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2 <br />(6.0%) of the Riverwalk Allocation Area TIF Revenues (the “6% Pledge Revenues”) until such <br />time as the aggregate of such additional annual amounts equals $1,342,000 (the “6% Pledge <br />Amount”), following which the only amount of the Riverwalk Allocation Area TIF Revenues <br />pledged shall be the 90% Pledge Revenues (clauses (i) and (ii), collectively, the “Pledged TIF <br />Revenues”) to the payment of the principal of and interest on the Bonds; and <br />WHEREAS, the Commission has determined that the undertaking of the Project, the <br />issuance of the Bonds by the City and the pledge of the Pledged TIF Revenues in the manner set <br />forth herein will further the purposes of the Declaratory Resolution and the Plan, each as amended; <br />NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment <br />Commission, as follows: <br />1.The Commission hereby pledges the Pledged TIF Revenues to the payment of the <br />principal of and interest on the Bonds as follows: (i) the 90% Pledge Revenues are pledged for a <br />term of years not less than the term of the Bonds and (ii) the 6% Pledge Revenues are pledged <br />until such time as the aggregate amount of such additional annual amounts of Riverwalk Allocation <br />Area TIF Revenues equals the 6% Pledge Amount. <br />2.The pledge of the Pledged TIF Revenues made herein shall be effective as set forth <br />in I.C. 5-1-14-4 without the recording of this Resolution other than in the records of the <br />Commission or the filing of any other instrument. Notwithstanding the foregoing, in the event that <br />the Pledged TIF Revenues are in excess of the amount necessary to make scheduled principal and <br />interest payments on the Bonds when due and to pay any outstanding amounts due and owing on <br />the Bonds due to shortfalls in Pledged TIF Revenues in previous years (the “Excess TIF <br />Revenues”), the Commission shall retain and apply such Excess TIF Revenues solely to the <br />payment of the principal of and interest on the Bonds when due or, at the option of the Commission <br />in accordance with the terms of the Bonds, to redeem a portion of the outstanding <br />Bonds. Notwithstanding anything herein to the contrary, at such time as the aggregate amount of <br />the additional annual amounts of the 6% Pledge Revenues equals the 6% Pledge Amount, the 6% <br />Pledge Revenues shall no longer be pledged hereunder and the Commission shall retain the 6% <br />Pledge Revenues received by the Commission and may use the 6% Pledge Revenues for any <br />purpose under the Act. <br />3.The President and Secretary of the Commission are hereby authorized and directed <br />to enter into a pledge agreement on behalf of the Commission (the “Pledge Agreement”) providing <br />that the Pledged TIF Revenues are pledged as described herein and containing such other terms <br />consistent with this Resolution to evidence the intent of the Commission to secure the Bonds solely <br />with the Pledged TIF Revenues as described herein. <br />4.Any officer of the Commission is hereby authorized to take such further actions <br />and execute on behalf of the Commission such further documents or agreements as any such officer <br />deems necessary or appropriate to effectuate the purposes of this Resolution. <br />5.This Resolution shall be deemed to take effect immediately upon adoption by the <br />Commission. The provisions of this Resolution shall constitute a contract binding between the <br />Commission and the holder or holders of the Bonds and after the issuance of said Bonds, this