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ce NOW, THEREFORE, BE IT RESOLVED, by the South Bend Redevelopment <br />Commission as follows: <br />1. The Commission hereby irrevocably pledges the Tax Increment Revenues <br />generated in the Area (being those Tax Increment Revenues available after the payment of all <br />indebtedness payable from such Tax Increment Revenues and such lease rentals the Commission <br />may determine from time to time to pay from such Tax Increment Revenues) to the City for its use <br />in order to pay the principal of and interest on the Section 108 Loan for a period up to but not <br />exceeding ten (10) years from the date of the origination of the Section 108 Loan. Such pledge shall <br />terminate at the earliest of the final payment on the Section 108 Loan or the conclusion of the ten <br />(10) year period. <br />2. There is hereby created and established within the Redevelopment District <br />Bond Fund, a Oliver Plow Works Project Principal and Interest Account (the "Principal and Interest <br />Account "). <br />3. Tax Increment Revenues received by the Commission and not otherwise <br />needed as set forth in Section 1 for the payment of indebtedness or lease rentals shall be deposited <br />cr into the Principal and Interest Account and appropriated for payment to the City for its use in order <br />to pay the principal of and interest on the Section 108 Loan. Tax Increment Revenues received in <br />any year in excess of the amount necessary to pay the principal of and interest on the Section 108 <br />Loan in said year do not remain pledged, may be transferred to any other account permitted by law, <br />and may be used by the Commission for any purpose set forth in I.C. 36- 7- 14 -39. <br />4. This Resolution shall be in full force and effect after its adoption by the <br />Commission and shall not be repealed or amended in any manner which would serve to adversely <br />affect the pledge of the Tax Increment Revenues contained herein. <br />::0DMA\PCD0CS\SBD0CSI \74485 \1 - 2 - <br />