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' ��o� : ��b� �ga�� e �7� <br /> II <br /> '� <br /> deemed special and limited oblig�tions issued by the City'��pursuant to the Act. THE <br /> NOTES SHAI,L NO"T CONSTITUTE GENERAL OBLIGIATIONS OF THE CITY, <br /> NOR SHA1,L T�-IEY BE SECURED BY T��E FiJLL FAIT I A1�1D CREDIT OF T��E <br /> C1TY. ALL NO'TES SHALL BE PAYABLF� SOLELY FRO 1 APPLICABLE MONIES <br /> CREDITED FRONI TIME TO T1ME TO THE IP PLf�ZA, I�LC SPECIAL ACCOLTNT <br /> OF THE FUND. All Notes shall be issued or endorsed '�s to draws to the extent <br /> practicable within 15 days of the Citv's approval of subm�tted reimbursable Eligible <br /> Redevelopment Project Costs (the procedure of which is �et forth in paragraph 3(b) <br /> above). Execution o1' such "TIF Notes shall not require furthe appropriation or approval <br /> by the City Council. All TIF N�tes shall be secured by a lien�on and a pledge of monies <br /> deposited from tiine to time in the IP Plaza, LLC Special �Account of the Fund. The <br /> principal harai�ce c�f all TIF I�'otes shall bear interest at an an ual rate equal to 200 hasis <br /> points below the rate of interest published from time to time i The Wull Street Journal as <br /> the as the '`prime rate" of interest if non-taxable and eq al to the rate of ii�terest <br /> published from time to time in The Wall Street Journ�zl as thel"prime rate" of interest if <br /> taxable (�r such other interest rate index the City and Dev loper may hereafie�-agree <br /> upon). "I`he tax-eYempt nature of a TIF Note shall be d:termin d by nationally reco�nized <br /> bond counsel (`Bond Counsel") prior to any tax-exempt TIF ote being issued. �11 TIF <br /> Notes shall mature within 20 years, but on or before th termination date,.c�� the <br /> Redevelopment Pro;ect Area. Monies available to pay pritici al and interest o.�icans <br /> on c�utstanciin� ';�iF Notes shall be applied first to the earliest d ted of the outstari�T �'1F <br /> Notes and ther�atter to all subsequently date� vutstanding TIF Not�.s �vith '��ie most <br /> r�cently �aitd 'f�F Notes being paiu last. In the event that th ileveloper �ncurs e�igible <br /> c�sts ana a I�IF Note is issued in a year in which the C;ity �ias, r intends not to exc;:�ed its <br /> �10 million �,uv;.rnment purpose obligation limit (or then applicable limit) under ���ction <br /> ?E��b)(3), the lle�eloper agrees such 'rIF Note shall be ta��ble; or at the Deve't�per'� <br /> option the Tll� Note may be issued in a subsequent year. ! <br /> (b) Na TIF Notes, as described in subparabraph a) abUve, shall b� issued <br /> untzl the lle�eloper turzlishes the Cit}� with a written ��pi _ion -from Bond C�unsel <br /> acceptabl� to the City, that such TIF Notes, as issuec'.. in for and substance, are in full <br /> compliarice with all federal and state requirements for iss ance of municipal debt, <br /> including but not lirriited to all applicable provisioiis of t e Linited States Ir�ternal <br /> Revenue Code, and that such TIF Notes are in full c.um�lianc with all of ihe prc�visions <br /> ol� this Agreement, including but not limite� to all limit tions on the amc�tant of <br /> reimbursement due.. includin� interest thereon, and that such��ill not impair the City's <br /> abilit�• t�� issue other debt. ' <br /> (c) "i,IF �,'otes issued piarsuant to tYie provisior�s her af may b� assigned by the <br /> Developer to any of its lenders as col"tateral, but may not be ass'�;ned or s��ld thereafter by <br /> said lender or to any other persc�n, f rm, or corporation except for lenders parent lending <br /> institution. <br /> f�. The City shall also reimburse Developer for I�eimbursa le Interest Costs in�urred <br /> by� Developer on funds �orrowed in connection with the redeti �lopment hereuiider, the <br /> I <br /> Page 9 of 32 � <br />