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

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. i , r , . s provided, however, that all such investment eamings derived from the Limited Incremental Sales Tax Subaccount shall be immediately transfened by or at the written direction of the City Treasurer from any such account to the general corporate funds of the City without any further official action of the Corporate Authorities, it being the express intent of the City that such investment earnings shall not be subject to the pledge of this Ordinance and are not to be deemed to be Pledged Moneys hereunder. ,, Section 8. General Covenants. The City covenants and agrees with the holders of � the Note that, so long as the Note remains outstanding and unpaid: (a) The City will punctually pay or cause to be paid from the Special Tax Allocation Fund and the Limited Incremental Sales Tax Subaccount the Developer Interest Costs and the principal of and interest on the Note in strict conformity with the terms of the Redevelopment Agreement, the Note and this Ordinance, and it will faithfully observe and perform all of the conditions, covenants and requirements thereof. (b) The City will pay and discharge, or cause to be paid and discharged, from the Special Tax Allocation Fund and the Limited Incremental Sales Tax Subaccount any and all lawful claims which, if unpaid, might become a lien or charge upon the Pledged Moneys, or any part thereof, or which might impair the security of the Note. Nothing herein contained shall require the City to make any such payment so long as the City in good faith shall contest the validity of said claims. (c) The City will keep, ar cause to be kept, proper books of record and accounts, separate from all other records and accounts of the City, in which complete and correct entries shall be made of all transactions relating to the Redevelopment Project and to the Pledged Moneys. Such books of record and accounts shall at all times during business hours be subject to the inspection of the respective holders of not less than ten per cent (10%) of the principal amount of the respective Note then outstanding, or their representatives authorized in writing. The City will prepare or cause the preparation of complete financial statements with respect to the preceding fiscal year showing the Pledged Moneys received, all disbursements from the funds and accounts created by this Ordinance and the financial condition of the Redevelopment Project, including the balances in all funds and accounts relating to the Note and the Redevelopment Project as of the end of such fiscal year, which statements shall be accompanied by a certificate or opinion in writing of an Independent certified public accountant. The City will furnish a copy of such statements -23-