32-17 Economic Development Revenue Bonds (Studebaker Project)

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ARTICLE IV. REVENUE AND FUNDS Section 4.1. Source of Payment of Bonds. The Bonds herein authorized and all payments to be made by the Issuer hereunder are not general obligations of the Issuer but are limited obligations payable solely from the Trust Estate as authorized by the Act and as provided herein. No covenant or agreement contained in the Bonds or this Indenture shall be deemed to be a covenant or agreement of the Issuer or of any member, director, officer, agent, attorney or employee of the Issuer in his or her individual capacity, and neither the Issuer nor any member, director, officer, agent, attorney, or employee of the Issuer executing the Bonds shall be liable personally on the Bonds or be subject to any personal liability or accountability by reason of the issuance of the Bonds. Section 4.2. Bond Fund. The Trustee shall establish and maintain, so long as any of the Bonds are outstanding, a separate fund to be known as the "Bond Fund." Money in the Bond Fund shall be applied as provided in this Section 4.2. There shall be deposited in the Bond Fund, as and when received by the Trustee: (a) TIF Revenues received as set forth in Section 4.4; (b) an amount equal to the interest due on the next interest payment date pursuant to Section 4.5; (c) any amount remaining in the Construction Fund to be transferred to the Bond Fund pursuant to the Indenture upon completion of the Bond Project, if any; (d) all interest and other income derived from investments of Bond Fund moneys as provided herein, if any; and (e) all other moneys received by the Trustee under and pursuant to any of the provisions of the Financing Agreement which are required or which are accompanied that such moneys are to be aid into the Bond Fund. The Issuer hereby by written directions y p Y covenants and agrees that so long as any of the Bonds issued hereunder are outstanding it will deposit, or cause to be paid to Trustee for deposit in the Bond Fund for its account, sufficient TIF Revenues promptly to meet and pay the principal due on the Bonds as the same becomes due and payable. Nothing herein should be construed as requiring the Issuer to deposit or cause to be paid to Trustee for deposit in the Bond Fund, funds from any source other than TIF Revenues. The Controller of the Issuer shall account for separately and set aside, on the date of closing of the Series 2017 Bonds, the TIF Revenues pledged and held in the Issuer's Allocation Fund (as created by IC 36-7-14), and transfer the TIF Revenues to the Trustee for the payment of the principal on the Bonds. The Trustee is hereby directed to deposit the TIF Revenues into the Bond Fund in the manner prescribed in this Section 4.2 and in Section 4.4. Moneys in the Bond Fund shall be used by the Trustee to pay principal on and interest of the Bonds as they become due upon each principal and interest payment date, at maturity, upon redemption or upon acceleration. Section 4.3. Construction Fund. The Issuer shall establish with the Trustee a separate fund to be known as the Construction Fund, to the credit of which the deposits are to be made as required by Section 3.1 hereof. - 20 - I\11860514.2