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. i <br /> Section 10. Security; Payment. The security for the payme t of the Note shall be as <br /> follows: (a) the proceeds of the Note as and to the extent not c mmitted by contract for <br /> expenditure on the Project, and (b) the full faith and credit of th City. The City hereby <br /> additionally pledges the Incremental Property Taxes to the payment o the Note, and the Council <br /> covenants and agrees to comply with the requirements and provisions of the TIF Act to assure II <br /> the collection and allocation of the Incremental Property Taxes as the IF Act provides. I <br /> The City covenants and agrees with the Bank that so 1 ng as the Note remains � <br /> outstanding, the City will take no action or fail to take any action which in any way would III <br /> adversely affect the security for the Note or the ability of the City t levy and collect taxes, if ' <br /> necessary, to pay the Note. � <br /> Section 11. Delivery of the Note. As soon as may be afte this Ordinance becomes I <br /> effective and in no event later than August 1, 2008, the Designated Of icials are hereby expressly <br /> authorized to cause the Note to be executed and be delivered to t e Bank. The Designated <br /> Officials at other offices of the City as shall be appropriate are her�by authorized to proceed, <br /> without any further official authorization or action by the Council, o approve or execute, or <br /> both, such documents as shall be necessary to effectuate the issuance and delivery of the Note, <br /> with such insertions, deletions, additions, modifications or changes as they shall reasonably <br /> determine to be desirable, necessary and in the best interests of t e City, their approval or <br /> execution thereof to constitute ratification by the Council of any such insertion, deletion, <br /> addition, modification or change with no further official action, author zation or determination of <br /> the Council. The agreement with the Bank to purchase the Note is he by ratified, approved and <br /> confirmed, it being hereby expressly found that no person holding a y office of the City either <br /> by election or appointment is in any manner financially interested, ither directly in his own <br /> -20- <br />