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INTRODUCED BY COUNCILMEMBER. SCHOOMER. BILL NO. 8317 ORDINANCE NO. 6098 AN ORDINANCE APPROVING THE ISSUANCE OF A NOTE IN THE AMOUNT OF $100,000 PAYABLE TO THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF UNIVERSITY CITY; AND AUTHORIZING THE CITY MANAGER TO EXECUTE SAME ON BEHALF OF THE CITY. WHEREAS, the City of University City (the "City") wishes to develop a portion of the real property known as the Delmar "Loop" with a parking garage (the "Garage"); and WHEREAS, the Industrial Development Authority of the City of University City, Missouri, a public corporation acting under the provisions of the Industrial Development Authority Act, Chapter 349, Missouri Revised Statutes, as amended (the "IDA") has agreed to lend the sum of $100,000 to the City to be used in financing the Garage; WHEREAS, the City desires to issue its Promissory Note in the amount of $100,000 int he form attached hereto as exhibit A and incorporated herein by this reference (the "Note"). NOW, THEREFO1LE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF UNIVER.SITY CITY, ST. LOUIS COUNTY, MISSOURI AS FOLLOWS: Section 1: Issuance of Note. The City Council hereby approves the issuance of the Note. The City Manager is hereby authorized and directed to execute the Note on behalf of the City and is further authorized to take any and all action as may be deemed necessary or convenient in delivering said Note to the IDA. Section 2: Severability. The sections, paragraphs, phrases, clauses, and words of this Ordinance shall be severable. In the event that any portion of this Ordinance is found by a court of competent jurisdiction to be invalid, the remaining portions of this Ordinance are valid, unless the court finds the valid portions of this Ordinance are so essential and inseparable connected with and dependent upon the void portion that it cannot be presumed that the City Council would have