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8401905 <br />3.) That for purposes of the allocation <br />provisions of Section 39 of the Act, the <br />"Central Downtown Urban Renewal Allocation <br />Area No. 1" (Allocation Area No. 1 ") as set <br />forth in Resolution No. 615 adopted on June <br />6, 1980 shall be designated "Parcel One" and <br />shall be expanded by the addition of property <br />designated in Section 4, below, as "Parcel <br />Two ", said Parcels One and Two collectively <br />being known hereinafter as Amended Allocation <br />Area No. 1. <br />4.) That Parcel Two is comprised of all property <br />located within the boundaries of the Expanded <br />Area excepting therefrom the property <br />designated in Paragraph 3 above as Parcel <br />One. <br />5.) That any taxes levied on real property in <br />Parcel One shall be allocated and distributed <br />as provided in Resolution No. 615. <br />6.) That any taxes levied on property in Parcel <br />Two in 1983, for collection in 1984, and <br />thereafter, except as hereinafter provided, <br />for the benefit of any taxing unit entitled <br />to a distribution thereof, shall be allocated <br />and distributed as provided in the allocation <br />and distribution provisions of the Act, and <br />more particularly as follows: <br />(a) the proceeds of such taxes attributed to the <br />lesser of W the assessed value of all such <br />property in Parcel Two for the assessment date <br />with respect to which the allocation and <br />distribution is made or (ii) the assessed value <br />of all such property as finally determined for <br />the assessment date immediately preceeding the <br />effective date of these allocation provisions, <br />which assessment date is March 1, 1983, shall be <br />allocated to, and when collected shall be paid <br />into the funds of the respective taxing units <br />entitled to a distribution of such taxes; <br />(b) the proceeds of such taxes in excess of <br />those described in clause (a) above shall be <br />allocated to the Department, and when collected <br />shall be paid into a special fund hereinafter <br />created. <br />7.) That proceeds of such taxes distributed to <br />the Department pursuant to paragraphs 5 and <br />6(b) hereof shall be deposited in a special <br />fund designated "South Bend Department of <br />Redevelopment Downtown Urban Renewal <br />Allocation Area No. 1 Special Fund" ( "Special <br />Fund "), and may be used only as provided in <br />the Act, and more particularly (a) to pay <br />principal of and interest on any obligations <br />payable solely from allocated tax proceeds <br />which are incurred by the redevelopment <br />district for the purpose of financing or <br />refinancing the redevelopment of that <br />allocation area; (b) to restore the debt <br />service reserve for bonds payable solely or <br />in part from allocated tax proceeds in the <br />Amended Allocation Area No. 1; (c) to pay the <br />principal and interest of bonds payable from <br />allocated tax proceeds in the Amended <br />Allocation Area No. 1 and from a special tax <br />levied by the Commission under I.C. <br />36- 7- 14 -27; (d) to pay principal and interest <br />-4- <br />