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

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(a) All interest and principal with respect to all EDIT Bonds shall be current to date in accordance with the terms thereof with no payment in arrears, provided, this condition shall be satisfied if any required amount is to be provided from the proceeds of the Parity Obligations or Junior Bonds or other funds available to the City. (b) As of the time of issuance of the proposed Parity Obligations, to the extent that any other Parity Obligations secured by one or more debt service reserve funds shall be outstanding, the balance in such debt service reserve funds shall be at least equal to the respective reserve requirements for such other outstanding Parity Obligations; provided, however, this condition shall be deemed satisfied if any required amount is to be provided from the proceeds of the proposed Parity Obligations or other funds of the City; (c) In the case of a proposed issue of Parity Obligations, the City shall have received a certificate prepared by an independent, qualified accountant or an independent financial consultant with professional experience in the business of estimating the levels of and increases in assessed valuation in the State of Indiana and the expected changes in property tax rates caused by such changes (the "Certifier"), certifying the amount of the Economic Development Income Tax Revenues estimated to be received in each succeeding year,together with estimated other available revenues,is at least equal to one hundred twenty-five percent(125%)of the debt service or lease rental requirements of any outstanding Prior Bonds, the 2018 Pledge and the proposed Parity Obligations for each respective year during the remaining term of the Prior Bonds,the 2018 Pledge, any outstanding Parity Obligations and the proposed Parity Obligations. Notwithstanding the foregoing, any proposed Parity Obligations secured by a property tax levy under Indiana Code 36-1-10-17, a special benefits tax levy under Indiana Code 36-7-14-27, or by a pledge of any other property taxes of general applicability, or some combination of the foregoing, may be issued or entered into without meeting the foregoing coverage requirements of this subsection(c). (d) Payments of any Parity Obligations or Junior Bonds payable from the Economic Development Income Tax Revenues shall be payable semiannually on February 1 and August 1 of each year. The terms and conditions of any Parity Obligations shall be set forth in the ordinance or resolution authorizing such Parity Obligations. The City shall approve and confirm the figures and estimates set forth in the above-described certificate in any resolution or ordinance authorizing the proposed Parity Obligations. The City may issue obligations payable from Economic Development Income Tax Revenues on a junior and subordinate basis to the 2018 Pledge and any other outstanding Parity Obligations. However, any such junior and subordinate obligations payable from Economic Development Income Revenues shall be payable semiannually on February 1 and August 1. SECTION VI. Rate Covenant. So long as the Bonds remain outstanding,the Common Council covenants that it will take no action to rescind or repeal, to reduce the rate or to take any action that would result in the County receiving a smaller distribution of Economic Development Income Tax Revenues than the distribution of Economic Development Income Tax Revenues to which it was entitled to receive on the effective date of this Ordinance. SECTION VII. Appointment of Registrar and Paying_Age nt. The Indenture may provide that the trustee to be named therein, or another corporate entity, shall act as the bond registrar and authenticating agent, and may provide for a co-trustee. SECTION VIII. Delivery of Bonds. After execution on behalf of the Mayor and the Clerk, the Bonds shall be delivered to the Trustee, which is hereby authorized and requested to authenticate and deliver the Bonds to or upon the order of the Purchaser, or to any depository, in accordance with and upon compliance with the provisions of the Indenture. The Council hereby authorizes the sale of the Bonds pursuant to the Purchase Agreement (defined below). 4