION OF LAND AND SITE IMPROVEMENTS FOR TWIN C17Y TESTING Dear Ken: We submit herewith for your review and referral to the office of the Mayor, City Council and City Attorney�s office details pertaining to the issuance of a $3,100,000 Note to finance acquisition and related development costs for the Twin City Testing proJect. Both the Port Authority Commission and the HRA Board have approved the tax increment financing plan and district. The Note to be issued will be for a term of up to one year at which time permanent financing will be sought. In addition to the staff inemorandum we are attaching a draft copy of the proposed City Council Resolution and a copy of the Port Authority Resolution No. 3069 which authorizes issuance of the Note. Your expeditious handling of this matter will be appreciated. , Yours truly, � �.�����,, Eugene A. Kraut Execut ve Vice President EAK:PKF:sjs cc: Mayor Latimer EUGENE A.KRAUT,C.I,D.� PERRY K.FEDERS,C PA. JOHN A.CAMPOBASSO,C.iD.� JAMES f.FAUE,C LD� JAMES E 'ERRELL,C i 0� EXECUTIVE vICE PRESIDENT.C-E-O. ASST EXEC.VICE PRESiDENT,C.F O DIRECiOR iNGUSTRiAL DEVE'��:�^`:�E^J? DIRECTOR REAL ESiAiE OPERATIONS DIiEC�"O[?ECi'a:;".'iC==.__:��'.'�'•�� LAWRENCE H.LANGER,P E. RICHARD A.GIERDAL PATRICX E DEAN,C.PA ROBERT A MITTET,C P n, KAMERON L CARLSON,CPA WIL�IA�^E bicG'�':'=i>i CHIEF ENGINEER PROPERIV MANAGER =1NANCE DIRECTOR ASSi.FINANCE DIREC?OR ACCOUNiIN6 MAti,aGcR <_�?�:� 8��.�����v�"���-��5 COMMISSIONERS: GEORGE W.WINTER WILLIAM R PETERSOiV HOV�'ARD M.GUTHMANN JEAN M WEST VICTOR P.RFIM JAMES SCHEIBE: idvS�RT C.Lv,:G PkESIGENi ViCE PRESiUENi $ECRE?AR'i �SS'SECRE"AR� iREASURER ASS( �REASGRER __ .....,_�._ �GLD.CFRTiFlEn i^;n;1STRtA!DEV�LOPFR �-��� R � �, FiVE pEC �, 1988 DEPT. 0� PLAI� ING & . �G � �/���3-5198 PORT AUTHORITY OF THE CITY OF SAINT PAUL ECONOM Q�LL�REE(800) 328-8417 1900 LANDMARK TOWERS • 345 ST. PETER STREET • ST. PAUL, MN 55102 • PHONE(612)224-5686 December 5, 1988 Mr. Ken Johnson, Director Planning and Economic Development Department City of St. Paul 13th Floor - City Hall Annex St. Paul , Minnesota 55102 Re: $3,100,000 LOAN TO TEMPORARILY FINANCE THE ACQUISITION OF LAND AND SITE IMPROVEMENTS FOR TWIN CITY TESTING Dear Ken: We submit herewith for your review and referral to the office of the Mayor, City Council and City Attorney's office detaiis pertaining to the issuance ot a $3,100,000 Note to finance acquisition and related development costs for the Twin City Testing proJect. Both the Port Authority Commission and the HRA Board have approved the tax increment financing plan and district. The Note to be issued will be for a term of up to one year at which time permanent financing will be sought. In addition to the staff inemorandum we are attaching a draft copy of the proposed City Council Resolution and a copy of the Port Authortty Resolution No. 3069 which authorizes issuance of the Note. Your expeditious handling of this matter will be appreciated. Yours truly, ' `�. Eugene A. Kraut Executive Vtce President EAK:PKF:sJs cc: Mayor Latimer EUGENE A.KRAUT,C.I.D.� PERRV K.FEDERS,C.P.A. JOHN A.CAMPOBASSO,C.LD.� JAMES F.FAUE,C.LD,� JAMES E.TERRELL,C.LD` EXECUTIVE VICE PRESIDENT,C.E.O, ASSi EXEC.VICE PRESIDENT,C.EO. DIRECTOR INDUSTRIAL DEVELOPMENT DIRECTOR REAL ESTATE OPERATIONS DIRECTOR ECONOMIC DEVELOPMENT IAWRENCE H.LANGER,P.E. RICHARD A.GIERDAL PATRICK E DEAN,C.P.A. ROBERT A.MITTET,C.P.A KAMERON L CARLSON,C.P.A. WILLIAM E.McGIVERN CHIEF ENGWEER PROPERN MANAGER RNANCE DIRECTOR ASST.FINANCE DIRECTOR ACCOUNTING MANAGER DIRECTOR PUBLIC RELATION$ COMMISSIONERS: GEORGE W.WINTER WILLIAM R.PETERSON HOWARD M.GUTHMANN JEAN M.WEST VICTOR P.REIM JAMES SCHEIBEL ROBERT C,LONG PRESIDENT VICE PRESIDENT SECRETARY ASST,SECRETARV TREASURER ASST.TREASURER COMMISSIONER �C,I.D.CERTIFlED