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<br />18 <br />ARTICLE IV. <br />REVENUE AND FUNDS <br />Source of Payment of the Bonds. The Bonds herein authorized and all payments to be made by <br />the Issuer hereunder are not general obligations of the Issuer but are limited obligations payable <br />solely from the Trust Estate (including the TIF Revenues, the IDD Revenues, the Taxpayer Direct <br />Payments and the Loan Payments) pledged and assigned for their payment in accordance with the <br />Indenture. No covenant or agreement contained in the Bonds or this Indenture shall be deemed to <br />be a covenant or agreement of any member, director, officer, agent, attorney or employee of the <br />Issuer in his or her individual capacity, and no member, director, officer, agent, attorney, or <br />employee of the Issuer executing the Bonds shall be liable personally on the Bonds or be subject <br />to any personal liability or accountability by reason of the issuance of the Bonds. <br />The Redevelopment Commission has pledged the TIF Revenues to the payment of the <br />Bonds. <br />The IEDC has pledged the IDD Revenues to the payment of the Bonds. <br />Bond Fund. <br />(a) The Trustee shall establish and maintain, so long as any of the Bonds are <br />outstanding, a separate fund to be known as the “City of South Bend, Indiana—2026 Colfax Corner <br />Project Bond Fund” (the “Bond Fund”). Money in the Bond Fund shall be applied as provided in <br />this Section 4.2. <br />(b) There shall be deposited in the Bond Fund, as and when received, the TIF <br />Revenues, the IDD Revenues, the Taxpayer Direct Payments and, if necessary, the Loan Payments <br />in an amount equal to the payments due on the Bonds on the next February 1 or August 1 plus <br />Trustee fees coming due within the next six (6) months with respect to the Bonds. <br />(c) The Issuer hereby covenants and agrees that so long as any of the Bonds issued <br />hereunder are outstanding it will deposit, or cause to be paid to Trustee for deposit in the Bond <br />Fund, prior to 10:00 a.m., Indianapolis time, on the business day immediately preceding each <br />January 5 and July 5, commencing no later than July 5, 202__, sufficient sums from revenues and <br />receipts derived from the TIF Revenues and IDD Revenues promptly to meet and pay the amounts <br />required under Section 4.2(b) hereof. In the event of a deficiency of available TIF Revenues and <br />IDD Revenues to make the next debt service payment, the Trustee shall notify the Company of the <br />amount needed to remedy the deficiency by no later than the next January 10 or July 10, as <br />applicable. Pursuant to the terms of the Taxpayer Agreement, the Company is obligated to make <br />a Taxpayer Direct Payment to remedy the deficiency and the Issuer covenants and agrees to <br />transfer all Taxpayer Direct Payments received to the Trustee. If a deficiency still remains, the <br />Company is obligated under the Loan Agreement to make Loan Payments to the Issuer, and the <br />Issuer covenants and agrees to immediately transfer all Loan Payments received to the Trustee. <br />Nothing herein should be construed as requiring Issuer to deposit or cause to be paid to Trustee <br />for deposit in the Bond Fund, funds from any source other than receipts derived from the TIF <br />Revenues, the IDD Revenues, the Taxpayer Direct Payments and, if necessary, the Loan Payments.