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r / <br />(A) pay the principal of and interest on any <br />obligations payable solely from allocated tax proceeds <br />which are incurred by the Redevelopment District <br />for the purpose of financing or refinancing the <br />redevelopment of the Allocation Area; <br />(B) restore the debt service reserve for <br />bonds payable solely or in part from allocated tax <br />proceeds in the Allocation Area; <br />(C) pay the principal of and interest on <br />bonds payable from allocated tax proceeds in the <br />Allocation Area and from the special tax levied <br />under IC 36- 7- 14 -27; or <br />(D) pay the principal of and interest on <br />bonds issued by the City to pay for local public <br />improvements within the Allocation Area, to <br />reimburse the City for expenditures made by the <br />City for local public improvements (which include <br />buildings, parking facilities, and other items <br />described in IC 36- 7- 14- 25.1(a)) within the <br />Allocation Area, or for rentals paid by the City <br />for a building or parking facility within that <br />• Allocation Area under any lease entered into under <br />IC 36 -1 -10; <br />provided however, that if further uses of property tax proceeds <br />allocated to the Allocation Fund are authorized or permitted <br />by amendment to the Act, including IC 36- 7- 14 -39, those uses <br />shall also be authorized or permitted for property tax proceeds <br />allocated to the Allocation Fund; and <br />WHEREAS, the Commission finds in order to provide <br />funds for payment of part of the cost of property acquisition <br />and redevelopment in the Allocation Area, it will be necessary <br />to issue tax increment revenue bonds of the Redevelopment <br />District, pursuant to the Act, in an amount of Four Million <br />Two Hundred Thousand Dollars ($4,200,000) which shall be <br />payable solely out of taxes on real property located in the <br />Allocation Area allocated and deposited in the Allocation <br />Fund pursuant to the provisions of IC 36- 7 -14 -39 and proceeds <br />from the sale or leasing of property in the Allocation Area <br />under IC 36- 7 -14 -22 and deposited in the Allocation Fund <br />(these sources of revenues that will be used for payments of <br />the Bonds shall hereinafter be referred to as the "Tax <br />Increment "). <br />NOW, THEREFORE, BE IT RESOLVED by the South Bend <br />Redevelopment Commission that: <br />-3- <br />