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No. 2003 amending resolution No. 1830 amending resolution No. 1823 resolution of the COSBRC pledging TIF revenues for payment, if necessary, of principal of/interest on a loan from environmental remediation revolving loan fund administered by the IN DFA
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No. 2003 amending resolution No. 1830 amending resolution No. 1823 resolution of the COSBRC pledging TIF revenues for payment, if necessary, of principal of/interest on a loan from environmental remediation revolving loan fund administered by the IN DFA
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the Tax Increment estimated to be received in each succeeding <br />year, adjusted as provided below, is estimated to be equal to at <br />least 125% of the principal and interest requirements of all <br />obligations of the Commission payable from Tax Increment for <br />each respective year during the term of the Pledge and the Parity <br />Bonds. In estimating the Tax Increment to be received in any <br />future year, the Certifier shall base his calculation on assessed <br />valuation actually assessed or to be assessed as of the assessment <br />date immediately preceding the issuance of the Parity Bonds; <br />provided, however, the Certifier shall adjust such assessed values <br />for the current and future reductions of real property tax <br />abatements granted to property owners in the Allocation Area. No <br />increase in the Tax Increment to be received in any future year <br />shall be assumed which results from projected inflation in property <br />values. <br />(iii) The principal of said Parity Bonds shall be <br />payable semiannually on February 1 and August 1 and interest on <br />said Parity Bonds shall be payable semiannually on February 1 and <br />August 1 in years in which principal and interest are payable. <br />The Commission shall approve and confirm the findings and estimates set <br />forth in the above - described certificate in any supplemental resolution <br />authorizing the issuance of the Parity Bonds. <br />(b) Except as otherwise provided in this Paragraph, so <br />long as any of the Pledge remains effective, no additional bonds or other <br />obligations pledging any portion of the Tax Increment shall be authorized, <br />executed or issued by the City acting for and on behalf of the <br />Redevelopment District except such as shall be made subordinate and <br />junior in all respects to the Pledge and the Parity Bonds, unless the Pledge <br />has been terminated by the Commission with the concurrence of IDFA <br />and all of the Parity Bonds are redeemed and retired coincidentally with <br />the delivery of such additional bonds or other obligations. <br />2. All remaining provisions set forth in the Amending Resolution shall <br />remain in full force and effect. <br />3. This Resolution shall be in full force and effect after its adoption by the <br />Commission. <br />SBIMANI 158605v1 - 3 - <br />
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