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(b) At the Redeveloper's request, the City agrees to issue one or more series of Tax Increment Bonds earlier than contemplated by subparagraph (a) above, on such terms and conditions as are then available in the public marketplace, in an amount limited as set forth in (1) and (2) of subparagraph (a). The Redeveloper acknowledges that the Underwriter will likely require security in the form of a bank letter of credit, personal guarantees from the Redeveloper, or personal guarantees from the principals of the Redeveloper, and that the Tax Increment Bonds will probably not be able to be issued on a tax exempt basis unless such Bonds relate solely to Public Improvements. Tax Increment Bonds payable from tax increment generated by a hazardous substance subdistrict will be issued as early as possible consistent with underwriting standards; the pledge of Tax Increment to the repayment of such Bonds shall be the same as for all Tax Increment Bonds. (c) All Tax Increment Bonds shall be issued on a parity basis. The Redeveloper acknowledges that all Tax Increment Bonds will be tax increment revenue bonds and will not constitute general obligations of the C.ity, State or any political subdivision. The City shall determine the amount of Tax Increment that is projected to be available to pay the principal of and interest on such Tax Increment Bonds. The aggregate principal amount of Tax Increment Bonds shall not exceed the amount that can reasonably be paid. from such projected Tax Increment. Interest will accrue on Tax Increment Bonds from the date of issuance of the Bonds. Section 4.8. Conditions to Issuance of Tax Increment Bonds. (a) Issuance of Ta.;r; Increment Bonds. The City will issue Tax Increment Bonds pursuant to Section 4.7 if the City believes the Redeveloper has the financial ability to complete the Project. The Redeveloper shall submit such financial information as the City may request in order for it to make that determination. (b) Timing of Issuance of Tax Increment Bonds. The City may delay issuance of tax exempt Tax Increment Bonds for as long as any of the following conditions exist: (1) Based upon a written opinion of Bond Counsel, the City is prohibited from issuing of tax exempt Tax Increment Bonds pursuant to changes in federal law enacted after the date of this Agreement; or (2) Based upon a written opmlOn of the Underwriter, substantial adverse changes in market conditions have occurred that make it infeasible to refinance outstanding taxable Tax Increment Bonds on a reasonable basis; or (3) Based upon a written opinion of Bond Counsel, delay is necessary to ensure that the City will not issue more than $10,000,000 of "qualified tax-exempt obligations" (as defined in Sec. 265(b)(3) of the Code and applicable Regulations) in the year in which the tax. exempt Tax Increment Bonds are proposed to be issued. The City will use its best efforts and will consult with the Redeveloper regarding timing of issuance of bonds to avoid application of this provision. 21