INDUSTRIAL DFVELOPER St. Paul Port Authoeii-y DEPARTMENT N� 2243 P. K. Feders/E. A. Kraut CONTACT /��^•� (612)224-5686 ��� �D� PHONE ���� �� December 5, 1988 DATE ASSIGN NUMBER FOR ROUTING ORDER (Clip All Locations for Signature) : � Department Director 3 Director of Management/Mayor Finance and Management Services Director � City Clerk Budget Director � Council Research � City Attorney RE: $3, 100,000 Loan to Temporarily FinancE isition of land and site improve- WHAT WILL BE ACHIEVED BY TAKING ACTION ON THE ATTACHED MA��A�L�? (Purpose/ ents for Twin City Rationale�} Testing. The purpose of the financing is to provide temporary funding for the cost of acquisition and site improvements at , the Twin City Tes-ting Redevelopmenf district. COST/BENEFIT, BUDGETARY AND PERSONNEL IMPACTS ANTICIPATED: The Port Authority will issue a $3, 100,000 Taxable Note to be purchased by Norwest Bank for a term of one year. The Note will bear in1-erest at the Bank's reference rate and wili cover the cost of acquisition, demolttion, relocation, parking replacement and issuance costs. The St. Paul Housing and Redevelopment Board of Commissioners at i-ts November 16, 1988 meeting approved the tax increment financing pian and district for the Twin City Testing project. FINANCING SOURCE AND BUDGET ACTIVITY NUMBER CHARGED OR CREDITED: (Mayor's signa- ture not re- Total Amount of Transaction: N/A quired if under $10,000) Funding Source: Activity Number: ' ATTACHMENTS (List and Number All Attachments) : I . Staff Memorandum 2. Draft City Council Resolul-ion 3. Port Authority Resolution No. 3069 cc: J . Shoholm DEPARTMENT REVIEW CITY ATTORNEY REVIEW X Yes No Council Resolution Required? Resolution Required? X Yes No Yes �No Insurance Required? Insurance Sufficient? X Yes No Yes X No Insurance Attached: (SEE REVERSE SIDE FOR INSTRUCTIONS) Revised 12/84 r WMITE - CITV CLERK " � PINK - FINANCE COUIICI� -n/ CAN4RV - OEPARTMENT GITY OF SAINT PAUL �/J�D � BLUE - MAVOR File �0• `�� � ` Council Resolution Presented By � Referred To Committee: Date Out of Committee By Date WHEREAS , the City Council of the City of Saint Paul has been advised by the Port Authority of the City of Saint Paul ( "Port Authority" ) that the Port Authority on December 5 , 1988 approved the issuance of $3 , 100, 000.00 in bonds which will be purchased by Nor-West Bank, the proceeds of which will be used for the early acquisition of land and site improvements for the Twin City Testing site, a joint project of the Port Authority and the City of Saint Paul ; and WHEREAS , repayment of the bonds will be made out of revenues from the Port Authority' s Accumulated Net Revenue Fund until such time as the tax increment district is approved and the financing through Nor-West Bank can be replaced by tax increment bonds ; and WHEREAS , Laws of Minnesota 1976 , Chapter 234, as amended, provides that any issue of revenue bonds authorized by the Port Authority of the City of Saint Paul shall be issued only with the consent of the City Council of the City of Saint Paul by Resolution adopted in accordance with law; and WHERERS , the Port Authority has requested the City Council to give its requisite consent pursuant to said law and to facili- tate the issuance of said revenue bonds by the Port Authority subject to final approval of the details of said issue by zne Port Authority; now, therefore , be it RESOLVED, by the Council of the City of Saint Paul , that in accordance with Laws of Minnesota 1976 , Chapter 234, as amended, the City Council hereby consents to the issuance of the aforesaid revenue bonds for the purposes described herein, the exact details of which, including but not limited to, provisions relating to maturities , interest rates , discount , redemption, and for the COUNCIL MEMBERS Yeas Nays Requested by Department of: Dimond ��g In Favor Goswitz Rettman B s�ne;�� A gai ns t Y Sonnen Wilson Form Approved by City Attorney Adopted by Council: Date - r,.