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Section 1: Issuance of Restated TIF Note. The City Cotmcil hereby approves the <br />issuance of the Restated TIF Note in the principal amount of $2,467,278.00 with a Maturity Date <br />of March 1, 2009 and subject to the other terms specified thereon. The City Manager is hereby <br />authorized and directed to execute the Restated TIF Note and the City Director of Finance is <br />hereby authorized and directed to authenticate the Restated TIF Note on behalf of the City. The <br />City Manager is further authorized to take any and all actions as may be deemed necessary or <br />convenient to deliver the executed and authenticated Restated TIF Note to the Developer. <br /> <br /> Section 2: Severability. The sections, paragraphs, phrases, clauses, and words of this <br />Ordinance shall be severable. In the event that any portion of this Ordinance is found by a court <br />of competent jurisdiction to be invalid, the remaining portions of this Ordinance are valid, unless <br />the court finds the valid portions of this Ordinance are so essential and inseparably connected <br />with and dependent upon the void portion that it cannot be presumed that the City Council would <br />have enacted the valid portions without the invalid ones, or unless the court finds that the valid <br />portions standing alone are incomplete and are incapable of being executed in accordance with <br />the legislative intent. <br /> <br /> Section 3: Emergency Clause. It is hereby declared that an emergency exists in that the <br />herein described Redevelopment Agreement required issuance of the TIF Note within a specific <br />time frame and in that delay of the issuance of the Restated TIF Note would work an unnecessary <br />hardship on the Developer. <br /> <br /> Section 4: Effective Date. This Ordinance shall take effect and be in force from and <br />after its passage as provided by law. <br /> <br />::ODMA\PCDOCS\ST_LOUIS\603320\l 2 <br /> <br /> <br />