2005-90 PROVIDING FOR THE ISSUANCE OF A GENERAL OBLIGATION NOTE

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Section 10. Security; Payment. The security for the payment of the Note shall be as follows: (a) the proceeds of the Note as and to the extent not committed by contract for expenditure on the Project, and (b) the full faith and credit of the City. The City hereby additionally pledges the Incremental Property Taxes to the payment of the Note, and the Council covenants and agrees to comply with the requirements and provisions of the TIF Act to assure the collection and allocation of the Incremental Property Taxes as the TIFAct provides. The City covenants and agrees with the Bank that so long as the Note remains outstanding, the City will take no action or fail to take any action which in any way would adversely affect the security for the Note or the ability of the City to levy and collect taxes, if necessary, to pay the Note. Section 11. Delivery of the Note. As soon as may be after this Ordinance becomes effective and in no event later than March 1, 2006, the Designated Of�icials are hereby expressly authorized to cause the Note to be executed and be delivered to the Bank. The Designated Officials at other offices of the City as shall be appropriate are hereby authorized to proceed, without any further official authorization or action by the Council, to approve or execute, or both, such documents as shall be necessary to effectuate the issuance and delivery of the Note, with such insertions, deletions, additions, modifications or changes as they shall reasonably determine to be desirable, necessary and in the best interests of the City, their approval or execution thereof to constitute ratification by the Council of any such insertion, deletion, addition, modification or change with no further official action, authorization or determination of the Council. The agreement with the Bank to purchase the Note is hereby ratified, approved and confirmed, it being hereby expressly found that no person holding any office of the City either by election or appointment is in any manner financially interested, either directly in his own name or indirectly in -xxiv-