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17 <br /> <br />adjust such assessed values for the current and future reductions of real property tax <br />abatements granted to property owners in the respective Allocation Area. For purposes of <br />determining whether Tax Increment will be considered to be reasonably expected to be <br />collected and available to provide for the timely payment of the Obligations, the following <br />shall control: <br />(1) if for any reason St. Joseph County shall have refused to pay any portion <br />of the Tax Increment, such portion shall not be considered available; <br />(2) the estimated Tax Increment to be collected shall be based on the <br />existing assessed valuation (unless such valuation has been challenged by the owner <br />of the property, in which case the prior assessed value shall be used) and the then <br />current tax rate; <br />(3) any delinquent payments of property taxes constituting Tax Increment <br />shall not be considered available; and <br />(4) if there is any pending challenge against the establishment or propriety <br />of the Tax Increment, or the proposed uses thereof, such challenged portion of the <br />Tax Increment shall not be considered available. <br />(c) Principal of and interest on any Parity Obligations and lease rentals on Parity <br />Obligations that are leases shall be payable on February 1 and/or August 1. <br />The Commission shall approve and confirm the findings and estimates set forth in the <br />above-described projection in any resolution authorizing the Parity Obligations. Except as <br />provided in this resolution, the terms and conditions of any Parity Obligations shall be set forth in <br />the resolution authorizing such Parity Obligations. <br />Section 10. Amendments. Subject to the terms and provisions contained in this section, <br />and not otherwise, the owners of not less than sixty-six and two-thirds percent (66-2/3%) in <br />aggregate principal amount of the Bonds then outstanding shall have the right, from time to time, <br />to consent to and approve the adoption by the Commission of such resolution or resolutions <br />supplemental hereto as shall be deemed necessary or desirable by the Commission for the purpose <br />of amending in any particular any of the terms or provisions contained in this resolution, or in any <br />supplemental resolution; provided, however, that nothing herein contained shall permit or be <br />construed as permitting: <br />(a) An extension of the maturity of the principal of or interest or premium, if any, on <br />any Bond or an advancement of the earliest redemption date on any Bond, without the consent of <br />the holder of each Bond so affected; or <br />(b) A reduction in the principal amount of any Bond or the redemption premium or rate <br />of interest thereon, or a change in the monetary medium in which such amounts are payable, <br />without the consent of the holder of each Bond so affected; or <br />(c) A preference or priority of any Bond over any other Bond, without the consent of <br />the holders of all Bonds then outstanding; or