Laserfiche WebLink
All money in the Reserve Account shall be used and <br />withdrawn by the City solely for the purpose of <br />making deposits into the Bond Principal and Interest <br />Account, in the event of any deficiency at any <br />time in such account, or for the purpose of paying <br />the interest on or principal of or redemption premiums, <br />if any, on -the Bonds in the event that no other <br />money is lawfully available therefor, except that <br />so long as there is no default hereunder any amount <br />in the Reserve Account in excess of the Debt Service <br />Reserve Requirement shall be withdrawn from the <br />Reserve Account and deposited in the General Account. <br />Money in the Reserve Account shall also be available <br />to make the final payments of interest and principal <br />on the Bonds. <br />(c) The remaining amounts in the Tax Increment <br />Revenue Account shall be deposited into the General <br />Account of the Allocation Fund and be available <br />to: <br />(1) Pay the principal of and interest <br />on any obligations (including the Bonds) payable <br />solely from allocated tax proceeds which are <br />incurred by the Redevelopment District for <br />the purpose of financing or refinancing the <br />redevelopment of that Allocation Area; <br />(2) Restore the debt service reserve <br />for bonds (including the Bonds) payable solely <br />or in part from allocated tax proceeds in the <br />Allocation Area; <br />(3) Pay the principal of and interest <br />on bonds payable from allocated tax proceeds <br />in the Allocation Area and from the special <br />tax levied under IC 36- 7- 14 -27; or <br />(4) Pay the principal of and interest <br />on bonds issued by the City to pay for local <br />public improvements in the Allocation Area, <br />to reimburse the City for expenditures made <br />by City for local public improvements (which <br />include buildings, parking facilities, and <br />other items described in IC 36- 7- 14- 25.1(a)) <br />within the Allocation Area, or for rentals <br />paid by City for a building or parking facility <br />within that Allocation Area under any lease <br />entered into IC 36 -1 -10. <br />provided however, that if further uses of property <br />tax proceeds allocated to the Allocation Fund are <br />-3- <br />12/19/85 KDB /tms <br />072024293 -City of South Bend -i -85.1 <br />