No. 2153 authorizing issuance of bonds of the SB redevelopment district for purpose of raising money for certain local public improvements in downtown medical services district allocation area

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NOTICE: Signature(s) must be guaranteed by an eligible guarantor institution participating in a Securities Transfer Association recognized signature guarantee program. (End of Bond Form) SECTION 4. There are hereby created and established in the Allocation Fund (i) a Tax Increment Revenue Account, into which all Tax Increment received (including any Tax Increment on deposit in the Allocation Fund as of the date of delivery of the Bonds and any other revenues of the Commission available and pledged for such purpose) shall be deposited and held in reserve for payment of debt service on the Bonds pursuant to this Resolution and Indiana Code 36- 7- 14 -39, (ii) a Bond Principal and Interest Account, (iii) a Reserve Account, and (iv) a General Account, each of which the Controller and the Commission hereby covenant and agree to cause to be kept and maintained. On July 15, 2005, and each January 15 and July 15 thereafter, all monies in the Tax Increment Revenue Account shall be set aside in the following accounts within the Allocation Fund, in the following order of priority: (a) Bond Principal and Interest Account. There shall be set aside within the Allocation Fund and deposited into the Bond Principal and Interest Account from the Tax Increment Revenue Account, to the extent available, an amount of money which, together with any money contained therein, is equal to the aggregate amount of the principal and interest due during that bond year with respect to the Bonds. For this purpose, a "bond year" shall be deemed to be a year from February 2 to and including the following February 1. No deposit need be made into the Bond Principal and Interest Account if the amount contained therein is at least equal to the aggregate amount of principal and interest due and payable with respect to the Bonds during the remainder of that bond year. All money in the Bond Principal and Interest Account shall be used and withdrawn solely for the purpose of paying the interest on and the principal of the Bonds as it shall become due and payable to the extent it is required therefor (including accrued interest on any Bonds purchased or redeemed prior to maturity). (b) Reserve Account. There shall be set aside from the Allocation Fund and deposited in the Reserve Account from the Tax Increment Revenue Account an amount of money that shall be required to maintain the Reserve Account in the full amount of the Debt Service Reserve Requirement (as defined below). The Commission may determine to fund the Debt Service Reserve Requirement over a period not to exceed five (5) years from the date of delivery of the Bonds by causing to be set aside from the Allocation Fund and deposited in the Reserve Account from the Tax Increment Revenue Account a sufficient amount of revenue so that the amount of the deposit together with any funds previously deposited into the Reserve Account shall be sufficient to satisfy the Debt Service Requirement within such period. Such determination of the Commission shall be set forth in the Issuer's Certificate. The Debt Service Reserve Requirement shall be deemed to be satisfied if there is on deposit in the Debt Service Reserve Account any surety bond, insurance policy, guaranty, letter of credit or other credit facility in any amount equal to such portion , the issuer of which credit facility is rated at least "AAA" -15- BDDB01 40102160