Authorize- Issuance of Revenue Bonds $11,960,000

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for all purposes, the same as if such officer had remained in office until the delivery of the Bonds. After the Bonds have been properly executed, the Bonds shall be delivered to the purchaser or purchasers in the manner provided by law. Prior to the delivery of the Bonds, the Controller shall be authorized to obtain a legal opinion as to the validity of the Bonds from Baker & Daniels, bond counsel for the City, and to furnish such opinion to the purchaser of the Bonds. The cost of such opinion shall be considered as part of the costs in connection with the issuance of the Bonds and shall be paid out of proceeds of the Bonds. SECTION 7. The Bonds, when fully paid for and delivered to the purchaser, shall be valid and binding special revenue obligations of the City, payable solely out of the county economic development income tax revenues of the City to be fixed and set aside into the Sinking Fund, as herein provided, and the proceeds derived from the sale of the Bonds shall be and are hereby set aside for application by the City solely to the payment of the costs of the Economic Development Project, together with expenses in connection with the issuance of the Bonds, as provided herein. The proper officers of the City are hereby authorized and directed to draw all proper and necessary warrants and to do whatever acts and things may be necessary or appropriate in their judgment to carry out all of the provisions of this Ordinance. SECTION 8. The revenues received by the City from distributions of the county economic development income tax shall be used and applied by the City only as provided in this Ordinance and in strict accordance with the provisions of I.C. 6-3.5-7, as amended (I.C. 6-3.7-7, as amended, is sometimes herein referred to as the "Act"). All of such revenues shall be segregated and kept in special accounts separate and apart from all other funds of the City and shall be used and applied in payment of bonds and interest thereon which by their terms are payable from such revenues and to maintain a reasonable reserve, in accordance with this Ordinance and the Act. There is hereby created and established pursuant to the Act a fund to be known as the "Economic Development Income T� Fund" consisting of a Bond Principal and Interest Account and a Reserve Account (which two accounts together shall be referred to as the "Sinking Fund", and both of which accounts the City hereby covenants and agrees to cause to be kept and maintained so long as needed for the purposes set forth herein) and an Excess Account. All of the county economic development income tax revenues of the City shall be set aside in the following accounts in the following order of priority and to the extent indicated below: (1) Bond Principal and Interest Account; (2) Reserve Account; and (3) Excess Account. (a) Bond Principal and Interest Account. As soon as possible upon receipt by the City of county economic development income tax distributions due in May and November of each year beginning with the May distribution in calendar year 1997 (the "May Distribution" and the "November Distribution," respectively), but in any event not later than June 15 (in the case of the May -13-