No. 2012 authorizing issuance of bonds for purpose of providing funds for refunding outstanding bonds and financing redevelopment projects in SBCAA (No. 1A) and paying incidental expenses in connection therewith and on account of issuance of bonds

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amount equal to no le ss than one twelfth (1/12) ) of the aggregate Policy Costs related to such draw ( "Monthly Installments "). Each Monthly Installment shall be deposited by the Commission into the 2003 Reserve Account, and then payments shall be made from the 2003 Reserve Account to pay Policy Costs. The TIF Revenues and earnings thereon, other than the Excess Funds, and the other amounts held from time to time in the funds and accounts described herein, are irrevocably pledged for the purposes set forth in this Section 9, which shall constitute a first charge against and lien upon the Tax Revenues and earnings thereon. Section 10. Defeasance. If, when the 2003 Bonds or any portion thereof shall have become due and payable in accordance with their terms or shall have been duly called for redemption or irrevocable instructions to call the bonds or any portion thereof for redemption have been given, and the whole amount of the principal and the interest so due and payable upon all of such bonds or any portion thereof then outstanding shall be paid, or (i) cash, or (ii) direct non - callable obligations of (including obligations issued or held in book entry form on the books of) the Department of the Treasury of the United States of America, and securities fully and unconditionally guaranteed as to the timely payment of principal and interest by the United States of America, and to the extent permitted by Indiana law and by each rating agency maintaining a rating on the 2003 Bonds, Refcorp interest strips, CATS, TIGRS, STRPS, or defeased municipal bonds or other investments rated in the highest category for such obligations AWN by Standard & Poor's Corporation or Moody's Investors Service (or any combination thereof), the principal of and the interest on which when due without reinvestment will provide sufficient moneys, or (iii) any combination of the foregoing, shall be held irrevocably in trust for such purpose, and provision shall also be made for paying all fees and expenses for the payment, then and in that case the 2003 Bonds or any designated portion thereof issued hereunder shall no longer be deemed outstanding or secured by this resolution. :4 Section 11. Tax Matters. In order to preserve the exclusion of interest on the 2003 Bonds from gross income for federal income tax purposes and as an inducement to purchasers of the 2003 Bonds, the Commission represents, covenants and agrees that: (a) No person or entity, other than the District or another state or local governmental unit, will use proceeds of the 2003 Bonds or property financed by the 2003 Bond proceeds other than as a member of the general public. No person or entity other than the District or another state or local governmental unit will own property financed by 2003 Bond proceeds or will have actual or beneficial use of such property pursuant to a lease, a management or incentive payment contract, an arrangement such as take -or -pay or output contract, or any other type of arrangement that differentiates that person's or entity's use of such property from the use by the public at large. (b) No 2003 Bond proceeds will be loaned to any entity or person other than a state or local governmental unit. No 2003 Bond proceeds will be transferred, directly or indirectly, or deemed transferred to a non - governmental -15-