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05-22-2017 Packet
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05-22-2017 Packet
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ARTICLE IV. <br /> REVENUE AND FUNDS <br /> Section 4.1. Source of Payment of Bonds. The Bonds herein authorized and all <br /> payments to be made by the Issuer hereunder are not general obligations of the Issuer but are <br /> limited obligations payable solely from the Trust Estate as authorized by the Act and as provided <br /> herein. No covenant or agreement contained in the Bonds or this Indenture shall be deemed to <br /> be a covenant or agreement of the Issuer or of any member, director, officer, agent, attorney or <br /> employee of the Issuer in his or her individual capacity, and neither the Issuer nor any member, <br /> director, officer, agent, attorney, or employee of the Issuer executing the Bonds shall be liable <br /> personally on the Bonds or be subject to any personal liability or accountability by reason of the <br /> issuance of the Bonds. <br /> Section 4.2. Bond Fund. The Trustee shall establish and maintain, so long as any of the <br /> Bonds are outstanding, a separate fund to be known as the "Bond fund." Money in the Bond <br /> Fund shall be applied as provided in this Section 4.2. <br /> There shall be deposited in the Bond Fund, as and when received by the Trustee: (a) TIF <br /> Revenues received as set forth in Section 4.4; (b) an amount equal to the interest due on the next <br /> interest payment date pursuant to Section 4.5; (c) any amount remaining in the Construction <br /> Fund to be transferred to the Bond Fund pursuant to the Indenture upon completion of the Bond <br /> Project, if any; (d) all interest and other income derived from investments of Bond Fund moneys <br /> as provided herein, if any; and (e) all other moneys received by the Trustee under and pursuant to <br /> any of the provisions of the Financing Agreement which are required or which are accompanied <br /> by written directions that such moneys are to be paid into the Bond Fund. The Issuer hereby <br /> covenants and agrees that so long as any of the Bonds issued hereunder are outstanding it will <br /> deposit, or cause to be paid to Trustee for deposit in the Bond Fund for its account, sufficient TIF <br /> Revenues promptly to meet and pay the principal due on the Bonds as the same becomes due and <br /> payable. Nothing herein should be construed as requiring the Issuer to deposit or cause to be <br /> paid to Trustee for deposit in the Bond Fund, funds from any source other than TIF Revenues. <br /> The Controller of the Issuer shall account for separately and set aside, on the date of <br /> closing of the Series 2017 Bonds, the TIF Revenues pledged and held in the Issuer's Allocation <br /> Fund (as created by IC 36-7-14), and transfer the TIF Revenues to the Trustee for the payment of <br /> the principal on the Bonds. The Trustee is hereby directed to deposit the TIF Revenues into the <br /> Bond Fund in the manner prescribed in this Section 4.2 and in Section 4.4. <br /> Moneys in the Bond Fund shall be used by the Trustee to pay principal on and interest of <br /> the Bonds as they become due upon each principal and interest payment date, at maturity, upon <br /> redemption or upon acceleration. <br /> Section 4.3. Construction Fund. The Issuer shall establish with the Trustee a separate <br /> fund to be known as the Construction Fund, to the credit of which the deposits are to be made as <br /> required by Section 3.1 hereof. <br /> -20- <br /> I\11860514.2 <br />
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