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

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"Taxable" means, with respect to the Note, the status of interest paid and received thereon as includible in the gross income of the owners thereof under the Code for federal income tax purposes. "Taxable variable Rate"means the 30-day LIBOR plus 225 basis points. "Variable Rate"means during the Draw Period, 68 percent of 30-day LIBOR plus 225 basis points and for the thirty-six (36) months after the Draw Period up to the maturity of the Note, 68 percent of 30-day LIBOR plus 225 basis points. , Section 2. Incorporation of Preambles. The Council hereby finds that all of the recitals contained in the preambles to this Ordinance are true, correct and complete and does incorporate them into this Ordinance by this reference. Section 3. Determination to Issue the Note. It is necessary and in the best interests of the City to acquire and construct the Project for the public welfare and convenience, and to pay all related costs and expenses incidental thereto, and to borrow money and issue the Note for such purposes. It is hereby found and determined that such borrowing of money is for a proper public purpose or purposes and is in the public interest, and is authorized by Article VII, Section 6 of the Illinois Constitution. Section 4. Note Details. There shall be borrowed for and on behalf of the City the sum of $2,600,000 for the purposes aforesaid; a drawdown note of the City (the "Note") shall be issued in said amount and shall be designated "General Obligation Note (Olde Towne Redevelopment Project), Series 2005." The Note shall be dated the first date on which the Outstanding Principal Amount equals not less than the sum of$50,000 (the "Dated Date"). The "Outstanding Principal Amount" is that amount, not to exceed $2,600,000 as provided above, shown as advanced in the amounts from time to time through the end of the Draw Period and -ix-