10613-18 Authorize Issuance of Economic Development Bonds Series 2018 for Potawatomi Zoo Project

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percent (125%) of average annual debt service on the Bonds, or (iii) ten percent (10%) of the proceeds of the Bonds (the "Reserve Requirement") (if the Reserve Requirement is not otherwise satisfied pursuant to Section XI hereof), and (c)the cost of certain incidental expenses on account of the issuance of the Bonds as may be permitted by law and acquiring any credit enhancement with respect thereto (if necessary), which Bonds will be payable as to principal, premium, if any, and interest from Economic Development Income Tax Revenues on parity with the Prior Bonds, or as otherwise provided in the Indenture. The Bonds shall be issued in one (1) or more series as fully registered bonds in denominations of$5,000, or any integral multiple thereof not exceeding the aggregate principal amount of the Bonds maturing in any one (1) year (or in denominations of$100,000 and $1,000 in excess thereof(each an "Authorized Denomination") as may be determined by the Mayor and the Clerk of the City (the "Clerk"), shall be dated the date of their delivery as set forth in the Indenture, and shall be fully registered without coupons and numbered consecutively from R-1 upward. The Bonds shall be payable in the medium and at the place or places as set forth in the Indenture and shall bear interest at a rate not exceeding six percent(6.0%)per annum(determined through negotiation as set forth herein). Principal of and interest on the Bonds shall be payable semiannually on February 1 and August 1, commencing not earlier than February 1, 2019, and shall have a final principal payment due on not later than February 1, 2039. Interest on the Bonds shall be calculated according to a three hundred sixty (360)-day calendar year containing twelve (12)thirty(30)-day months. The Mayor and the Clerk, upon consultation with the City's municipal advisor, may designate maturities of the Bonds (or a portion thereof in Authorized Denominations)that shall be subject to optional redemption and/or mandatory sinking fund redemption, and the corresponding redemption dates, amounts and prices (including premium, if any). The Bonds shall be executed on behalf of the City by, and bear the manual or facsimile signature of, the Mayor and the Clerk, and the seal of the City shall be thereunto affixed (or imprinted or engraved if in facsimile). The Bonds shall be in the form set forth in the final form of the Indenture. SECTION IV. Pledge of Economic Development Income Tax Revenues. Pursuant to Indiana Code 5-1-14-4 and Indiana Code 6-3.6-10-6,the Common Council, on behalf of the City,hereby pledges and assigns the City's distributions of Economic Development Income Tax Revenues to the payment of the debt service due on the Bonds(the"2018 Pledge")on a parity with the Prior Bonds for a term of years not less than the term of the Bonds. The 2018 Pledge shall be effective as set forth in Indiana Code 5-1-14-4 without the necessity of filing or recording this Ordinance or any other instrument except in the records of the City. The 2018 Pledge set forth herein shall automatically terminate upon the earlier of the final maturity or redemption in full of the Bonds. The 2018 Pledge shall be a first charge against the City's distributions of Economic Development Income Tax Revenues on parity with the Prior Bonds. The City has not pledged or otherwise encumbered its Economic Development Income Tax Revenues other than with respect to the Prior Bonds,and there are no prior liens,encumbrances or other restrictions on the Economic Development Income Tax Revenues or on the City's ability to pledge the Economic Development Income Tax Revenues to the payment of the Bonds other than with respect to the Prior Bonds. SECTION V. Issuance of Parity Obligations. The City reserves the right to authorize and issue bonds and to incur lease obligations(which for all purposes of this Ordinance shall be deemed to be required bond payments which mature on the date such lease-rental payment obligations are due)or incur other obligations entitled to the pledge of the Economic Development Income Tax Revenues, in whole or in part, or any combination thereof, and otherwise pledge the City's Revenues to secure bonds, lease rental payments or other obligations ranking on a parity with the Prior Bonds and the 2018 Pledge (such additional bonds, lease rental payments or other obligations, the "Parity Obligations") or bonds or other obligations which are junior and subordinate in right of payment to the Parity Obligations and the 2018 Pledge(such bonds or other obligations are herein referred to as the "Junior Bonds") (the Prior Bonds, the Bonds, the Parity Obligations, and the Junior Bonds collectively,the"EDIT Bonds"), for the purpose raising money for future economic development or to provide for a complete or partial refunding of such obligations. The authorization and issuance of Parity Obligations and Junior Bonds shall be subject to the following conditions precedent: 3