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A <br />WHEREAS, with regard to taxes levied on real property in the Allocation Area, <br />property tax proceeds in excess of those attributable to (i) the proceeds of taxes attributable to <br />property that is assessed as residential property under the rules of the Department of Local <br />Government Finance for those areas added to the Allocation Area after June 30, 1995, and <br />(ii) the lesser of: <br />(a) The assessed value of the property for the assessment date with respect to <br />which the allocation and distribution is made; or <br />(b) The base assessed value as defined in the Act; <br />shall be allocated to the Redevelopment District and, when collected, paid into the Allocation <br />Fund, and may be used by the Commission only to do one or more of the following: <br />(a) pay the principal of and interest on any obligations payable solely from <br />allocated tax proceeds which are incurred by the Redevelopment District <br />for the purpose of financing or refinancing the redevelopment of the <br />Allocation Area; <br />(b) establish, augment, or restore the debt service reserve for bonds payable <br />solely or in part from allocated tax proceeds in the Allocation Area; <br />(c) pay the principal of and interest on bonds payable from allocated tax <br />proceeds in the Allocation Area and from the special tax levied under <br />Section 27 of the Act; <br />(d) pay the principal of and interest on bonds issued by the City to pay for <br />local public improvements in or serving the Allocation Area; <br />(e) pay premiums on the redemption before maturity of bonds payable solely <br />or in part from allocated tax proceeds in the Allocation Area; <br />(f) make payments on leases payable from allocated tax proceeds in the <br />Allocation Area under Section 25.2 of the Act; <br />(g) reimburse the City for expenditures made by it for local public <br />improvements (which include buildings, parking facilities, and other items <br />described in Section 25.1(a) of the Act) in or serving the Allocation Area; <br />(h) reimburse the City for rentals paid by it for a building or parking facility in <br />or serving the Allocation Area under any lease entered into under Indiana <br />Code 36 -1 -10; <br />(i) pay all or a portion of a property tax replacement credit to taxpayers in the <br />Allocation Area as determined by the Commission, pursuant to Section 39 <br />of the Act; <br />SBMANI 188429v4 - 2 - <br />