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16 <br /> <br />and withdrawn only for the purposes authorized in this Section. The proceeds of the <br />Allocation Fund shall be deposited with a legally qualified depository or depositories for <br />funds of the City as now provided by law and shall be segregated and kept separate and <br />apart from all other funds of the City and may be invested as permitted by law. Interest <br />earned in each account or fund established under this resolution shall be credited thereto. <br />c. Except as otherwise specifically provided in Section 9 hereof, so <br />long as any of the Bonds are outstanding, no additional bonds or other obligations pledging <br />any portion of the Tax Increment shall be authorized, executed, or issued by the District, <br />except those as shall be made subordinate and junior in all respects to the Bonds herein <br />authorized, unless the Bonds are redeemed or defeased pursuant to Section 8 hereof <br />coincidentally with the delivery of such additional bonds or other obligations. <br />Section 8. Defeasance. If, when the Bonds or any portion thereof shall have become <br />due and payable in accordance with their terms or shall have been duly called for redemption or <br />irrevocable instructions to call the Bonds or any portion thereof for redemption have been given, <br />and the whole amount of the principal, premium, if any, and the interest so due and payable upon <br />such bonds or any portion thereof then outstanding shall be paid, or (i) cash, or (ii) direct non- <br />callable obligations of or unconditionally guaranteed by (including obligations issued or held in <br />book entry form on the books of) the Department of the Treasury of the United States of America, <br />and securities fully and unconditionally guaranteed as to the timely payment of principal and <br />interest by the United States of America, the principal of and the interest on which when due <br />without reinvestment will provide sufficient money, or (iii) any combination of the foregoing, shall <br />be held irrevocably in trust for such purpose, and provision shall also be made for paying all fees <br />and expenses for the payment, then and in that case the Bonds or such designated portion thereof <br />shall no longer be deemed outstanding or secured by this resolution. <br />Section 9. Issuance of Additional Bonds. The Commission reserves the right to issue <br />bonds, enter into leases, or enter into additional pledges payable from Tax Increment, in whole or <br />in part, on a parity with the pledge for the Parity Bonds for the purposes of raising money for future <br />capital projects in, serving or benefiting the Allocation Areas (collectively, “Parity Obligations”) <br />or for the purpose of refunding any Parity Bonds. The authorization and issuance of such Parity <br />Obligations shall be subject to the following conditions precedent: <br /> (a) All payments of principal and interest on the Parity Bonds and any other <br />obligations payable from the Tax Increment shall be current to date in accordance with the <br />terms thereof, with no payment in arrears. <br />(b) The Commission obtains a projection, using reasonable assumptions, prepared <br />by a recognized certified public accounting firm with experience in public finance in the <br />State of Indiana (the “Certifier”), which projects that the Tax Increment will equal at least <br />125% of the principal and interest on the Parity Bonds and all debt service on all then <br />outstanding Parity Obligations, the Outstanding Obligations and the proposed Parity <br />Obligations (collectively, the “Obligations”) for each year in which any Obligations <br />payable from Tax Increment are outstanding. In estimating the Tax Increment to be <br />received in any future year, the Certifier shall base the calculation on assessed valuation <br />actually assessed or estimated to be assessed as of the assessment date immediately <br />preceding the issuance of the Parity Obligations; provided, however, the Certifier shall