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(a) Rental payments under all leases and the principal of and interest <br />on all bonds which are, respectively, in accordance with their terms, payable from COIT <br />Revenues shall have been paid in accordance with their terms. <br />(b) All required deposits into the COIT Obligations Fund and the <br />COIT Reserve Fund shall have been made in accordance with the provisions of this Ordinance. <br />(c) Either: (1) the COIT Revenues distributed to the City pursuant to <br />the Act in the fiscal year immediately preceding the entering into or issuance of any such Parity <br />Obligations shall be not less than one hundred thirty-five percent (135%) of the maximum annual <br />interest and principal requirements of all the then outstanding obligations, including without <br />limitation the Lease, payable from amounts that the City receives from COIT Revenues and the <br />additional Parity Obligations; or (2) the COIT Revenues distributed to the City pursuant to the <br />Act for the first full fiscal year immediately succeeding the issuance of any such Parity <br />Obligations shall be projected by a certified public accountant to be at least equal to one hundred <br />thirty-five percent (135%) of the total of the maximum annual rentals or interest and principal <br />requirements of all the then outstanding obligations including without limitation the Lease, <br />payable from amounts that the City receives from COIT Revenues and the Parity Obligations <br />proposed to be issued. <br />For purposes of this subsection, the records of the City shall be analyzed <br />and all showings prepared by a certified public accountant or independent financial <br />adviser employed by the City for that purpose. <br />(d) Lease rentals on any leases and the principal of and interest on any <br />bonds which constitute Parity Obligations shall be payable semiannually on the fifteenth days of <br />3anuary and 3uly in the years such amounts are payable. <br />Except as otherwise provided in this Section 9, so long as the City is obligated to <br />make lease rental payments under the Lease, no Parity Obligations pledging any portion of the <br />COIT Revenues distributed to the City pursuant to the Act shall be authorized, executed or <br />issued by the City except such as shall be made subordinate and junior in all respects to the <br />rentals payable under the Lease, unless the City exercises its option to purchase the Project under <br />the Lease coincidentally with the delivery of such Parity Obligations. <br />10. The provisions hereof shall be construed to create a trust in the COIT <br />revenues and this Ordinance shall not be repealed or amended in any manner which would serve <br />to adversely affect the pledge made herein by the Common Council on behalf of the City. <br />11. This Ordinance shall be in full force and effect from and after its passage <br />by the Common Council and approval by the Mayor. <br />1 st READING ~~~-D3 <br />PUBLIC HEARING ~-Z$'-Q3 <br />3 rd READING c~~~.,~3 <br />NOT APPRO.VI:D <br />REFERRED <br />PASSED ~~ L~ ~ <br />COMMON COUNCIL OF THE CITY <br />OF SO TH BEND, INDIANA <br />By: <br />Me ber of the Common Coun it <br />SBIMANI 148291v1 _ 5 _ <br />