No. 2814 determining to apply TIF revenues to the payment of the redevelopment district revenue revenue bonds in the event professional sports and convention development area revenues are insufficient

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WHEREAS, the Commission desires to express its intent to apply TIF' Revenues r derived from the Area to the payment of the principal of and interest on the Bonds to reduce the likelihood that COIT Revenues would be needed to pay such amounts in the event the PSCDA Revenues are ever not sufficient for such purpose; WHEREAS, the application of the TIF Revenues for such purpose would occur on a junior and subordinate basis to any and all bonds issued under Section 25.1 of the Act or leases entered into under Section 25.2 of the Act which are payable by their terms from the TIF Revenues; NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1. The Commission hereby agrees to apply the TIF Revenues to the payment of principal of and interest on the Bonds to the extent the PSCDA Revenues are insufficient to reduce the likelihood that COIT Revenues would be needed for such purpose. To the extent the Commission applies TIF Revenues for such purpose, such use of TIF Revenues would be junior and subordinate to the use of TIF Revenues to pay the principal of and interest on Bonds presently or in the future issued pursuant to Section 25.1 of the Code or to pay rentals for any lease presently or in the future entered into pursuant to Section 25.2 of the Code. The Commission authorizes the President and Secretary of the Commission to take such actions or to execute such documents as they may deem necessary to carry out the purposes of this Resolution. AWK 2. This Resolution shall be in full force and effect after its adoption by the Commission. t ADOPTED at a meeting of the South Bend Redevelopment Commission meeting held on December 3, 2010, at Room 1308, County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana. SOUTH BEND REDEVELOPMENT COMMISSION By: Marcia I. Jones, P e 'dent ATTEST: Nancy King, Sec tart' -2- BDDB01 6437006v]