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on captured net tax capacity (being net tax capacity of the property less said original net tax capacity) . The increments of the Tax Increment District may be pledged to other purposes by the City to the extent consistent with this resolution and the Development Agreement. If consistent with this resolution and the Development Agreement, the priority of such pledges may be superior, subordinate, or on a parity with the pledge made in this resolution, such priority to be determined at the time thereof. 14. No Taxes. The City shall levy no general ad valorem taxes for the payment of the Note. The Note is payable solely and only from Project Tax Increments in the manner and amount set forth in paragraph 13 of this resolution. 15. Special Obligation. The Note is not any obliga- tion of any kind whatsoever of any public body, except that the Note is a special and limited revenue obligation but not a general obligation of the City and is payable by the City only from the sources and subject to the qualifications and limita- tions stated or referenced in the Note and in this resolution. Neither the full faith and credit nor the taxing powers of the City are pledged to or available for the payment of the principal of or interest on the Note, and no property or other asset of the City is or shall constitute a source of payment of the City's obligations under the Note. The City makes no representation or covenant, express or implied, that the revenues pledged pursuant to paragraph 13 will be sufficient to pay, in whole or in part, the amounts which are or may otherwise become due and payable under the Note. Any amounts which have not become due and payable on the Note on or before the final payment date thereof (February 1, 2008) shall no longer be a debt or obligation of the City whatsoever. The City's paYment obligations under the Note shall be further conditioned on the fact that there shall not at the time have occurred and be continuing an Event of Default under the Development Agreement, and, further, if pursuant to the occur- rence of an Event of Default under the Development Agreement the City elects to terminate the Developer Agreement, the City's debt or obligation under the Note shall be cancelled or reduced to the extent provided in Section 8.2(b) of the Development Agreement. Reference is hereby made to the provisions of the Development Agreement for a fuller statement of the obligations of the Developer and of the rights of the City thereunder, and said provisions are hereby incorporated by reference into this resolution to the same extent as though set out in full herein. 343795.2 5