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(c) When the money in Allocation Fund is sufficient to pay when due all <br />IL principal and interest payments for that year and any shortfalls from previous years on <br />bonds (including principal and interest payments for that year the Bonds and the EDC <br />Bonds, and reimbursing the issuer of the Letter of Credit and the EDC Letter of Credit <br />and any alternate or replacement Letter of Credit or EDC Letter of Credit for any <br />payments of interest on or principal of the Bonds and the EDC Bonds, respectively, and <br />reimbursing the Developer for any payments made by the Developer to reimburse the <br />issuer of the Letter of Credit or the EDC Letter of Credit, and any alternate or <br />replacement Letter of Credit or EDC Letter of Credit for any payments of interest on or <br />principal of the Bonds and the EDC Bonds (including accrued interest on any Bonds and <br />EDC Bonds purchased or redeemed prior to maturity) described in subsection (b), and is <br />not needed for that year for the other purposes described in subsection (b) (including <br />without limitation the maintaining of property taxes collected in a given year in <br />Allocation Fund as a reserve to pay principal and interest on the Bonds and the EDC <br />Bonds payable in the year following such year of collection in the manner and at the <br />times specified herein), money in Allocation Fund in excess of that amount (the 'Excess <br />Funds ") shall be paid to the Controller who shall, during the time a part of the Allocation <br />Area is located in an enterprise zone created under Ind. Code § 4- 4 -6.1, deposit such <br />Excess Funds in a special fund created for the enterprise zone and used as required by <br />law; provided, however, to the extent portions of the Allocation Area are not within the <br />enterprise zone, the Excess Funds deposited into the special fund shall be reduced on a <br />pro rata basis based on the percentage of the enterprise zone contained in the Allocation <br />Area as provided in Section 39(g) of the Act. When no part of the Allocation Area is <br />IL located in an enterprise zone then the Excess Funds shall be deposited as provided in <br />subsection (d). <br />A <br />(d) Except as provided in subsection (c), before July 15 of each year, the <br />Commission shall (1) determine the amount, if any, of Excess Funds in the following <br />year; and (2) notify the Auditor of St. Joseph County of the amount, if any, of the Excess <br />Funds that the Commission has determined may be paid to the respective taxing units <br />entitled thereto, provided that the Commission may not authorize a payment to the <br />respective taxing units under this subsection if to do so would endanger the interests of <br />the holders of the bonds (including the Bonds or the EDC Bonds) described in subsection <br />(a) of this Section 2. <br />(e) The Project Tax Increment Revenues other than the Excess Funds shall be <br />irrevocably pledged for the purpose set forth in this Section 2. <br />(f) All money in each of the accounts in the Allocation Fund shall be held in <br />trust for the benefit of the holders of the Bonds and the EDC Bonds and shall be applied, <br />used and withdrawn only for the purposes authorized in this Section 2. The proceeds of <br />Allocation Fund shall be deposited with a legally qualified depository or depositories for <br />funds of the City as now provided by law and shall be segregated and kept separate and <br />apart from all other funds of the City and may be invested as permitted by law. Interest <br />earned in each account or fund established under this Resolution shall be credited thereto. <br />SBIMANI 188429v4 - 8 - <br />