No. 1965 authorizing the issuance of tax increment revenue bonds, series 2003, of the SB redevelopment district

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(7) reimburse the City for expenditures made by the City for local public improvements (which include buildings, parking facilities, and other items described in Section 25.1(a) of the Act) within or serving the Area; (8) reimburse the City for rentals paid by the City for a building or parking facility within or serving the Area under any lease entered into under IC 36 -1 -10; (9) pay all or a portion of a property tax replacement credit to taxpayers in the Area as determined by the Commission pursuant to Section 39 of the Act; (10) pay expenses incurred by the Commission for local public improvements that are in the Area or serving the Area. Public improvements include buildings, parking facilities, and other items described in Section 25.1(a) of the Act; or (11) reimburse public and private entities for expenses incurred in training employees of industrial facilities that qualify under the Act; provided however, that if further uses of property tax proceeds allocated to the Allocation Fund are authorized or permitted by amendment to the Act, including Section 39 of the Act, those uses shall also be authorized or permitted for property tax proceeds allocated to the Allocation Fund. (d) When the money in the Allocation Fund is sufficient to pay when due all principal and interest payments for that year on bonds (including the Bonds) described in subsection (c), and is not needed for that year for the other purposes described in subsection (c) (including without limitation the maintaining of property 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 (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 IC 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 (e). (e) Except as provided in subsection (d), before July 15 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 SBIMAN l 145795v2 - 17 -