No. 1065 amending Resolution No. 1054 and amending the resolutions unbder which tax incremnent bonds are outstanding

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money that shall be required to maintain the Reserve Account in the full amount of the Debt Service Reserve Requirement (as defined below) . No deposit need be made in the Reserve Account so long as there shall be on deposit therein a sum equal to the lesser of fifteen percent (15 %) of the original issuance price of the Tax Increment Bonds or the average annual principal and interest payments (which shall be calculated as payments due on August 1 and the following February 1) on the outstanding Tax Increment Bonds (the "Debt Service Reserve Requirement "). All money in the Reserve Account shall be used and withdrawn solely for the purpose of making deposits into the Bond Principal and Interest Account, in the event of any deficiency at any time in such account, or for the purpose of paying the interest on or principal of or redemption premiums, if any, on the Tax Increment Bonds in the event that no other money is lawfully available therefor, except that so long as there is no default hereunder any amount in the Reserve Account in excess of the Debt Service Reserve Requirement shall be withdrawn from the Reserve Account and deposited in the General Account. In the event the balance in the Debt Service Reserve Account on the date of issuance of the Bonds exceeds, without any deposit from the proceeds of the sale of the Bonds, the Debt Service Reserve Requirement, such excess shall be deposited to the Escrow Agreement or as otherwise directed by bond counsel. Money in the Reserve Account shall also be available to make the final payments of interest and principal on the Tax Increment Bonds. The Redevelopment Commission determines that the reserves hereunder are reasonably required. (c) The remaining amounts in the Tax Increment Revenue Account shall be deposited into the General Account of the Allocation Fund and be available for the purposes authorized by Section 39(b)(2) of the Act as of the date of original issuance of the Bonds or by any amendments thereof. (d) Subject to the requirements of the Act, when the money in the Allocation Fund is sufficient to pay when due all principal and interest on Tax Increment Bonds as permitted in subsection (c) , and is not needed for the other purposes as permitted in subsection (c) , money in the Allocation Fund in excess of that amount (the "Excess Funds ") shall be deposited into the funds of the respective taxing units entitled thereto, or during the time a part of the Allocation Area is located in an enterprise zone created under IC 4- 4 -6.1, such Excess Funds shall be deposited in a special fund created for the enterprise zone in accord with IC 36- 7- 14- 39(g). -14-