9415-03 Approving and Authorizing the Execution of a lease for the construction and equipping of a new Fire Stationand the Renovation

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and to the effect that the City and the Building Corporation are in complete compliance with the conditions of the Prior Ordinance for the making of the pledge contained herein on a parity with the outstanding Prior Bonds. 7. The Rentals payable under the Lease are payable solely from the COIT Revenues distributed to the City pursuant to the Act and set aside as hereinafter provided. The foregoing pledge shall continue irrevocably during the period in which the Bonds remain outstanding. The provisions hereof shall be construed to create a trust in the COIT Revenues described herein and the provisions hereof are made in accordance with Indiana Code 5-1-14-4. This Ordinance shall not be repealed or amended in any manner which would serve to adversely affect the pledge of the COIT revenues made herein by the Common Council on behalf of the City. The Mayor, Controller, and the Clerk are hereby authorized to execute such documents as may be necessary in connection with the issuance of the Bonds to evidence the Pledge. Neither the full faith and credit nor the taxing power of the City shall be pledged to the payment of the Rentals. 8. The COIT Revenues distributed to the City pursuant to the Act shall be used and applied by the City only as provided in this Ordinance and in strict accordance with the provisions of the Act. All of such COIT Revenues shall be segregated and kept in special accounts separate and apart from all other funds of the City and shall be used and applied in payment of rentals for leases, including without limitation the Lease, and the principal of and interest on bonds which by their respective terms are payable from such revenues and to maintain a reasonable reserve, in accordance with this Ordinance. The COIT Revenue Fund is hereby created and is hereby designated and constituted as the fund for the payment of such amounts. Said Fund shall be continued until all such amounts have been paid pursuant to such leases or bonds. In addition, there is hereby created and established (i) a COIT Obligations Fund and a COIT Reserve Fund (which two funds the City hereby covenants and agrees to cause to be kept and maintained so long as needed for the purposes set forth herein), and (ii) an COIT Excess Fund. All of the COIT Revenues distributed to the City pursuant to the Act shall be set aside in said funds in the following order of priority and to the extent indicated below: (1) COIT Obligations Fund (2) COIT Reserve Fund; and (3) COIT Excess Fund (a) COIT Obligations Fund. As soon as possible upon receipt by the City of its COIT Revenue distribution (each, a "Distribution"), but in any event not later than the fifteenth (15`h) day following such distribution, there shall be set aside from the COIT Revenue Fund and paid into the COIT Obligations Fund a sufficient amount for the payment of all amounts due on any lease or bonds which by their respective terms are payable from such fund and, with respect to bonds which may be payable from such fund, the necessary fiscal agency charges for paying the principal of and interest on such bonds. If the City receives monthly Distributions, the monthly payments into the COIT Obligations Fund shall be in an amount equal to at least one-sixth (1/6) of the amount payable during the then next succeeding six (6) calendar months of (i) rentals, including without limitation the Rentals, payable from COIT Revenues under any lease, including without limitation, the Lease and (ii) principal of and interest on bonds payable by their terms from COIT Revenues. If the City receives distributions ssi~rr> >asz9~~~ _ 3 _