60-18 Bond Financing for the Community Center Project

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($4,800,000) of the Bonds by the City, in one or more series, for the purpose of procuring funds to finance(a)the cost of the Project,and expenses related thereto,(b)if determined to be necessary based upon advice received from the City's municipal advisor,the funding of a debt service reserve for the Bonds in an amount equal to (i) if the Bonds are issued on a tax-exempt basis, the least of (A)the maximum annual debt service on the Bonds, (B) one hundred twenty-five percent (125%) of average annual debt service on the Bonds,or(C)ten percent(10%)of the proceeds of the Bonds or (ii) if the Bonds are issued on a taxable basis, the maximum annual debt service on the Bonds (in each case, the "Reserve Requirement") (if the Reserve Requirement is not otherwise satisfied pursuant to Section XI hereof), and (c) the cost of certain incidental expenses on account of the issuance of the Bonds as may be permitted by law and acquiring any credit enhancement with respect thereto (if necessary), which Bonds will be payable as to principal, premium, if any, and interest from TIF Revenues on parity with the Prior Bonds, or as otherwise provided in the Indenture. The Bonds shall be issued not later than March 31, 2022, in one(1) or more series as fully registered bonds in denominations of$5,000, or any integral multiple thereof not exceeding the aggregate principal amount of the Bonds maturing in any one (1) year (or in denominations of $100,000 and $1,000 in excess thereof) (each an "Authorized Denomination") as may be determined by the Controller of the City(the"Controller"), shall be dated the date of their delivery as set forth in the Indenture, and shall be fully registered without coupons and numbered consecutively from R-1 upward. The Bonds shall be payable in the medium and at the place or places as set forth in the Indenture and shall bear interest at a rate not exceeding seven and one- half percent(7.50%) per annum(determined through negotiation as set forth herein). Principal of and interest on the Bonds shall be payable semiannually on February 1 and August 1,commencing not earlier than the first February 1, or August 1 following the issuance of the Bonds and shall have a final principal payment due on not later than a February 1 or August 1 which is not more than twenty(20) years from the date of issuance of the Bonds. Interest on the Bonds shall be calculated according to a three hundred sixty (360)-day calendar year containing twelve(12) thirty(30)-day months. The Controller, upon consultation with the City's municipal advisor, may designate maturities of the Bonds(or a portion thereof in Authorized Denominations)that shall be subject to optional redemption and/or mandatory sinking fund redemption, and the corresponding redemption dates, amounts and prices (including premium, if any). The Bonds shall be executed on behalf of the City by, and bear the manual or facsimile signature of, the Mayor and the Clerk of the City (the "Mayor" and the "Clerk"), and the seal of the City shall be thereunto affixed (or imprinted or engraved if in facsimile). The Bonds shall be in the form set forth in the final form of the Indenture. SECTION IV. Limited Obligations. The Bonds and the interest thereon do not and shall never constitute an indebtedness of, or a charge against the general credit of taxing power of, the City, but are special limited obligations of the City payable solely from the TIF Revenues as set forth in the Trust Indenture. 3