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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For purposes of this subsection, the records of the City shall be analyzed and all showings prepared by a certified public accountant or independent financial adviser employed by the City for that purpose. (e) The interest on the additional parity bonds shall be payable semiannually on the first days of February 1-and August 1 in the years in which interest is payable and the principal of the additional parity bonds shall be payable semi-annually on the first days of February and August in the years in which principal is payable. (f) The issuance of the additional parity bonds will not result in a violation of I.C. 6-3.5-7-14 relating to the minimum rate at which the St. Joseph County Council is required to maintain the county economic development income tax. Except as otherwise provided in this Section 17, so long as any of the Refunding Bonds are outstanding, no additional bonds or other obligations pledging any portion of the county economic development income tax revenues of the City shall be authorized, executed or issued by the City except such as shall be made subordinate and junior in all respects to the Refunding Bonds, unless all of the Refunding Bonds are redeemed and retired coincidentally with the delivery of such additional bonds or other obligations, or as provided in Section 10 hereof, funds sufficient to effect such redemption are available and set aside for that purpose at the time of issuance of such additional bonds. SECTION 18. For the period during which the Refunding Bonds are outstanding, the City hereby covenants that for the purpose of ensuring receipt by the City of its fractional amount of the certified distribution of revenue from the county economic development income tax, it will maintain a capital improvement plan that conforms in all respects to Section 15 of the Act, as the same maybe amended from time to time. SECTION 19. Based upon the advice of the Financial Advisor, the Refunding Bonds may be offered and sold pursuant to an Official Statement with respect to the Refunding Bonds (the "Official Statement"), to be made available and distributed in such manner, as determined most advantageous by the Financial Advisor or, if the Refunding Bonds are to be purchased by an underwriter, as determined most advantageous by such underwriter. The City hereby authorizes the Controller to authorize and approve a preliminary Official Statement ("Preliminary Official Statement"), as the same may be appropriately confirmed, modified and amended, for distribution as the Preliminary Official Statement of the City, and to authorize and approve the Preliminary Official Statement to be placed into final form as the Official Statement of the City and to enter into such agreements or arrangements as maybe necessary or advisable in order to provide for such reasonable number as shall be requested by the underwriter purchasing the Refunding Bonds. The Controller is further authorized to execute an agreement in connection with the offering of the Bonds in accordance with Rule 15c2-12 promulgated by the United States Securities and Exchange Commission (the "Rule") on behalf of the City by which the City agrees to undertake such continuing disclosure obligations as may be required under the Rule. BDDBOI 4539793v1 -27-