No. 1422 authorizing the issuance and sale of special taxing district refunding bonds of the SB redevelopment district for the purpose of advance refunding the COSB redevelopment district bonds of 1990

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SECTION 8. The Mayor is hereby authorized to execute the Bonds with his manual or facsimile signature and the Controller is hereby authorized and directed to have such Bonds prepared, attest the Bonds with his manual or facsimile signature, and cause the seal of the City to be impressed or a facsimile thereof to be printed or otherwise reproduced I on the Bonds, all in the form and manner herein provided. In case any officer whose signature appears on the Bonds shall cease to hold that office before the delivery of the Bonds, the signature shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until the delivery of the Bonds. After the Bonds have been properly executed, the Controller shall deliver the Bonds to the purchaser or purchasers in the manner provided by law. SECTION 9. A sufficient amount of the proceeds from the sale, verified in accordance with the Escrow Agreement, as defined herein, of the Bonds shall be deposited with Norwest Bank Indiana, N.A., hereby appointed to serve as Escrow Agent (the 'Escrow Agent"), to be used, together with any moneys deposited with the Escrow Agent for the purpose of refunding the Prior Bonds, for the purchase of Permitted Investments (as defined herein) in a principal amount which, together with the interest to be earned thereon and the other available funds, if any, will be sufficient to pay the principal of, redemption premium, if any, and interest on the Prior Bonds to and on their maturity or redemption dates, as the case may be. For purposes of this Section 9, 'Permitted Investments" shall be deemed to mean direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America, which obligations shall mature or be subject to redemption by the holder thereof at the option of such holder not later than the .respective dates when the proceeds, together with interest accruing thereon, will be required for the purposes established by this Resolution. The Mayor and Controller are hereby directed to enter into the Escrow Agreement with the Escrow Agent pursuant to which the amounts required to satisfy this Section 9 shall be deposited in an irrevocable escrow account, invested in Permitted Investments and applied to the purposes set forth herein. The Commission hereby authorizes the Mayor and Controller to approve the Escrow Agreement in such form as may be necessary or appropriate to accomplish the purposes of this Resolution and the issuance of the Bonds, with any such approval to be conclusively evidenced by such authorized execution of the Escrow Agreement. SECTION 10. In order to preserve the exclusion from gross income of interest on the Bonds under federal law and as an inducement to the purchasers of the Bonds, the Commission on behalf of the District represents, covenants and agrees that, to the extent necessary to preserve such exclusion: (a) No person or entity or any combination thereof, other than the District, will use proceeds of the Bonds or property financed by said proceeds other than as a member of the general public. No person or entity or any combination thereof, other than the District, will own property financed by Bond proceeds or will have actual or beneficial use of such property pursuant to a lease, a management or incentive payment contract, an -16-