HomeMy WebLinkAboutC2010-041 - 3/23/2010 - ApprovedNOTE
Date: March ~, 2010
Maker: CITY OF CORPUS CHRISTI, TEXAS
1201 Leopard Street, Corpus Christi, Texas 78401
Payee: CORPUS CHRISTI HOUSING FINANCE CORPORATION
Place for Payment (including county):
1201 Leopard Street, Corpus Christi (Nueces County), Texas 78401
Principal Amount: Not more than $575,000.00
Annual Interest Rate on Unpaid Principal: Three-tenths of one percent (0.30%) per
annum
Terms of Payment (principal and interest):
Principal and accrued interest shall be due and payable on or before one (1) year
from the date of this Note. Any payments hereon shall be first applied to accrued
interest with the remainder, if any, applied to unpaid principal. Principal and accrued
interest may be prepaid in whole or in part from time to time without penalty or premium.
Maker promises to pay to the order of Payee at the place for payment and
according to the terms of payment the principal amount plus interest at the rate stated
above. All unpaid amounts shall be due by the final scheduled payment date.
Interest on the debt evidenced by this note shall not exceed the maximum
amount of non-usurious interest that may be contracted for, taken, reserved, charged,
or received under law; any interest in excess of that maximum amount shall be credited
on the principal of the debtor, if that has been paid, refunded. On any acceleration or
required or permitted prepayment, any such excess shall be canceled automatically as
of the acceleration or prepayment or, if already paid, credited on the principal of the
debt or, if the principal of the debt has been paid, refunded. This provision overrides
other provisions in this and all other instruments concerning the debt.
THIS OBLIGATION IS NOT A BOND OR OTHER OBLIGATION OF THE CITY
OF CORPUS CHRISTI, TEXAS PAYABLE OUT OF AD VALOREM TAXES
COLLECTED BY THE CITY. THIS OBLIGATION IS NOT SUBJECT TO MANDATORY
RENEWAL OR RENEWAL AT THE OPTION OF ANY PERSON AND IS PAYABLE
ONLY OUT OF CURRENT REVENUES COLLECTED IN THE YEAR IN WHICH THIS
OBLIGATION IS ISSUED. THIS OBLIGATION IS NOT BEING APPROVED BY THE
TEXAS ATTORNEY GENERAL AND IS NOT BEING REGISTERED WITH THE TEXAS
COMPTROLLER OF PUBLIC ACCOUNTS.
2010-041
Res. 028527 Page 1 of 2
03/23/10 0~0
CCHFC
INDEXED
ATTEST:
Armando Chapa
City Secretary
CITY OF CORPUS CHRISTI, TEXAS
Joe me
Mayor
APPROVED AS TO LEGAL FORM: March 16, 2010.
-~
R ay eining
irs Assista City Attorney
For City Attorney
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Ward Parking -- CCHFC Note 03162010