exh10-3_series2007a.htm


     

    
      

      

    

     

     

     

     

    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)

     

    
      	
              $3,000,000

            	
              February
      28, 2007

            


    

     

    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
the State of Wisconsin (the “Issuer”), the
principal sum of THREE MILLION DOLLARS ($3,000,000.00) (or so much as may have
been requisitioned under that certain Bond Agreement (the “Bond Agreement”)
dated February 28, 2007 by and among the Issuer, the Borrowers, Nekoosa Port
Edwards State Bank, Nekoosa, Wisconsin, as Trustee, and Nekoosa Port Edwards
State Bank, Nekoosa, Wisconsin, as Original Purchaser, which Bond Agreement
secures the Bonds referenced above), payable in the same installments of
principal and interest, due on the same dates and at the same interest rates and
premiums, as are set forth for the Bonds in the Bond Agreement.

     

    This
Promissory Note constitutes the Promissory Note issued under the Bond Agreement,
which Bond Agreement is hereby incorporated herein by this
reference.  Reference is hereby made to the Bond Agreement for a
statement of the terms and conditions on which the Loan evidenced hereby was
made, for a description of the circumstances under which there shall be credits
allowed against the installments of principal and interest on this Promissory
Note, and for a description of the terms and conditions upon which this
Promissory Note may be prepaid or its maturity accelerated.

     

    
      	
              ADVANCED FIBERGLASS
      TECHNOLOGIES, INC.,

              a
      Wisconsin corporation

               

               

              By:  /s/ Jamie L.
      Mancl                                       
      

              Jamie L. Mancl,
      President

               

               

            	
              M & W FIBERGLASS,
      LLC,

              a
      Wisconsin limited liability company

               

               

               

              By:    /s/ Jamie L.
      Mancl                                  
      

              Jamie L. Mancl, Sole
      Member

            
	
               

               

              /s/ Jamie L.
      Mancl                                               
      

              JAMIE L. MANCL

               

            	
               

               

              /s/
      Jennifer
      Mancl                                           
       

              JENNIFER
      MANCL

            


    


    
      
         


      

      
         


        
          

        

      

      
         


      

    


     

    ASSIGNMENT

     

    FOR VALUE
RECEIVED, the undersigned, City of Wisconsin Rapids, Wisconsin, hereby assigns,
without recourse, all its right, title and interest in and to the above
Promissory Note to Nekoosa Port Edwards State Bank, Nekoosa, Wisconsin, or its
successor or successors, as Trustee under the Bond Agreement referenced
above.

     

    Dated:  February
28, 2007.

     

    
      	 
      	
              CITY
      OF WISCONSIN RAPIDS, WISCONSIN

               

               

               

              By:  /s/ Mary Jo
      Carson                                           
      

              Mary Jo Carson,
      Mayor

               

               

              By:   /s/ Vernon J.
      Borth                                        
      

              Vernon J. Borth City
      Clerk