2008-29 PROVIDING FOR ISSUANCE OF GENERAL OBLIGATION NOTE

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T , ` "Taxable" means, with respect to the Note, the st tus of interest paid and received thereon as includible in the gross income of the own rs thereof under the Code for federal income tax purposes. �, "Taxable Variable Rate" means the 30-day LIBOR plu 225 basis points. "Variable Rate" means 67 percent of 30-day LIBOR pl s 225 basis points. Section 2. Incorporation of Preambles. The Council he eby finds that all of the recitals contained in the preambles to this Ordinance are true, corre t and complete and does incorporate them into this Ordinance by this reference. Section 3. Determination to Issue the Note. It is necessary and in the best interests of the City to acquire and construct the Project for the public welfare an convenience, and to pay all related costs and expenses incidental thereto, and to borrow mo ey and issue the A1ote for such purposes. It is hereby found and determined that such borrowin of money is for a proper public purpose or purposes and is in the public interest, and is uthorized by Article VII, Section 6 of the Illinois Constitution. Section 4. Note Details. There shall be borrowed for and on'�behalf of the City the sum of $1,500,000 for the purposes aforesaid; a drawdown note of the ity (the "Note") shall be issued in said amount and shall be designated "General Oblig tion Note (Olde Towne Redevelopment Project), Series 2008." The Note shall be dated t e first date on which the Outstanding Principal Amount equals not less than the sum of$50,00 (the "Dated Date"). The "Outstanding Principal Amount" is that amount, not to exceed $1,5 0,000 as provided above, shown as advanced in the amounts from time to time through the en of the Draw Period and received by the City for value, as is noted on the Note in the for of Advances for Value thereon, less payments of principal thereof. � -5-