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t <br /> .. <br /> [Form of Note - Reverse Side] <br /> This note in the aggregate principal amount of not to exceed $1,500,000 issued by the <br /> City for the purpose of paying the costs of the Project and of paying e penses incidental thereto, <br /> all as described and defined in the ordinance authorizing the Note (t e "Ordinance"), pursuant <br /> to and in all respects in compliance with the applicable provisions of t e Illinois Municipal Code, <br /> as supplemented and amended (including, specifically, the T x Increment Allocation <br /> Redevelopment Act, as amended), and as further supplemente and, where necessary, <br /> superseded, by the powers of the City as a home rule unit under the rovisions of Section 6 of <br /> Article VII of the Illinois Constitution of 1970 (such code and powers eing the "Act"), and with <br /> the Ordinance, which has been duly passed by the Council, approved by the Mayor of the City, <br /> and published, in all respects as by law required. <br /> THE CITY HAS DESIGNATED THIS NOTE AS A "QUALIFIED T X-EXEMPT OBLIGATION" <br /> PURSUANT TO SECTION ZE)S(b)(3)OF THE INTERNAL REVENUE CODE OF 9g6(THE "CODE"). <br /> If interest on this Note is determined to be taxable as set forth in the Ordinance ("Event <br /> of Taxability"), such interest shall be re-computed from the date of o currence of such Event of <br /> Taxability to a variable rate per annum equal to the Taxable Vari ble Rate. The "Taxable <br /> Variable Rate" means the 30-day LIBOR plus 225 basis points. If the e is a change in the Code, <br /> or the regulations promulgated thereunder or a final decree, judgme or order of any court or <br /> administrative body (whether state or Federal) (other than an Event f Taxability) which takes <br /> effect after the execution of the Ordinance and which changes the ef ective yield on this Note, <br /> including, but not limited to, changes in federal income tax rates, the interest rate on this Note <br /> shall increase accordingly to compensate for such change in the effect ve yield, all as more fully <br /> set forth in the Ordinance. The effective interest rate per annum on any Note, however, shall <br /> never be more than the lesser of the maximum rate set forth in the Ordinance or allowed by <br /> applicable law. <br /> -16- <br />