Resolution No. 04-06 EDA (Approved)

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its President and Executive Director. In case any officer whose signature shall appear on the Note shall cease to be such officer before the delivery of the Note, such signature shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until delivery. When the Note has been so executed, it shall be delivered by the Executive Director to the Owner thereof upon satisfaction of the conditions for delivery under the Agreement. Section 4. Security Provisions. 4.01. Pledge. The Authority hereby pledges to the payment of the principal of and interest on the Note all Available Tax Increment as defined in the Note. Such pledge is subordinate to the pledge of Available Tax Increment to any outstanding TIF Bonds and Interfund Loan, except as provided in this Resolution and the Agreement. 4.02. Bond Fund. Until the date the Note is no longer outstanding and no principal thereof (to the extent required to be paid pursuant to this resolution) remains unpaid, the Authority shall maintain a separate and special “Bond Fund” to be used for no purpose other than the payment of the principal of the Note. Any Available Tax Increment remaining in the Bond Fund shall be transferred to the Authority’s account for TIF District No. 1-11 upon the payment of all principal and interest to be paid with respect to the Note. 4.03. Additional Obligations. If the Authority issues any bonds or notes secured in whole or in part by Available Tax Increment, other than the TIF Bonds and the Interfund Loan, such additional bonds or notes are subordinate to the Note in all respects. Section 5. Certification of Proceedings. 5.01. Certification of Proceedings. The officers of the Authority are hereby authorized and directed to prepare and furnish to the Owner of the Note certified copies of all proceedings and records of the Authority, and such other affidavits, certificates, and information as may be required to show the facts relating to the legality and marketability of the Note as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates, and affidavits, including any heretofore furnished, shall be deemed representations of the Authority as to the facts recited therein. Section 6. Effective Date. This resolution shall be effective upon full execution of the Agreement.