9712-06 Authorizing the Issuance and Sale of CED Income Tax Rev Bonds to Previously issued and current Outstanding CED Bonds

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deposited with the Escrow Agent to be used to pay the principal of and premium, if any, and interest on all of the 1997 Series A Bonds and the 1997 Series B Bonds, respectively, to and on the redemption date. (c) An amount equal to the Debt Service Reserve Requirement (as defined herein) received from the sale of the Bonds shall be deposited into the Reserve Account unless there shall have been placed on deposit therein a Guaranty sufficient to satisfy the Debt Service Reserve Requirement. (d) The remaining proceeds from the sale of the Series A Refunding Bonds and the Series B Refunding Bonds shall be deposited in separate accounts at a bank or banks which are legally qualified depositories for the funds of the City, which accounts shall be designated as (i) the "City of South Bend Series 2006 A Revenue Bond Refunding Costs of Issuance Account" for the Series A Refunding Bonds (the "2006 A Costs of Issuance Account") and (ii) the "City of South Bend Series 2006 B Revenue Bond Refunding Costs of Issuance Account" for the Series B Refunding Bonds (the "2006 B Costs of Issuance Account" and with the 2006 A Costs of Issuance Account, the "Costs of Issuance Accounts"). Amounts in the Costs of Issuance Accounts shall be expended only for the purpose of paying the costs of issuance of the respective series of Refunding Bonds and related costs. Any balance or balances remaining unexpended in the Costs of Issuance Accounts after payment of the costs of issuance of the respective series of Refunding Bonds shall be paid into the Bond Principal and Interest Account and shall be used solely for the payment of principal of and interest on the Refunding Bonds. Pursuant to the Act, the owners of the each series of Refunding Bonds shall be entitled to a lien on the proceeds of the respective series of Refunding Bonds until such proceeds are applied as required by this Ordinance and by Indiana law. The City shall enter into the Escrow Agreement pursuant to which moneys in the amounts required to satisfy the provisions of this Section 6 shall be deposited in two irrevocable escrow accounts, one for the Series A Refunding Bonds and one for the Series B Refunding Bonds, applied to the purposes set forth herein, including, without limitation, the redemption of the Prior Bonds. The Controller is hereby authorized to appoint an authorized bank or trust company to serve as Escrow Agent and the Mayor and the Controller are hereby authorized to execute and attest, respectively, the Escrow Agreement between the City and the Escrow Agent in such form as may be necessary or appropriate to accomplish the purposes of this Ordinance, the issuance of the Refunding Bonds, and the refunding of the Prior Bonds. The execution, by either the Mayor or the Controller, or the Financial Advisor or underwriter on behalf of the City, of a subscription for United States Treasury Obligations -- State and Local Government Series for investments of proceeds of the Refunding Bonds (or, if sales of such obligations have been suspended by the United States Department of the Treasury, such alternative investments acceptable to bond counsel) to be held under the Escrow Agreement in a manner consistent with this Ordinance is also hereby approved, if, based on the advice of the Financial Advisor such subscription is in the best interests of the City. The Financial Advisor is hereby designated as the BDDBOI 4539793v1 -19-