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� <br /> "Tax-exempt" means, with respect to all or any designated portion of the Notes, <br /> the status of interest paid and received thereon as not includible in the gross income of <br /> the owners thereof under the Code for federal income tax purposes except to the extent <br /> that such interest will be taken into account in computing an adjustment used in <br /> determining the alternative minimum tax for certain corporations and in computing the <br /> "branch profits tax"imposed on certain foreign corporations. <br /> "Taxable" means, with respect to all or any designated portion of the Notes, the <br /> status of interest paid and received thereon as includible in the gross income of the <br /> owners thereof under the Code for federal income tax purposes. <br /> Section 2. Incorporation ofPreambles. The Corporate Authorities hereby find that all <br /> of the recitals contained in the preambles to this Ordinance are true, correct and complete and <br /> does incorporate them into this Ordinance by this reference. <br /> Section 3. Determination To Issue Notes. It is necessary and in the best interests of <br /> the City to acquire and construct the Redevelopment Project for the public welfare and <br /> convenience, and to pay all related costs and expenses incidental thereto, and to borrow money <br /> and issue the Notes for such purposes. It is hereby found and determined that such borrowing of <br /> money is for a proper public purpose or purposes and is in the public interest, and is authorized <br /> by Article VII, Section 6 of the Illinois Constitution. <br /> Section 4. Note Details. There shall be issued and sold from time to time the Notes I <br /> in the aggregate principal amount of not to exceed $10,000,000. The Notes shall each be 'i <br /> designated "General Obligation Line of Credit Note"; be dated the date of actual delivery ��i, <br /> thereof(the Dated Date"); and shall also bear the date of authentication thereo£ The Notes I� <br /> shall be in fully registered form; shall be in denominations of$50,000 or integral multiples of I <br /> $5,000 in excess thereof(but no single Note shall represent principal maturing on more than one <br /> -5- <br />