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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taxes collected in a given year in the Allocation Fund as a reserve to pay principal and interest on the Bonds payable in the year following such year of collection in the manner and at the times specified herein), money in the Allocation Fund in excess of that amount r (the "Excess Funds ") shall be paid to the Controller who shall, during the time a part of the Area is located in an enterprise zone created under Indiana Code 4- 4 -6.1, deposit such Excess Funds in a special fund created for the enterprise zone and used as required by law; provided, however, to the extent portions of the Area are not within the enterprise zone, the Excess Funds deposited into the special fund shall be reduced on a pro rata basis based on the percentage of the enterprise zone contained in the Area as provided in Section 39(g) of the Act. When no part of the Area is located in an enterprise zone then the Excess Funds shall be deposited as provided in subsection (d). d. Except as provided in subsection (c), before July 1 of each year, the Commission shall (1) determine the amount, if any, of Excess Funds in the following year; and (2) notify the Auditor of St. Joseph County of the amount, if any, of the Excess Funds that the Commission has determined may be paid to the respective taxing units entitled thereto, provided that the Commission may not authorize a payment to the respective taxing units under this subsection if to do so would endanger the interests of the holders of the bonds (including the Bonds) described in subsection (b) of this Section 4. e. The Tax Increment and the Special Tax, other than the Excess Funds shall be irrevocably pledged for the purpose set forth in this Section 4. f. All money in each of the accounts in the Allocation Fund shall be held in trust for the benefit of the holders of the Bonds and shall be applied, used and withdrawn only for the purposes authorized in this Section 4. The proceeds of the Allocation Fund shall be deposited with a legally qualified depository or depositories for funds of the City as now provided by law and shall be segregated and kept separate and apart from all other funds of the City and may be invested as permitted by law. Interest earned in each account or fund established under this Resolution shall be credited thereto. SECTION 5. The Redevelopment District reserves the right to authorize and issue bonds payable ratably from the Tax Increment for the purpose of raising money for future property acquisition, redevelopment and economic development in or serving the Area. In the event any such bonds are issued pursuant to this Section 5, the amount of Tax Increment available to reduce the amount of the Special Tax otherwise needed for the payment of the principal of and interest on the Bonds shall be reduced. SECTION 6. Proceeds received from the sale of the Bonds shall be deposited as follows: a. All accrued interest received at the time of the delivery of the Bonds, if any, plus such additional amount as the Commission shall determine with the advice of its financial advisor to be used for capitalized interest shall be placed in the Bond Principal and Interest Account, provided, that capitalized interest shall not be paid on the Bonds for a period exceeding five (5) years from the date of their issuance; and -17- SBIMAN 1 130621 v 1