EXHIBIT 10.3
INDUSTRIAL DEVELOPMENT REVENUE
BONDS,
PROMISSORY NOTE 2007A DATED FEBRUARY
28, 2007
THIS PROMISSORY
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR
THE APPLICABLE STATE “BLUE SKY” LAWS AND REGULATIONS OF
ANY STATE AND MAY NOT BE DISPOSED OF TO ANY PERSON OTHER THAN
NEKOOSA PORT EDWARDS STATE BANK, NEKOOSA, WISCONSIN, UNLESS IT IS
REGISTERED THEREUNDER OR THERE IS DELIVERED TO NEKOOSA PORT EDWARDS
STATE BANK, NEKOOSA, WISCONSIN, OR ITS SUCCESSOR AS TRUSTEE UNDER A
BOND AGREEMENT DATED EVEN HEREWITH, AN OPINION OF RECOGNIZED
COUNSEL SATISFACTORY TO NEKOOSA PORT EDWARDS STATE BANK, NEKOOSA,
WISCONSIN, OR ITS SUCCESSOR AS TRUSTEE, TO THE EFFECT THAT IT MAY
BE RESOLD OR OTHERWISE DISPOSED OF PURSUANT TO EXEMPTION FROM SUCH
REGISTRATION REQUIREMENTS.
PROMISSORY
NOTE
(Series 2007A)
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$3,000,000
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February 28, 2007
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FOR VALUE RECEIVED, the undersigned, Advanced
Fiberglass Technologies, Inc., M & W Fiberglass, LLC
and Jamie L. Mancl and Jennifer Mancl (the “ Borrowers
,” which term shall be construed to include the heirs,
personal representatives, and successors and assigns of the
Borrowers), promise to pay to the order of the CITY OF WISCONSIN
RAPIDS, WISCONSIN, a municipality existing under the laws of
th
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