� .� � � Certified Passed by Council Secretary By ", � B� �— Approved by 17avor: Date _ Approved by Mayor for Submission to Council By BY wNITE - C�TV CLERK � F%INK - FINANCE G I TY O F SA I NT PA U L Council GJ//�' _n/ C4NARV - OEPARTMENT File NO• �/�/ '✓/��/ BI.UE - MAYOR Council Resolution Presented By Referred To Committee: Date Out of Committee By Date issuance of additional bonds as are to be determined by the Port Authority, pursuant to Resolution adopted by the Port Authority; and the City Council hereby authorizes the issuance of any additional bonds (including refunding bonds) by the Port Authority found by the Port Authority to be necessary to carry out the purposes for which the aforesaid bonds are issued. COUNCIL MEMBERS Yeas Navs Requested by Department of: Dimond ��g [n Favor Goswitz Rettman s�ne;nei A gai n s t BY Sonnen Wilson Form Approved by City Attorney Adopted by Council: Date Certified Passed by Council Secretary BY B� Approved by 1lavor: Date _ Approved by Mayor for Submission to Council By _ BY P O R T ���-�oa 9 AUTHORITY OF THE CITY OF ST. PAUL Memoraedum TO: BOARD OF OOMMISSIONERS DATE NOV. 30, 1988 (MEETING DECEMBER 5, 1988) � � �� FROM: PERRY K. FEDERS��� SUBJECT: $3,100,000 LOAN TO TEMPORARILY FINANCE THE ACQUISITION OF LAND AND SITE IMPROVEMENTS FOR TWIN CITY TESTING, AND THE INTERIM USE OF ACCUMULATED NET REVENUES TO FUND SUCH COSTS RESOLUTION N0. 3069 At a Special Commission Meeting held on October 3, 1988, the Board approved the creation of an industrial development district and redevelopment and tax increment financing district to accommodate an expanslon by the Twin City Testing Corporatlon. At this time we are requesting approval of financing the following costs of the Tax Increment District on a temporary basis until per- manent financing arrangements can be made: Acquisition $1,850,000 Demolition 160,000 Relocation (Housing 8 Commercial ) 330,000 Parking Replacement b Constructlon 500,000 issuance Costs 25,000 Contingency 250j000 $3, 100,000 We have obtained a commitment from Norwest Banks for a term of one year at the Bank�s prime rate. The financing will be secured by a piedge of the Port Authority�s Resolution 1270. We are also requesting to use Accumulated Net Revenues to fund any of the above costs on an interim basis until the ftnal loan documents are compieted. Staff recommends approval of the above Resolution. sJs r � ����°�9 Resolution No. .�U� �J RESOLUTION OF THE PORT AUTHORITY OF THE CITY OF SAINT PAUL WHEREAS, on October 3, 1988 the Port Authority of the City of Saint Paul (the "Port Authority" ) adopted Resolution No. 3028 authorizing the creation of a new redevelopment and tax increment financing district to accommodate the expansion of Twin City Testing Corporation by the acquisition of the land in the district, the relocation of existing property owners, the demolition of existing structures and the construction of additional parking facilities (collectively the "Project" ) ; and WHEREAS, the Port Authority has received the attached commitment (the "Commitment" ) from Norwest Bank Minnesota, N.A. ( "Norwest" ) to provide temporary financing for the costs of the Project by purchasing a Port Authority note ( the "Note" ) in the amount of $3,100,000 secured by Special Resolution No. 1270, and otherwise on the terms and conditions set forth in the Commitment; and WHEREAS, staff has recommended that the Port Authority issue the Note on the terms outlined in the Commitment to provide funds for the Project, and further that the Port Authority advance funds from the Accumulated