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(REVERSE SIDE)
<br />
<br /> THE CITY OF UNIVERSITY CITY, MISSOURI
<br />TAX INCREMENT REVENUE ANTICIPATION NOTE, SERIES 1999-01
<br />
<br /> This Note is issued by the City in the principal amount of Two Million Four Hundred Sixty-Seven
<br />Thousand Two Hundred Seventy-Eight Dollars and No Cents ($2,467,278.00) for the purpose of paying
<br />certain Eligible Redevelopment Project Costs (as that term is defined in the Redevelopment Agreement
<br />hereinafter identified) incurred in the installation of certain improvements including the construction of a
<br />grocery store of approximately 62,000 square feet and additional retail space containing approximately
<br />18,000 square feet which are to be constructed and installed in conjunction with a certain redevelopment
<br />project approved by Ci.ty Ordinance No. 6089 passed and adopted by the City Council on December 16,
<br />1996 (the "Fund Ordinance") in conjunction with the development of that certain redevelopment area
<br />designated by the City in the Fund Ordinance (the "Area"), all as set forth in the Fund Ordinance and in a
<br />certain redevelopment agreement dated as of December 20, 1996 (the "Redevelopment Agreement")
<br />approved in Ordinance No. 6088, passed and adopted by the City Council on December 16, 1996 (the
<br />"Approving Ordinance") and in accordance with the Real Property Tax Increment Allocation Redevelopment
<br />Act (Sections 99.805 through 99.865 of the Revised Statutes of Missouri 1994, as amended (the "TIF Act").
<br />
<br /> The City has assigned and pledged all right, title and interest of the City to certain incremental tax
<br />revenues which the City is entitled to receive pursuant to the TIF Act and deposited from time to time in
<br />the City's special allocation fund (the "Special Allocation Fund") created by the Fund Ordinance to pay the
<br />principal of and interest on this Note at maturity or upon redemption prior to maturity. Reference is
<br />hereby made to the Approving Ordinance, the Fund Ordinance and the Redevelopment Agreement for a
<br />further description of the, incremental tax revenues so pledged.
<br />
<br /> This Note is a special limited obligation of the City and is payable solely from those payments in
<br />lieu of taxes (as that term is defined in section 99.805(10) of the TIF Act) attributable to the increase in the
<br />current equalized assessed valuation of each taxable lot, block, tract, or parcel of real property in the Area
<br />and any applicable penalty and interest over and above the certified total initial equalized assessed value
<br />(as that term is used and described in sections 99.845.1 and 99.855 of the TIF Act) of each such unit of
<br />property, allocated to and, when collected by the City Collector or by the St. Louis County Collector of
<br />Revenue, as applicable, paid to the Director of Finance during the term of this Note; and, subject to
<br />annual appropriation, fifty percent (50%) of the total additional revenues from taxes, penalties and interest
<br />which are imposed by the City or other taxing districts (as that term is defined in section 99.805(16) of the
<br />TIF Act) and which are generated by economic activities within the Area over the mount of such taxes
<br />generated by economic activities within the Area in the calendar year 1995 and paid into the Special
<br />Allocation Fund, but excluding personal property taxes, taxes imposed on sales or charges for sleeping
<br />rooms paid by transient guests of hotels and motels, taxes levied pursuant to section 70.500 of the
<br />Revised Statutes of Missouri 1994, as amended, taxes levied for the purpose of public transportation
<br />pursuant to section 94.660 of the Revised Statutes of Missouri 1994, as amended, licenses, fees or special
<br />assessments other than payments in lieu of taxes and penalties and interest thereon, and less the costs of
<br />collection (collectively, the "Net Proceeds"), all in accordance with the Approving Ordinance, the Fund
<br />Ordinance and the Redevelopment Agreement, and shall be a valid claim of the Registered Owner hereof
<br />only against said Net Proceeds and from no other revenue or property of the City, it being understood that
<br />this instrument is not a general obligation of the City, St. Louis County, the State of Missouri or any
<br />political subdivision thereof, nor of any officer or employee thereof, and it being further understood that
<br />this Note shall not be deemed to constitute an indebtedness of the City within the meaning of any
<br />constitutional, statutory, or charter provision, limitation, or restriction. The Registered Owner of this Note
<br />shall not have the right to compel any exercise of the taxing po~ver of the City, St. Louis County, the State
<br />of Missouri or any political subdivision thereof to pay the principal of or interest on this Note.
<br />
<br /> Payment of principal and interest hereunder shall be subject to the follo~ving further terms and
<br />conditions:
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