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No. 1572 establishing certain funds and accounts in connection with amended and restated lease dated 5/1/97, as amended by an addendum to lease dated 1/15/98, between SBRC and SBRA relating to the Palais Royale/Morris Civic Center Project
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No. 1572 establishing certain funds and accounts in connection with amended and restated lease dated 5/1/97, as amended by an addendum to lease dated 1/15/98, between SBRC and SBRA relating to the Palais Royale/Morris Civic Center Project
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10/18/2012 2:19:39 PM
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calendar year, to pay all lease rental payments payable in the 12 -month period beginning on July 1 <br />of the following calendar year pursuant to Section 4 of the Lease (the "Three Payment Test "). In <br />determining the amount of the special tax required to pay such lease rentals payments as described <br />herein, the Commission may also take into account and may correspondingly offset the amount of <br />such special tax by the amount of the funds on deposit in the Reserve Fund and the Excess Funds <br />Account of the Operation and Reserve Fund established pursuant to the Trust Indenture between the <br />Authority and Norwest Bank Indiana, N.A, dated as of March 1, 1998 (the "Trust Indenture "), only <br />to the extent such funds have not been previously used to offset the amount of the special tax or will <br />not otherwise have to be applied by the Authority to meet its obligations under the Trust Indenture <br />for the next following twelve (12) month period. Such taxes shall be deposited in the Morris Civic <br />Center Project Principal and Interest Account and such taxes and any other funds in the Morris Civic <br />Center Project Principal and Interest Account shall be irrevocably pledged for the purposes set forth <br />in this Resolution. <br />Section This Resolution shall be in full force and effect after its adoption by <br />the Commission. <br />-3- <br />::ODMA\PCDOCS \SBDOCS 1 \5622\ 1 <br />
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