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

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1 • be determined, exercised and enforced hereunder, subject in all respects to such modifications and amendments. SECTION 20. All of the county economic development income tax revenues of the City paid into the Sinking Fund shall be and are hereby irrevocably pledged to the payment of the principal of and premium, if any, and interest on the Bonds. SECTION 21. So long as any Bond is outstanding, Indiana Code 6-3.5-7-14 prohibits a county which has imposed the county economic development income tax from reducing the county economic development income t�rate imposed on the adjusted gross income of county taxpayers below that which is required to be maintained by law. SECTION 22. 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 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 22, the term "Bonds" in this Ordinance shall, unless the context otherwise requires, be deemed to refer to the 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 Bonds shall be not less than one hundred twenty-five percent (125%) of the ma�cimum 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 Bonds shall be projected by a certified public accountant to be at least equal to one hundred twenty-five -21-