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[Form of Note- Reverse Side] <br /> This note in the aggregate principal amount of not to exceed $2,600,000 issued by the <br /> City for the purpose of paying the costs of the Project and of paying expenses incidental thereto, <br /> all as described and defined in the ordinance authorizing the Note (the "Ordinance"), pursuant to <br /> and in all respects in compliance with the applicable provisions of the Illinois Municipal Code, as <br /> supplemented and amended (including, specifically, the Tax Increment Allocation Redevelopment <br /> Act, as amended), and as further supplemented and, where necessary, superseded, by the powers <br /> of the City as a home rule unit under the provisions of Section 6 of Article VII of the Illinois <br /> Constitution of 1970 (such code and powers being the `Act"), and with the Ordinance, which has <br /> been duly passed by the Council, approved by the Mayor of the City, and published, in all respects <br /> as by law required. <br /> THE CITY HAS DESIGNATED THIS NOTE AS A "QUALIFIED TAX-EXEMPT OBLIGATION" PURSUANT TO <br /> SECTION Z6S�b��3� OF THE INTERNAL REVENUE CODE OF 19HC7 �THE "CODE"�. <br /> If interest on this Note is determined to be taxable as set forth in the Ordinance ("Event of <br /> Taxability"), such interest shall be re-computed from the date of occunence of such Event of <br /> Taxability to a variable rate per annum equal to the Taxable Variable Rate.""- The Taxable <br /> Variable Rate means the 30day LIBOR plus 225basis points. If there is a change in the Code, or <br /> the regulations promulgated thereunder or a final decree, judgment or order of any court or <br /> administrative body (whether state or Federal) (other than an Event of Taxability) which takes <br /> effect after the execution of the Ordinance and which changes the effective yield on this Note, <br /> including, but not limited to, changes in federal income tax rates, the interest rate on this Note <br /> shall increase accordingly to compensate for such change in the effective yield, all as more fully <br /> set forth in the Ordinance. The effective interest rate per annum on any Note, however, shall <br /> never be more than the lesser of the maximum rate set forth in the Ordinance or allowed by <br /> applicable law. <br /> -XX- <br />