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WHEREAS, it is in the best interest of the City to authorize the City Manager to deliver <br />to Developer the Second Amended and Restated TI~ Note only upon the delivery and surrender <br />of the Restated TIF Note by Developer to the City Manager. The City Manager shall thereafter <br />destroy the Restated TIF Note. <br /> <br /> NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF <br />UNIVERSITY CITY, MISSOURI AS FOLLOWS: <br /> <br /> Section 1: Issuance of Second Amended and Restated TIF Note. The City Council <br />hereby approves the issuance of the Second Amended and Restated TIF Note in the principal <br />amount of $2,509,187.97 with a Maturity Date of March 1, 2009 and subject to the other terms <br />specified thereon. The City Manager is hereby authorized and directed to execute the Second <br />Amended and Restated TIF Note and the City Director of Finance is hereby authorized and <br />directed to authenticate the Second Amended and 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 Second Amended and Restated TIF Note to <br />the Developer upon the delivery and surrender of the Restated TIF Note by Developer to the City <br />Manager. The City Manager shall thereafter destroy the Restated TIF Note. <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 />::ODMA\PCDOCS\CLAYTON\204191\I 2 <br /> <br /> <br />