10576-18 Authorizing the issuance of General Obligation Bonds

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Bonds to the extent the revenues of the City described herein are not sufficient to timely pay the principal of and interest on the Bonds. The amounts available and so deposited in the Revenues Account of the Bond Fund shall be determined at the time the budget and tax levy for a given year is finally fixed, and such amounts shall be used for no purpose except as contemplated above and are hereby pledged by the City to the payment of the Bonds, such pledge being effective as set forth in I.C. § 5-1-14-4 without the necessity of filing or recording this Ordinance or any other instrument except in the records of the City. The City hereby finds and determines that it reasonably expects to pay debt service on the Bonds from a combination of EMS Revenues, Local Income Tax Revenues and tax increment finance revenues from the River East Development Area with such revenues being deposited into the Revenues Account, and not from the Tax Levy, and that therefore the Project is not a "controlled project" for purposes of I.C. § 6-1.1-20-1.1 SECTION IX. Defeasance. If, when the Bonds or any portion thereof shall have become due and payable in accordance with their terms or shall have been duly called for redemption or irrevocable instructions to call the Bonds or any portion thereof for redemption have been given, and the whole amount of the principal and the interest so due and payable upon such Bonds or any portion thereof then outstanding shall be paid, or (i) cash, or (ii) direct non-callable obligations of (including obligations issued or held in book entry form on the books of) the Department of the Treasury of the United States of America, and securities fully and unconditionally guaranteed as to the timely payment of principal and interest by the United States of America, the principal of and the interest on which when due without reinvestment will provide sufficient money, or (iii) any combination of the foregoing, shall be held irrevocably in trust for such purpose, and provision shall also be made for paying all fees and expenses for the payment, then and in that case the Bonds or such designated portion thereof shall no longer be deemed outstanding or secured by this Ordinance. SECTION X. Amendments. Subject to the terms and provisions contained in this Section, and not otherwise, the owners of not less than sixty-six and two-thirds percent (66-2/3%) in aggregate principal amount of the Bonds then outstanding shall have the right, from time to time, to consent to and approve the adoption by the City of such Ordinance or Ordinances supplemental hereto as shall be deemed necessary or desirable by the City for the purpose of modifying, altering, amending, adding to or rescinding in any particular any of the terms or provisions contained in this Ordinance, or in any supplemental ordinance; provided, however, that nothing herein contained shall permit or be construed as permitting: (a) An extension of the maturity of the principal of or interest on any Bond, without the consent of the holder of each Bond so affected; or (b) A reduction in the principal amount of any Bond or the rate of interest thereon, or a change in the monetary medium in which such amounts are payable,without the consent of the holder of each Bond so affected; or 12