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WHEREAS, it is necessary for the Commission to establish certain funds and <br />accounts for the payment of the rentals owed by the Commission pursuant to said Lease; and <br />WHEREAS, the Commission anticipates that sufficient funds will be available to the <br />Commission to make the required Lease rental payments with such funds being derived from <br />available tax increment revenues (the "TIF Revenues ") allocated to the Commission and generated <br />in the South Bend Central Development Area (the "Area ") and County Economic Development <br />Income Tax revenues (the "CEDIT Revenues ") which the South Bend Common Council (the <br />"Council ") is expected to pledge to the Commission pursuant to an ordinance which the Council will <br />consider for adoption on March 22, 1999, for the purpose of making such Lease rental payments; and <br />WHEREAS, the Commission desires to pledge such available TIF Revenues and <br />JOK <br />CEDIT Revenues to the payment of the Lease rental payments; <br />WHEREAS, the President and Secretary of the Commission have executed and <br />attested, respectively, the Lease; <br />NOW, THEREFORE, BE IT RESOLVED, by the South Bend Redevelopment <br />Commission as follows: <br />Section 1. There is hereby created and established within the Redevelopment <br />District Bond Fund, a Downtown Property Acquisition Project Principal and Interest Account and <br />such other accounts as the Commission shall from time to time establish. <br />Section 2. The Commission hereby irrevocably pledges available TIF Revenues <br />generated in the Area (being those TIF Revenues available after the payment of all indebtedness <br />payable from such TIF Revenues and such other lease rentals the City determines to pay from TIF <br />Revenues) and all CEDIT Revenues which it receives from the City for such purposes to the payment <br />-2- <br />::ODMA\PCDOCS \SBDOCS 1 \34010\ 1 <br />