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C, Act: BE IT FURTHER RESOLVED that, pursuant to Ind. Code § 36- 7 -14 -39 of the <br />A. For purposes of the allocation provisions of the Act, as authorized by Ind. <br />Code § 36- 7- 14 -39, and as used in this Resolution for the purposes of distribution of real <br />property taxes, the "allocation area" of the South Side Development Area, and which area <br />is more more particularly described in the first "WHEREAS" clause above; and <br />B. Any real property taxes hereinafter levied by or for the benefit of any <br />public body entitled to a distribution of property taxes on taxable property within the <br />allocation area be allocated and distributed as follows: <br />(1) Except as otherwise provided in this section, the proceeds of the <br />taxes attributable to the lesser of: <br />(A) the assessed value of the property for the assessment <br />date with respect to which the allocation and distribution is <br />made; or <br />(B) the base assessed value; <br />shall be allocated to and, when collected, paid into the funds of the <br />respective taxing units. <br />(2) Except as otherwise provided in this section, property tax proceeds <br />in excess of those described in subdivision (1) shall be allocated to <br />the redevelopment district and, when collected, paid into an <br />allocation fund for that allocation area that may be used by the <br />redevelopment district only to do one (1) or more of the following: <br />(A) Pay the principal of and interest on any obligations <br />payable solely from allocated tax proceeds which are <br />incurred by the redevelopment district for the purpose of <br />financing or refinancing the redevelopment of the <br />allocation area; <br />(B) Establish, augment, or restore the debt service <br />reserve for bonds payable solely or in part from allocated <br />tax proceeds in the allocation area; <br />(C) Pay the principal of and interest on bonds payable <br />from allocated tax proceeds in that allocation area and from <br />the special tax levied under Ind. Code § 36- 7- 14 -27; <br />ILPage -7- <br />