No. 1955 designating/declaring the SSED projectdistrict, approving the SSED project district development plan and determining to create an economic dev project district for purposes of sales TIF

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Code § 36 -7 -14 -25.1 or may make lease rental payments for a local public improvement under Ind. Code § 36 -7 -14 -25.2 and Ind. Code § 36 -7 -14 -25.3, provided however: (1) The term of any bonds issued under this section may not exceed twenty (20) years, nor may the term of any lease agreement entered into under this section exceed twenty (20) years. (2) The Commission shall transmit to the Board a transcript of the proceedings with respect to the issuance of the bonds or the execution and delivery of a lease agreement as contemplated by this section. The transcript must include a debt service or lease rental schedule setting forth all payments required in connection with the bonds or the lease rentals. D. On January 15 of each year, the Commission shall remit to the treasurer of state the money disbursed from the Fund that is credited to the net increment account that exceeds the amount needed to pay debt service or lease rentals and to establish and maintain a debt service reserve under Ind. Code § 6 -7 -26 in the prior year and before May 31 of that year. Amounts remitted under this subsection shall be deposited by the auditor of state as other gross retail and use taxes are deposited. E. The Commission shall not support property tax abatement to the taxpayers within the District, excepting however, the Board may approve a resolution pursuant to Ind. Code § 36- 7-26-16 in the District in which real property tax abatement not to exceed three (3) years has ILbeen granted. F. To the extent prescribed by the Board, and subject to the terms and conditions established by the Board, any money credited to the credit account may be used by the Commission, and, if desired by the Board, irrevocably pledged by the Board, to further secure bonds or a lease agreement issued or entered into under this chapter. Further security includes, the following: (1) Holding money in the credit account and pledging sums to payment of debt service on bonds issued under or lease rentals payable under this chapter, or maintenance of debt service reserves; (2) Transferring money from the credit account to the net increment account or, if desired by the Board, to the Commission to enable the Commission to finance local public improvements; and (3) Payment of bond insurance premiums or other credit enhancement fees and expenses. BE IT FURTHER RESOLVED that the Secretary is directed to submit certified copies 37