EDC Agenda & Packet 2.5.2026 - Revised

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4 SECTION II. Approval of Financing. At the public hearing held before the Economic Development Commission, the Economic Development Commission considered whether the Project would have an adverse competitive effect on any similar facilities located in or near the City. This Common Council hereby confirms the findings set forth in the Economic Development Commission’s resolution and concludes that the Project and the financing, refinancing or reimbursing of a portion of the costs of the Project will be of benefit to the health, prosperity, economic stability, and general welfare of the citizens of the City. SECTION III. Copies of Financing Documents on File. The substantially final forms of the Financing Documents shall be incorporated herein by reference and shall be inserted in the minutes of the Common Council and kept on file by the Clerk of the City (the “Clerk”). In accordance with the provisions of Indiana Code 36-1-5-4, two (2) copies of the Financing Documents are on file in the office of the Clerk for public inspection. SECTION IV. Authorization of the Bonds; Terms of the Bonds. The City shall issue the Bonds in one (1) or more series in the maximum aggregate principal amount not to exceed Thirty Million Eight Hundred Thousand Dollars ($30,800,000), which Bonds shall mature not later than thirty (30) years from the date of the issuance of the Bonds, and shall bear interest at a per annum rate not exceeding eight percent (8.0%) per annum. The Bonds may be issued on a draw basis. Principal of and interest on the Bonds shall be payable on February 1 and August 1 of each year (or on such other dates as selected by the Controller of the City prior to the sale of the Bonds based upon the advice of the municipal advisor to the City), beginning not sooner than August 1, 2026. The Bonds may be issued as serial bonds and/or term bonds subject to mandatory sinking fund redemption. The Bonds may be subject to optional redemption prior to maturity and subject to redemption as otherwise provided in the Financing Documents. The Bonds shall be issued in minimum denominations of One Hundred Thousand Dollars ($100,000) and integral multiples of One Thousand Dollars ($1,000) in excess thereof. The Bonds are to be issued for the purpose of procuring funds to (a) pay all or a portion of the cost of acquisition, development, construction, equipping, renovation, and/or reconstruction, as the case may be, of the Project, (b) pay capitalized interest on the Bonds for a period not to exceed one (1) year following project completion (if necessary), (c) fund a debt service reserve fund (if necessary) or the costs of a reserve surety (if necessary), and (d) pay all costs relating to the issuance of the Bonds. The Bonds shall be lettered and numbered R-1 upward. The Bonds shall be special and limited obligations of the City, payable solely from the trust estate created and established under the Indenture (the “Trust Estate”), which Trust Estate shall consist of the funds and accounts created under the Indenture together with a pledge by the Redevelopment Commission of the Project TIF Revenues, subject to the terms and conditions of a pledge agreement between the Redevelopment Commission and the City (the “TIF Pledge Agreement”), a pledge by the IEDC of the Project IDD Revenues, subject to the terms and conditions of one or more agreements between the IEDC and the City to pledge or otherwise obligate the Project IDD Revenues (collectively, the “IDD Pledge Agreement”), and from such other sources pursuant to the final forms of the Financing Documents, and upon such terms and conditions as otherwise provided in the Financing Documents and this Ordinance. The Bonds and the interest thereon do not and shall never constitute an indebtedness of, or charge against the general credit of, or taxing power of the City, but shall be special and limited obligations of the City, payable solely from the sources as described in the Financing Documents.