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(a) All interest and principal payments with <br />s respect to all bonds payable from the Tax <br />Increment shall be current to date in <br />accordance with the terms thereof with no <br />payment in arrears. <br />(b) The balance in the Reserve Account shall <br />equal the Debt Service Reserve Requirement. <br />(c) The Commission shall have received a <br />certificate prepared by an independent <br />certified public accountant or an independent <br />financial consultant ( "Certifier ") certifying <br />that the Tax Increment estimated to be received <br />in each succeeding year, adjusted as provided <br />below, is estimated to be equal to at least one <br />hundred fifty percent (150 %) of the principal <br />and interest requirements for each respective <br />year during the term of the Bonds with respect <br />to the Bonds and the Parity Bonds. In <br />estimating the Tax Increment to be received in <br />any future year, the Certifier shall base his <br />calculation on assessed valuation actually <br />assessed or to be assessed as of the assessment <br />date immediately preceding the issuance of the <br />Parity Bonds; provided, however, the Certifier <br />shall adjust such assessed values for the <br />current and future reductions of real property <br />tax abatements granted to property owners in <br />the Allocation Area. No increase in the Tax <br />Increment to be received in any future year <br />shall be assumed which results from projected <br />inflation in property values or projected <br />increases in property tax rates; and <br />WHEREAS, the Controller of the City of South Bend <br />( "Controller ") has provided the Commission with a statement, <br />attached hereto as Exhibit C and incorporated herein, representing <br />that all interest and principal payments with respect to all bonds <br />payable from the Tax Increment are current to date in accordance <br />with the terms thereof with no payment in arrears and that the <br />current balance in the Reserve Account established by the Series <br />1985 Bond Resolution equals the Debt Service Reserve Requirement <br />for the Series 1985 Bonds, the 1986 Series Bonds and the Series <br />1988 Bonds; and <br />0 <br />