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SECTION 2. The Common Council hereby approves the issuance of the Bonds to apply <br /> to the costs of the Project,the funding of a debt service reserve to secure the payment of the Bonds, <br /> if necessary, and the incidental expenses in connection therewith and the issuance of the Bonds, <br /> upon the following conditions: (a) the maximum aggregate principal amount of the Bonds shall <br /> not exceed $2,570,000; (b)the final maturity of the Bonds shall not be later than twenty(20)years <br /> from the date of issuance; (c) the maximum interest rate on the Bonds shall not exceed five and <br /> one-half percent (5.5%) per annum; (d) the Bonds may be made redeemable at the option of the <br /> Commission, in whole or in part, in any order of maturities selected by the Commission and by lot <br /> within a maturity, on dates and with premiums, if any, and other terms as determined by the <br /> Commission with the advice of the Commission's municipal advisor, and (e) payment of interest <br /> on the Bonds will not be capitalized. The Bonds are, as to both principal thereof and interest <br /> thereon,obligations of the District,as a special taxing district,payable solely out of Tax Increment <br /> pledged therefor, on parity with the 2020 Obligation and senior to the payment of the Junior <br /> Obligations, and any legally available revenues of the Commission as described in the Bond <br /> Resolution. <br /> SECTION 3. The proper officers of the City are hereby authorized and directed, for and <br /> on behalf of the City, to execute and deliver any contract, agreement, certificate, instrument or <br /> other document and to take any action as such person determines to be necessary or appropriate to <br /> accomplish the purposes of this Resolution, such determination to be conclusively evidenced by <br /> such person's execution of such contract, agreement, certificate, instrument or other document or <br /> such person's taking of such action. <br /> SECTION 4. This Resolution shall be in full force and effect from and after its adoption <br /> by the Common Council and upon compliance with the procedures required by law. <br /> [SIGNATURE PAGE FOLLOWS <br />