No. 0819 authorizing issuance of bonds on parity with COSB redevelopment district tax increment revenue bonds of 1985 & 1986 for purpose of raising money for property acquisition and redevelopment in SBCAA

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rently deposited into such account at the time of such deposit) shall be placed in the Bond Principal and Interest Account; (b) An amount which when added to the balance in the Reserve Account shall make the balance in the Reserve Account equal to the Debt Service Reserve Requirement as calculated for the Bonds, provided that such account shall not exceed ten percent (10 %) of the proceeds of the Series 1988 Bonds, and to the extent any deficiency exists so that the balance in the Reserve Account does not equal the Debt Service Reserve Requirement, an amount shall be added con- currently with the deposit to the balance in the Reserve Account from cash on hand in order to meet the Debt Service Reserve Requirement; and (c) The remaining proceeds from the sale of the Series 1988 Bonds shall be deposited in the special fund designated as the "Redevelopment District (South Bend Central Development Allocation Area) 1988 Capital Fund." SECTION 8. Proceeds of the Redevelopment District (South Bend Central Development Allocation Area) 1988 Capital Fund shall be depo- sited with a legally qualified depository or depositories for funds of the City as now provided by law and shall be segregated and kept separate and apart from all other funds of the City and may be in- vested as permitted by law. The proceeds in the Redevelopment Dis- trict (South Bend Central Development Allocation Area) 1988 Capital Fund shall be expended only for the purpose of paying the cost of property acquisition and redevelopment in the Allocation Area, to- gether with a sum sufficient to pay the estimated cost of all ex- penses reasonably incurred in connection with the acquisition and redevelopment of the Allocation Area, including the total cost of all land, rights -of -way and other property to be acquired and redeve- loped, all necessary architectural, engineering, legal, accounting, advertising, bond discount and supervisory expenses and expenses the Commission may be required to pay as "relocation assistance" under IC 8 -13 -18.5, together with the expenses in connection with the issuance of the Series 1988 Bonds. Any balance or balances remaining in the Redevelopment District (South Bend Central Development Allocation Area) 1988 Capital Fund after the completion of property acquisition and redevelopment in the Allocation Area which are not required to meet unpaid obligations incurred in connection with the property acquisition and redevelopment in the Allocation Area and issuance of the Series 1988 Bonds, shall be deposited into the Bond Principal and Interest Account and used solely for the purposes of that account. -24-