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

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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 (c) of this Section 4. (f) The Tax Increment, other than the excess funds shall be irrevocably pledged for the purpose set forth in this Section 4. (g) 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the Allocation Fund shall be held in trust for the benefit of the holders of the Bonds and shall be applied, used and withdrawn only for the purposes authorized in this Section 4.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. (a) The Redevelopment District reserves the right to authorize and issue additional bonds ( "Parity Bonds "), payable out of the Tax Increment, ranking on a parity with the Bonds authorized by this Resolution and 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 Parity Bonds are issued pursuant to this Paragraph No. 5(a), the term "Bonds" in this Resolution IL shall, unless the context otherwise requires, be deemed to refer to the bonds authorized to be issued by this Resolution and such Parity Bonds. The authorization and issuance of Parity Bonds shall be subject to the following conditions precedent: (i) All interest and principal payments with respect to all obligations payable from the Tax Increment shall be current to date with no payment in arrears. (ii) The balance in the Reserve Account shall equal the Debt Service Reserve Requirement. (iii) The Commission shall have received a certificate prepared by an independent certified public accountant or an independent financial consultant ( "Certifier ") certifying that the Tax Increment estimated to be received in each succeeding year, adjusted as provided below, is estimated to be equal to at least 125% of the principal and interest requirements of all obligations of the Commission payable from Tax Increment for each respective year during the term of the bonds with respect to the Bonds and the Parity Bonds. In estimating the Tax Increment to be received in any future year, the Certifier shall base his calculation on assessed valuation actually assessed or to be assessed as of the assessment date immediately preceding the issuance of the Parity Bonds; provided, however, the Certifier shall adjust such assessed values for the current and future reductions of real property tax abatements granted to property owners in the Area. No increase SBIMANI 145795v2 - 18 -