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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and each of them, to prepare, execute and deliver any and all other instruments, letters, certificates, agreements and documents as are determined to be necessary or appropriate to consummate the transactions contemplated by this Ordinance, and such determination shall be conclusively evidenced by the execution thereof. The instruments, letters, certificates, agreements and documents necessary or appropriate to consummate the transactions contemplated by this Ordinance shall, upon execution, as contemplated herein, constitute the valid and binding obligations or representations and warranties of the City, the full performance and satisfaction of which by the City is hereby authorized and directed. SECTION 17. The City reserves the right to authorize and issue additional bonds, payable out of its county economic development income tax revenues, ranking on a parity with the Refunding Bonds, for the purpose of financing additional costs of the Economic Development Project or the cost of additional economic development projects or such other purposes as may be permitted by law. In the event any parity bonds are issued pursuant to this Section 17, the term "Refunding Bonds" in this Ordinance shall, unless the context otherwise requires, be deemed to refer to the Refunding Bonds and such parity bonds and other changes may be made herein as required to reflect the issuance of such parity bonds. The authorization and issuance of parity bonds shall be subject to the following conditions precedent: (a) Any such additional bonds shall not cause the City to exceed its debt limitation under Article 13, Section 1, of the Indiana Constitution as of the date of issuance; (b) All interest and principal payments with respect to all bonds payable from amounts that the City receives from county economic development income tax revenues shall have been paid in accordance with their terms. (c) All required deposits into the Bond Principal and Interest Account and Reserve Account shall have been made in accordance with the provisions of this Ordinance. (d) Either: (1) the county economic development income tax revenues of the City in the fiscal year immediately preceding the issuance of any such bonds ranking on a parity with the Refunding Bonds shall be not less than one hundred twenty-five percent (125%) of the maximum annual interest and principal requirements of the then outstanding bonds and the additional parity bonds proposed to be issued; or (2) the county economic development income tax revenues of the City for the first full fiscal year immediately succeeding the issuance of any such bonds ranking on a parity with the Refunding Bonds shall be projected by a certified public accountant to be at least equal to one hundred twenty-five percent (125%) of the maximum annual interest and principal requirements of the then outstanding bonds and the additional parity bonds proposed to be issued. BDDBOI 4539793v1 -26-