|
� �oo� e ���1 ��a�e � ��4
<br /> lawtul money of the United States of America by check or draft of the Municipality. The transmittal of such a check
<br /> or draft shall specify the principal component (in mtegral ►nultiples of �0.01) a d interest component of such a
<br /> payment. Such payment of principat and interest shall be made to the Reg�stered wner hereof on the registration
<br /> books of the Municipality, maintained by its Treasurer as registrar ("Registrar", d who also shall be the paying
<br /> agent, the "Paying Ageut"j, at the close of business on the fifth (Sthj day o the month next preceding the
<br /> applicable payment daTe and shall be paid by eheck ar draft of the Municipali mailed to the address of such
<br /> Registered Owner as it appears on such registration books or at such other addr ss furnished in writing by such
<br /> Registered Owner to the Registrar. The Rebistrar shall not authenticate this Note u�til the Registered Owner and/or
<br /> any pledgee, as the case may be, shall sibn the Acceptance below. '
<br /> THE FAILURE 7'O PAY '1'HF, NRINCIPAL OF AND INTERF.ST ON THIS �IOTE WHEN DUE SOLELY
<br /> RECAUSE OF AN IIVSUFFICIENCY (JiF INCRF,MENTAL TAXES SHA L NOT BE AlV EVENT OF
<br /> DEF.AULT HEREUNDER OR UNDF,R THE REDEVELOPMEN'T AGREE ENT, A CONllITION AND
<br /> RISK TO WHICH THE REGISTERED OWNER HEREOF BY THE AC EPTANCE OF THIS NOTE
<br /> IRI2EVOCABLY ASSENTS.
<br /> T�his Notz is issued pursuant tu the Tax Increment Allocation Re evelapment Aci (Section S!11-
<br /> 74.�-1 et sec�. of Chapter 65 of the Illinois Compiled Statutes, the "TIF AcY'l, as upplemented and amendecl �the
<br /> "Act''), and ihe prir�cipai of anci interest on this Note are payable, if at all, solely a�d oniy frorn Incrementai "I'axes
<br /> in connc;ction with a specified part (the "IP Plaza, LLC De�•eloper's Sitell Development Area") o, the
<br /> Redrvelopment Project.4rea, estabiished under the Act, and as provided in and subj�ct to the limitations provided in
<br /> the Redev.,lopment Acreement pursuant ts� ��hich the Municipality is issuing this'i Note. In connection tvith this
<br /> Note; the ierm "lncrementa! 'Taxes" means mcremental property taxes undzr Sectior� 1 1-74.4-8 of the TIF Aot in the
<br /> perce:iiage specified ir.t'rie R�det�elopment Agreement, derived solely and only frorr�the Development AN`d�6:and not
<br /> e�thert�i5e. This'vote i� bein� �ssued fcrr the purpose of paying certain redevelopme 't project costs as set'Fcfrth in the
<br /> R�:tevelopment A�ree3lient �nd tLe Act. "The Registered Owner by the acceptanc of thi� Note assents to a!1 the
<br /> prov�sions of this No?e an;1 �he Kedevelopn�ent Agreement. T'his Note, together ith ihe interest hereor�, is the
<br /> spicia!, limited obligation of the Issuer, payable solely from [ncremental 1'ax s a�ailable ttierefor; and not
<br /> r,!he.r�ise. For the payn�ent of this Nate, both principal and interest, as aforesaid, i at alf, on the due datcs tl�ereof,
<br /> such Incremer�iai T'aaes;pe�;fied in the Redeveiopcnent Agreen�ent are hereby pledg�d.
<br /> T�i1S NOTE DOES NOT �O':YSTITUTTr. AlV 1NDEBT�DNESS Or THE MUINICIPALITY W'ITH1;� THF.
<br /> MEANING OF ANY CONS"fITUT'IONAL OR STATUTORY PROVISIO�I OK LIMITATION. NO �--
<br /> HOLDER OF THIS N07'E SHALL HAVE THE RIGHT TO COMPEL',T'HE EXERCISE OF THE '-
<br /> GENERAL TAXING POWER OF THE MUNICINALITY, THE STATE OF �LLINOIS OR ANY OTHER -
<br /> POI,ITICAL SUBDIVISION TNEREOF, FOR PAYMENT OF PRINCIPA�. HF,REOF OR INTEREST
<br /> HEREON.
<br /> l�nder!he Act and the Redevelopment Agreement,the Incrementa Taxes shall be deposited in the
<br /> Municipalit.'� Specia� Tax increment Aliucatiun Fund (the "'I'IF F��nd"j for th Redeveioptnent Project Area.
<br /> N1o,iev� on deposit in thc IP P�aza, 1,LC Snecial Account of the "f[F Fund, togethe with the Municipal Sales Tax
<br /> IncreiTrent., shall bc applieu ta� th: payn�ent of debt service on th�s Note as rovided by the terms of the
<br /> Re°�irvelopnient.1�reen�ent.
<br /> The halde.- of this Note, including as a pledgee, as the ease m�y b�, as auth�rized pursuant to the
<br /> fte��l���elopmen± A�i•een�ent, l�ere,by represer�ts, warrants and certifies, as iailows: i
<br /> (1)No sale or t►•ari;fer by the holder of this Note ��ill i�esult in a v�olation oFthe Securities Act of
<br /> 193=, the Securities Exchange Act uf'193�4, any rules or regulatiens promulgated un er either act, or the applicable
<br /> securities laws of any other authority Ilati•ing jurisdiction in connection therewith. T is Note has not been registered
<br /> under any federal or state securit2es act, la� or regulation.
<br /> (2) The hulder is a���are that this Note does not represent a ge eral obiigation of the City of
<br /> Decatur, the State of Illinois or of any political subdivision thereof but is payahlc; so ely from revenues and receipts
<br /> derived under and in respect of the Redevelopment Agreement pursuant to tivhich is Note is issued. Undetined
<br /> terms herein shall have the meanings given them in the Redevelopment Agreement Neither the Municipality nor
<br /> Page 28 �f 32 !
<br /> �i
<br /> I
<br />
|