No. 1988 pledging certain tax increment revenues to the payment of the COSB economic development revenue bonds of 2003, together with interest thereon (Kite Capital, LLC project)

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• "r WHEREAS, neither the City nor the Commission shall have any obligation with respect to the payment of principal of or interest on the Bonds other than the payment of the Project Tax Increment Revenues; NOW, THEREFORE, BE IT RESOLVED, by the South Bend Redevelopment Commission as follows: 1. The Commission hereby pledges the Project Tax Increment Revenues to the payment of the principal of and interest on the Bonds for a period up to but not exceeding twenty -five (25) years from the date of the issuance of the Bonds. Such pledge shall terminate at the earliest of the final payment on the Bonds or the conclusion of the twenty -five (25) year period. 2. There is hereby created and established a Kite Capital, LLC Project Principal and Interest Account of the Allocation Fund (the "Principal and Interest Account "). 3. Project Tax Increment Revenues received by the Commission shall be deposited into the Principal and Interest Account and appropriated for the payment of the principal of and interest on the Bonds then currently due, or to pay principal and interest remaining unpaid from prior years or to prepay principal and interest, all as set forth in the last paragraph of Section 6.4 of the Agreement. Only Project Tax Increment Revenues are hereby pledged for payment of the Bonds. This resolution shall not be construed as pledging tax increment revenues of the Area generally. Project Tax Increment Revenues received in any year in excess of the amount ILI necessary to pay the principal of and interest on the Bonds in said year do not remain pledged and may be used by the Commission for any purpose set forth in I.C. 36- 7- 14 -39. 4. This Resolution shall be in full force and effect after its adoption by the Commission and shall not be repealed or amended in any manner which would serve to adversely affect the pledge of the Project Tax Increment Revenues contained herein. ADOPTED at a meeting of the South Bend Redevelopment Commission held on July 18, 2003, in Room 1308, County -City Building, 227 W. Jefferson, South Bend, Indiana 46601. ATTEST: q4u Secretary SBIMANI 1560020 SOUTH BEND REDEVELOPMENT COMMISSION By: President -2-