No. 2074 authorizing the issuance of COSB redevelopment district adjustable rate demand tax increment revenue bonds (series 2004)(Erskine Commons Project) and other related matters

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(40� (1) year and shall be numbered consecutively as set forth in the Trust Indenture. The Bonds shall be payable and mature as provided for in the Trust Indenture; but in no event shall the term of the Bonds exceed twenty -five (25) years. The Bonds shall bear interest at a rate not to exceed seven percent (7.0 %) per annum. The Bonds shall be subject to mandatory and optional redemption or tender as provided in the Trust Indenture and the Bonds. The Bonds shall bear an original date which shall be the date upon which the Bonds are to be delivered and each Bond shall also bear the date of its authentication. The principal of, premium, if any, and interest on the Bonds shall be payable at the principal office of the Trustee or at such times and locations as set forth in the Trust Indenture. The Mayor of the City (the "Mayor ") and the Controller are hereby authorized and directed to execute and attest, respectively, and to deliver the Bonds and any other document which may be necessary or desirable to consummate the issuance of the Bonds. The signatures of the Mayor and the Controller on the Bonds may be a true and authentic signature or a facsimile thereof. The Commission hereby approves the Bond Form, in substantially the form presented to the Commission with such changes as the Mayor and the Controller approve in their sole discretion, such approval to be conclusively evidenced by such execution and attestation. In case any officer whose signature or a facsimile thereof shall appear on the Bonds shall cease to be such officer before the issuance and delivery of the Bonds, such signature or facsimile thereof shall nevertheless be valid and sufficient for all purposes, the same as if he had remained in office until after that time. The Controller is authorized to arrange for the delivery of such Bonds to the purchaser, payment for which shall be made in the manner set forth in the Purchase Agreement (as defined herein). ILNotwithstanding anything herein to the contrary, the Bonds shall, in compliance with all applicable laws, be initially issued and held in book -entry form and registered in the name of Cede & Co., as nominee for The Depository Trust Company without physical distribution of Bonds to the purchasers thereof. The President of the Commission (the "President ") is hereby authorized to take such action as may be necessary to provide for the Bonds to be issued in book - entry -only form, including without limitation executing a Blanket Issuer Letter of Representations. Each Bond shall be transferable or exchangeable only upon the official books for the registration and for the transfer of the Bonds (the 'Bond Register ") as set forth in the Indenture. SECTION 2. There is hereby created and established Allocation Area No. 2 Fund (the "Allocation Fund "), and the Project Tax Increment Revenues received by the Commission shall be deposited into the Allocation Fund. There are hereby further created and established in the Allocation Fund a Project Tax Increment Revenue Account, into which all Project Tax Increment Revenues received (including any Project Tax Increment Revenues on deposit in the Allocation Fund as of the date of delivery of the Bonds) shall be deposited and held in reserve for payment of debt service on the Bonds pursuant to this Resolution and Indiana Code 36- 7- 14 -39, a Bond Principal and Interest Account and a General Account, each of which the Controller, the Commission and the Department hereby covenant and agree to cause to be kept and maintained. On January 15, ce 2005, and each January 15 and July 15 thereafter, all monies in the Project Tax Increment SBIMANI 188429v4 - 5 -