Net Revenues Fund to pay for the costs of the Project pending reimbursement from the Note, all as more fully described in the staff inemorandum on file. NOW, THEREFORE, BE IT RESOLVED by the Port Authority of the City of Saint Paul that: l. The Port Authority shall �issue its Note and enter into a loan agreement with Norwest on the terms and conditions generally set forth in the Commitment; 2. Staff of the Port Authority is hereby authorized and directed to continue negotiations with Norwest, counsel to Norwest and counsel to the Port Authority to finalize the documentation to be entered into in connection with the issuance of the Note; 3 . In order to facilitate completion of the financing contemplated herein, the City Council of the City of St. Paul is hereby requested to consent, pursuant to laws of Minnesota, 1976, Chapter 234, to the issuance of the Note, and any additional bonds or notes which the Port Authority may prior to issuance or from time to time thereafter deem � , �'�����'0�9 � necessary to complete the Project or to refund the Note, and for such purpose the Executive Vice President of the Port Authority is hereby authorized and directed to forward to the City Council copies of this resolution and any additional available information the City Council may request; and 4. Staff is hereby authorized and directed to use funds from the Accumulated Net Revenues Fund or an interium basis to pay for the costs of the Project, and to reimburse the Accumulated Net Revenues Fund from proceeds of the Note from the loan from Norwest. Adopted: December 5, 1988 PORT AUTHO ��'TY OF THE CITY OF-S N��AU ( i � , By ' L- i`' I t s ��- " �� EST: / s Gz..� Secretary r-� _ • - - - - .. _. _ : ��-�?0�� No�n•est 8ank.tl�nnaso!a. I'1 4. ��_;' Norwesr Certfer MORwlsf BANKS S�x�h artd Na�querre J>>�' Minreapo��s, Minrescta 55�%9•��G�?i 6t2/6o71234 pI[tibeY' 29 1988 FOr?T�"?'`i:' NcN ► �i�'S F,rp <<;T �r T P�+U( �"� .� �`$ �ft iy �'/ ' , �aC� A� i .} �I ��n� 1;�:1 � rf rJ �;o Mr. P'ex'zy FACIEYS ���A chiet Financial Officer ,;i� Fbrt A�thority o! the City of St. Paul ,� 1900 Amhoist To�rer � ,�-'� 345 St. Peter Street � ) St. Paul, I�J 55102 +V RE: ZWin City Testir�q Dear Ferty' . Sn response to yaur request for finz�ncir�q� I w�ould liks to presert the followir�q proposal fcr-Ya�' consideration: ��; St. Paul Port Authority (PA) �e�curit ; 1270 Pledge. If ne�s�y, this can 1�e done on � a General Obligation basis, but the interest Yate may be 25-50 basis points higher. �; Up to one year. Can be done on demand basis, or ��i�y can be set to a date within one year of . _._.------..__ .�clo�._-�-- - ._------- - �; Up to $3,1Ob,000. Draw� e: - � One titne, or tm�ltiple draws with an agrEed upon � minia�an �maint. . ... _ �� . � ���tir,Q_�: None Intere t�Rate: Prime, Floatiriq. Or or�os 11�1���oost o!Y �� � a �� �� �1 iod ot 30,60,90, nu�ds plus 1.45� for a time per' or 120 days. I e,-o� g�ym�nt: I�onthly thr�a� a direct dtiarc3e to a ibrt p�uthority DOP► a000unt at NoYw�est. �l �� �. - : •_� - _ - I.•J t L� 1 �_� : �i� -i '� r F' ry 1J L F• i� F: T �+ U T H R: T 'r' F' . ►_t ? - Lt ? ,. ��-a0�9 Paqe Z Pre�Yr.�ent: If floatir�g rate option is used, prepayr�erit without penalty is allawed. If fixed rate option is used, prepayment prior to.maturity o� locked-in f ixed rate will ir�cur a prepayr.tient Pe�aZtY• Mi�otta�,�: PA will pay bank's Iegal fees. Clther Terrrs: Any other terms and oonditions, mutually aqreeable to the PA ant Non�t. - Peny, we are vexy interested in doinq this financing. Please call me if you have ar�y c�nents or questions. Sircerely, ,. : /• , . � -" . � ' � . ��/2.-s�.�-�-�1!�!�—� i Lerni� M. KauSn�ti � �'vice President ( u�uS/7s . � - . , _ = - -- _ _ - _ _ _-: . _ . . . .:. . _ . _. . __ . . . .�:.:�.