9550-04 Temporary loans to pay off previously issued temporary loans

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advanced pursuant to requests made by the City to the Purchaser. In the event that the total principal amount of the Warrants is not advanced to the City, the principal amount of such Warrant shall be reduced to effect such reduction. The maximum principal amount of the Warrants as set forth herein shall be reduced as necessary to comply with the Internal Revenue Code of 1986, as amended (the "Code"). Section III. With respect to each Fund and each new Warrant maturity date, the appropriate officers of the City are authorized to deliver a principal amount of new Warrants up to or less than the maximum amount established for any such Fund or maturity date in Section I hereof in order to comply with all applicable laws. The new Warrants shall be subject to redemption as provided in an Issuer's Certificate to be executed by the mayor of the City (the "mayor")and the City Controller. All new Warrants will be delivered at the time of payment with respect to any Fund or otherwise as appropriate and in accordance with the terms of the new Warrant Purchase Agreement. Section IV. The principal of and interest on the new Warrants, together with all necessary costs incurred in connection with the issuance and sale of the Warrants, shall be payable from tax revenues to be received in the respective Fund upon which such new Warrant is issued. There is hereby appropriated and pledged to the payment of all new Warrants issued with respect to each Fund, including interest and all necessary costs incurred in connection with the issuance and sale of the new Warrants, a sufficient amount of the tax revenues, levied in 2003, and actually received in 2005, for such Fund and in anticipation of which the Warrants have been issued, for the punctual payment of the principal of and interest on the new Warrants evidencing such temporary loans, together with such issuance costs, if any. Section V. The City Controller, on behalf of the City, is authorized to sell the new Warrants via negotiated sale at a price not less than the par value thereof to a purchaser or purchasers (the "Purchaser") in the denomination of One Hundred Thousand Dollars ($100,000), and any integral multiple of One Dollar ($1.00) in excess of One Hundred Thousand dollars ($100,000) of single maturities. The new Warrants shall be sold to the Purchaser pursuant to the purchase agreement (the "new Warrant Purchase Agreement") between the City and the Purchaser, hereby authorized to be entered into and executed by the City Controller, on behalf of the City, subsequent to the date of the adoption of this Ordinance in accordance with the terms and conditions of this Ordinance, and with such new Warrant Purchase Agreement to set forth the definitive terms and conditions of such sale, including the interest rate or rates on the new Warrants, which shall not exceed the maximum authorized rate of interest for the new Warrants issued pursuant to this Ordinance. The new Warrants sold to the Purchaser shall be accompanied by all documentation required pursuant to the provisions of Indiana law and the new Warrant Purchase Agreement, including without limitation an approving opinion of nationally recognized bond counsel, certification and guarantee of signatures and certification as to no litigation pending, as of the date of delivery of the new Warrants to the purchaser, challenging the validity or issuance of the new Warrants and certification from the Purchaser that it is a "sophisticated investor". The entry by the City into the new Warrant Purchase Agreement and the execution of the new Warrant Purchase Agreement on behalf of the City by the City Controller, in accordance with the Ordinance, are hereby authorized, approved and ratified. -3-