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2010-081
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2010-081
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2010-081
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(g) Mutilated, Lost, Stolen or Destroyed Note. In case any Note shall become mutilated or be lost, stolen, or destroyed, the Registrar shall deliver a new Note of like amount, maturity dates and <br /> tenor in exchange and substitution for and upon cancellation of such mutilated Note or in lieu of and in - <br /> substitution for such Note lost, stolen, or destroyed, upon the payment of the reasonable expenses and <br /> charges of the Registrar in connection therewith; and, in the case the Note is lost, stolen, or destroyed, <br /> upon filing with the Registrar of evidence satisfactory to it that such Note was lost, stolen, or destroyed, <br /> and of the ownership thereof, and upon furnishing to the Registrar of an appropriate bond or indemnity in <br /> form, substance, and amount satisfactory to it, in which both the City and the Registrar shall be named as <br /> obligees. The Note so surrendered to the Registrar shall be cancelled by it and evidence of such <br /> cancellation shall be given to the City. If the mutilated, lost, stolen, or destroyed Note has already <br /> matured or been called for redemption in accordance with its terms, it shall not be necessary to issue a <br /> new Note prior to payment. <br /> 3.04. Preparation and DelivcrX. The Note shall be prepared under the direction of the County <br /> Auditor and shall be executed on behalf of the City by the signatures of its Mayor and City Administrator. <br /> In case any officer whose signature shall appear on the Note shall cease to be such officer before the <br /> delivery of the Note, such signature shall nevertheless be valid and sufficient for all purposes,the same as <br /> if such officer had remained in office until delivery. When the Note has been so executed, it shall be <br /> delivered by the City Administrator to the Owner thereof upon closing on acquisition of the Development <br /> Property in accordance with the Agreement. <br /> Section 4. Security Provisions. <br /> 4.01. Pledge. (a) The City hereby pledges to the payment of the principal of and interest on <br /> the Note all Available Tax Increment as defined in the Note. Available Tax Increment shall be applied to <br /> payment of the principal of and interest on the Note in accordance with the terms of the Note. <br /> 4.02. Bond Fund. Until the date the Note is no longer outstanding and no principal thereof or <br /> interest thereon (to the extent required to be paid pursuant to this resolution) remains unpaid, the City <br /> shalt maintain a separate and special `Bond Fund" to be used for no purpose other than the payment of <br /> the principal of and interest on the Note. The City irrevocably agrees to appropriate to the Bond Fund <br /> upon or before each payment date all Available Tax Increment. Any Available Tax Increment remaining <br /> in the Bond Fund shall be transferred to the City's account for TIF District No. 4 upon the payment of all <br /> principal and interest to be paid with respect to the Note. <br /> 4.03. Additional Obligations. While the Note is outstanding, the City shall not pledge or permit <br /> the pledge of all or any portion of the Available Tax Increment to the payment of principal of or interest <br /> on any obligations of the City unless and to the extent such pledge is subordinate to the pledge to the <br /> Note. <br /> Section 5. Certification ofProceedings. <br /> 5.01. Certification of Proceedin s. The officers of the City are hereby authorized and directed to <br /> prepare and furnish to the Owner of the Note certified copies of all proceedings and records of the City, <br /> and such other affidavits, certificates, and information as may be required to show the facts relating to the <br /> legality and marketability of the Note as the same appear from the books and records under their custody <br /> and control or as otherwise known to them, and all such certified copies, certificates, and affidavits, <br /> including any heretofore furnished, shall be deemed representations of the City as to the facts recited <br /> therein. <br /> 379276v1 AR200-10 <br />
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