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(400� Forty Thousand and 00 /100 Dollars ($2,540,000.00) (the "1997 Bonds" and with the 1993 <br />Bonds, the 'Prior Bonds ") for the purpose of financing certain additional local public <br />improvements and refunding bonds previously issued by the Authority; and <br />WHEREAS, Section 14 of the Lease grants the Commission the right and option <br />to purchase the Project (the "Option ") at a price equal to the amount required to redeem the <br />outstanding Prior Bonds (the 'Refunding "); and <br />WHEREAS, the Commission desires to exercise its Option and to authorize the <br />expenditures of funds available to the Commission to redeem on February 1, 2004 (the <br />"Redemption Date ") the outstanding Prior Bonds; and <br />WHEREAS, the J.P. Morgan Trust Company, N. A. ("J.P. Morgan ") currently <br />serves as the Trustee of the 1993 Bonds, and Wells Fargo Bank Indiana, N. A. ( "Wells Fargo ") <br />(W currently serves as the Trustee of the 1997 Bonds; and <br />WHEREAS, there has been prepared and submitted to the Commission a form of <br />Escrow Deposit Agreement dated as of December 1, 2003, among the Commission, the <br />Authority, and J.P. Morgan (the "1993 Bonds Escrow Agreement "), which has been approved by <br />the Authority and which provides for J.P. Morgan to serve as escrow agent in connection with <br />the refunding of the 1993 Bonds; and <br />WHEREAS, there has been prepared and submitted to the Commission a form of <br />Escrow Deposit Agreement dated as of December 1, 2003, among the Commission, the <br />Authority, and Wells Fargo (the "1997 Bonds Escrow Agreement "), which has been approved by <br />the Authority and which provides for the Wells Fargo to serve as escrow agent in connection <br />with the refunding of the 1997 Bonds; <br />SBNANI 168061v1 - 2 _ <br />