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"Taxable" means, with reference to the Note, the s�atus of interest paid and <br /> received thereon as includable in the gross income of the own�rs thereof under the Code <br /> for federal income tax purposes. <br /> Section 2. Findings. The Council hereby finds and determines that (A) all of the <br /> recitals contained in the preambles to this Ordinance are full, tru� and correct and hereby <br /> incorporates them into this Ordinance by this reference; (B) this Ordinalnce is adopted pursuant to <br /> Section 6 of Article VII of the Illinois Constitution of 1970; (C) it is necessary and in the best <br /> interests of the City that the City adopt this Ordinance; (D) it is necessa�ry and in the best interests <br /> of the City that the Agreement be executed so as to provide for the fir�ancing of the Project; and <br /> (E) the execution of the Agreement, the borrowing of money for the purposes authorized therein <br /> and the issuance of the Note is for a proper public purpose and is in the public interest. <br /> Section 3. Execution of the Agreement Authorized. The City is hereby authorized to <br /> enter into the Agreement with the Purchaser in such form as shall be approved by the Director of <br /> Financial Management, which form shall be as is deemed usual and c�stomary in the municipal <br /> bond market and may include, without limitation, terms providing for Iposted security for one or <br /> more Note, assignment of taxes, drawdown conditions, repayment pro�isions, and provisions for <br /> default,provided, however, that in the event of any conflict between tl�e terms and provisions of <br /> this Ordinance and the Agreement, the terms and provisions of this Or�iinance shall in all events <br /> control. The Director of Financial Management be, and hereby is, authorized, empowered and <br /> directed to execute, and his execution thereof shall constitute conclusiv� evidence of the approval <br /> of any and all terms contained in the Agreement by the Council, ar�d the City Clerk be, and <br /> hereby is, authorized, empowered and directed to attest the Agreemen�t in the name, for and on <br /> behalf of the City, and thereupon to cause the Agreement to be deli�vered to the counterparty <br /> thereto. The Agreement (as executed) is entered into to provide for tl�e loan of the proceeds of <br /> -5- <br />