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SECTION I. Section 7 of Resolution No. 775 shall <br />be deleted in its entirety and a new. Section 7 shall be and <br />hereby is adopted to read in its entirety as follows: <br />t <br />Section 7. Proceeds received from the sale of the <br />Series 1986 Bonds shall be deposited as follows: <br />(a) All accrued interest and unused discount <br />received at the time of the delivery of .the Series 1986 <br />Bonds, any premium received at, the time of delivery of the <br />-Series 1986 Bonds and an additional amount equal to Twenty <br />Thousand Dollars ($20,000) shall be placed in the Bond <br />Principal and Interest Account; <br />(b) An amount which when added to the balance in <br />the Reserve Account shall make the balance in the Reserve <br />Account equal the Debt Service Reserve Requirement as <br />calculated for the Bonds; and <br />(c) The remaining proceeds from the sale of the <br />Series 1986 Bonds shall be deposited in the special fund <br />designated as the "Redevelopment District (South Bend <br />Central Development Allpcation Area) Capital Fund." <br />1%W Section II. A new Section 23 shall be added to <br />Resolution No. 775, to read in'its entirety as follows: <br />Section 23. The Commission for and on behalf 'of <br />the Redevelopment District covenants to use its best efforts <br />to meet the requirements and restrictions of any federal <br />legislation which may be made applicable to the Series 1986 <br />Bonds, and to take action to meet such requirements to the <br />extent consistent with the proceedings authorizing the the <br />Series 1986 Bonds and Indiana law, and to the extent that <br />there is a reasonable period of time in which to comply. <br />However, since the nature of any additional requirements and <br />restrictions is unknown, there can be no assurance as to <br />whether this undertaking will be sufficient to maintain the <br />tax - exempt status of the Series 1986 Bonds if federal <br />legislation is retroactively applied to the Series 1986 <br />Bonds. <br />Section III. A new Section 24 shall be added to <br />Resolution No. 775, to read in its entirety as follows: <br />-2- <br />