No. 1904 authorizing the issuance of bonds of the SB Redevelopment District for the purpose of raising money for Redevelopment and Economic Development in the SEDA (TJX)

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Commission hereby covenants and agrees to cause to be kept and maintained. On July 15, 2003, and each July 15th thereafter (the "Determination Date "), if it is determined that the Tax Increment and other revenues available to the Commission are insufficient on such Determination Date to pay debt service on the Bonds due in the twelve (12) month period beginning on July 1, 2004, and each twelve (12) month period beginning on each July 1, 2004, and each twelve (12) month period beginning on each July 1 thereafter (the "Pledge Period "), the Commission hereby covenants to levy a Special Tax for collection during such Pledge Period upon all of the taxable property of the District in a total amount, together with the Tax Increment and other revenues available to the Commission for such purpose, sufficient to make such debt service payments for the applicable Pledge Period. The Commission acknowledges that any such Special Tax must be included within the budget of the City and further acknowledges and agrees that it will take such action as may be necessary to include the same within the budget of the City. On July 15, 2003, and each July 15th thereafter, all monies in the Tax Increment Revenue Account to the extent of the Tax Increment taken into account pursuant to Indiana Code 36- 7 -14 -27 in determining the amount of the Special Tax to be levied for such calendar year and, to the extent necessary to meet the requirements of the Bond Principal and Interest Account as described below, on June 30, 2004, and each December 30 and June 30 thereafter all moneys in the Redevelopment Special Taxing District Bond Fund 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 of the Tax Increment taken into account pursuant to Indiana Code 36- 7 -14 -27 in determining the amount of the Special Tax for the Pledge Period next following. There shall also be deposited into the Bond Principal and Interest Account, to the extent necessary, from the 2002 Bond Account of the Redevelopment Special Taxing District Bond Fund, on each December 30 and June 30 the amount of the Special Tax collected for the payment of principal of and interest on the Bonds for said Pledge Period. 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 the Pledge Period. 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. General Account. Any amounts remaining in the Tax Increment Revenue Account in excess of the amount of Tax Increment held in reserve for payment of debt service on the Bonds to be taken into account pursuant to Indiana Code 36 -7 -14- 27 in determining the amount of the Special Tax for the next following calendar year shall be deposited into the General Account of the Allocation Fund and available only to do one (1) or more of the following: i. pay the principal of and interest on any obligations (including the Bonds) payable solely from allocated tax proceeds which are -15- SBIMAN 1 1306210