05-26 Ordinance Authorizing the City to Issue One or More Series of its Taxable Economic Development Tax Increment Revenue Bonds and Approving and Authorizing Other Actions in Respect Thereto in Connection With the Colfax Corner ML, LLC Project

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WHEREAS, IC 36-7-14 provides that a redevelopment commission of an issuer may pledge certain incremental property taxes (known herein as TIF Revenues)to pay, in whole or in part, amounts due on the Bonds; and WHEREAS, the City and the Indiana Economic Development Corporation (the "IEDC") have entered into an agreement, dated as of , 202_ (the "IDD Agreement") that establishes an innovation development district within the City in accordance with IC 36-7-32.5,as amended from time to time(the"IDD Act"),to be known as the"South Bend Downtown IDD"(the"South Bend IDD"); and WHEREAS, pursuant to this Indenture,the Bonds shall be payable solely from the Trust Estate (as defined herein, including payments derived from the TIF Revenues, the IDD Revenues (as defined herein), [the Taxpayer Direct Payments (as defined herein) and the Loan Payments (as defined herein)] and the funds and accounts created hereunder; and WHEREAS, the Redevelopment Commission has, by resolution, dedicated and pledged to the Issuer, TIF Revenues to be applied to the repayment of the Bonds; and WHEREAS,the IEDC has,by ,dedicated and pledged to the Issuer, IDD Revenues (as defined herein)to be applied to the repayment of the Bonds; and WHEREAS,the Bonds and the Trustee's certificate of authentication to be endorsed thereon are all to be substantially in the form provided in this Indenture;and NOW, THEREFORE, THIS INDENTURE WITNESSETH: That in order to secure the payment of the principal of and interest on the Bonds to be issued under this Indenture according to their tenor, purport and effect,and in order to secure the performance and observance of all the covenants and conditions herein and in said Bonds contained, and in order to declare the terms and conditions upon which the Bonds are issued, authenticated, delivered, secured and accepted by all persons who shall from time to time be or become holders thereof, and for and in consideration of the mutual covenants herein contained, of the acceptance by the Trustee of the trust hereby created, and of the purchase and acceptance of the Bonds by the holders or obligees thereof, the Issuer has executed and delivered this Indenture, and by these presents does hereby convey, grant; assign, pledge and grant a security interest in, unto the Trustee, its successor or successors and its or their assigns forever, with power of sale, all and singular, the property, real and personal hereinafter described(the"Trust Estate"): GRANTING CLAUSES DIVISION I All right,title and interest of the Issuer in and to the TIF Revenues(such pledge to be effective as set forth in IC 5-1-14-4 and IC 36-7-14-39 without filing or recording of this Indenture or any other instrument); DIVISION II All right,title and interest of the Issuer in and to the IDD Revenues(such pledge to be effective as set forth in IC 5-1-14-4 without filing or recording of this Indenture or any other instrument); 2