2001-58 PROVIDING FOR THE ISSUANCE OF A TAXABLE SUBORDINANTE LIEN PROMISSORY NOTE

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k , r � . (g) for the purpose of reimbursing the Developer for any other Redevelopment Project Costs theretofore incurred by Developer but not then evidenced as a Developer Interest Cost or by the Note; or (h) for the purpose of distributing funds to the taxing districts or municipal corporations having power to tax real property located in the Project Area, in accardance with the Act; or (i) for any other purpose set forth under the Plan and for the Redevelopment Project as may be authorized under the Act. C. The Limited Incremental Sales Taxes Subaccount. There is hereby created a separate subaccount of the general corporate fund of the City, which subaccount shall be held by the City Treasurer separate and apart from all other funds and accounts of the City and shall be known as the Limited Incremental Sales Tax Subaccount (the "Limited IncremenPal Sales Tax Subaccount'�, which shall be a trust fund established far the purpose of carrying out the covenants, terms and conditions imposed upon the City by this Ordinance. Commencing on the first date on which the State distributes any Incremental Sales Taxes to the City, the City Treasurer shall allocate Incremental Sales Taxes as follows: l. The City Treasurer shall first set aside from each distribution of Incremental Sales Taxes as collected that portion which is equal to the 1/4% of municipal sales tax used by the City for capital purposes, as described in the Redevelopment Agreement, and shall immediately transmit the same for deposit into the general corporate fund of the City. Upon any such deposit said portion of the Incremental Sales Taxes shall be deemed to be available to the City for any purpose whatsoever, shall not be considered part of the Pledged Moneys as herein provided, and shall be free and clear of any and all claim thereon for any purpose whatsoever under this Ordinance. -20-