No. 0919 designating/declaring the AEDA, approving an economic development plan and establishing an allocation area for purposes of TIF

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C. the proceeds distributed to the Redevelopment District pursuant to Paragraph 12(b) hereof, shall be deposited in an allocation fund designated "City of South Bend, Department of Redevelopment, Airport Economic Development Area, Allocation Area No.1 Allocation Fund" (the "Allocation Fund ") , and may be used only as provided for in the Act, and more particularly to (i) pay the principal of and interest on any obligations payable solely from allocated tax proceeds which are incurred by the Redevelopment District for the purpose of financing or refinancing the redevelopment of Allocation Area No. 1; (ii) establish, augment, or restore the debt service reserve for bonds payable solely or in part from allocated tax proceeds in Allocation Area No. 1; (iii) pay the principal of and interest on bonds payable from allocated tax proceeds in Allocation Area No. 1 and from the the special tax levied under Section 27 of the Act; (iv) pay the principal of and interest on bonds issued by the City to pay for local public improvements in or serving Allocation Area No. 1; (v) pay premiums on the redemption before maturity of bonds payable solely or in part from allocated tax proceeds in Allocation Area No. 1; (vi) make payments on leases payable from allocated tax proceeds in Allocation Area No. 1 under Section 25.2 of the Act; (vii) reimburse the City for expenditures made by it for local public improvements (which include buildings, parking facilities, and other items described in Section 25.1(a) of the Act) in or serving Allocation Area No. 1; (viii) reimburse the City for rentals paid by it for a building or parking facility in or serving Allocation Area No. 1 under any lease entered into under IC 36 -1 -10; (ix) pay all or a portion of a property tax replacement credit to taxpayers in Allocation Area No. 1 as determined by the Commission in accord with the provisions of the Act; (x) pay expenses incurred by the Commission for local public improvements that are in or serving Allocation Area No. 1. Public improvements include buildings, parking facilities and other items described in Section 25.1(a) of the Act; provided, however, that if future uses of property tax proceeds allocated to the Allocation Fund are authorized or permitted by amendments to the Act, including Sections 39 and 43, after the effective date of this Resolution, those uses shall also be authorized or permitted for property tax proceeds allocated to the Allocation Fund. 13. Except as provided in Section 39(g) of the Act, before July 15 of each year, the Commission shall do the following: (a) determine the amount, if any, by which property taxes payable to the Allocation Fund in the following year will exceed the amount of property taxes necessary to make, when due, principal and interest payments on bonds described in Paragraph 12(c) plus the amount necessary for the other purposes described in Paragraph 12(a). WE