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authorized or permitted by amendment to the Act, <br />including IC 36- 7- 14 -39, those uses shall also be <br />authorized or permitted for property tax proceeds <br />allocated to the Allocation Fund; and <br />(d) When the money in the Allocation Fund is <br />sufficient to pay when due all principal and interest <br />on bonds described in subdivisions (1), (3) and <br />(4) of subsection (c), and is not needed for the <br />other purposes described in subsection (c), money <br />in the Allocation Fund in excess of that amount <br />(the "Excess Funds ") shall be paid to the Controller <br />and presented to the County Treasurer who shall, <br />during the time a part of the Allocation Area is <br />located in an enterprise zone created under <br />IC 4- 4 -6.1, deposit such Excess Funds in a special <br />fund created for the enterprise zone and when no <br />part of the Allocation Area is located in an enter- <br />prise zone then the Excess Funds shall be deposited <br />in the funds for the respective taxing units entitled <br />thereto. <br />The Tax Increment, other than the Excess Funds, shall be <br />irrevocably pledged for the purposes set forth in this <br />Section 5. <br />The term "Qualified Investments" means any of the <br />following that are also permitted under IC 5 -13 -1: <br />(a) direct obligations of (including obligations <br />issued or held in book entry form on the books of the <br />Department of the Treasury of the United States of America), <br />or obligations the principal of and interest on which <br />are unconditionally guaranteed by the United States of <br />America; <br />(b) bonds, debentures or notes or other evidence <br />of indebtedness payable in cash issued by any one or a <br />combination of any of the following federal agencies <br />whose obligations represent full faith and credit of <br />the United States of America: Export Import Bank of <br />the United States, Federal Financing Bank, Farmer's <br />Home Administration, Federal Housing Administration, <br />Maritime Administration, Public Housing Authority, <br />Government National Mortgage Association. <br />(c) certificates of deposit properly secured at <br />all times, by collateral security described in (a) and <br />(b) above. Such agreements are only acceptable with <br />commercial banks, savings and loans associations, and <br />mutual savings banks. <br />-4- <br />12/19/85 KDB /tms <br />072024293 -City of South Bend -i -85.1 <br />