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2 <br /> <br />from proceeds of the Bonds or the cost of a reserve surety, if necessary, and costs relating to the <br />issuance of the Bonds; and <br />WHEREAS, as an inducement to the Developer to undertake the Project, the Commission <br />desires to pledge a portion of the Net Project TIF Revenues (as defined herein) to the payment of <br />the principal of and interest on the Bonds; and <br />WHEREAS, prior to the issuance of the Bonds, the Indiana Economic Development <br />Corporpation will take such actions and enter into such agreements necessary to pledge or <br />otherwise obligate the Pledged IDD Revenues (as defined in the Development Agreement) to the <br />payment of the principal of and interest on the Bonds; and <br />WHEREAS, the Commission has determined that the undertaking of the Project, the <br />issuance of the Bonds by the City and the pledge of the Pledged TIF Revenues (as defined herein) <br />in the manner set forth herein will further the purposes of the Declaratory Resolution and the Plan, <br />each as amended; <br />NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment <br />Commission, as follows: <br />1. All terms defined herein and all pronouns used in this Resolution shall be deemed <br />to apply equally to the singular and plural and to all genders. All terms defined elsewhere in this <br />Resolution shall have the meaning given in such definition. In this Resolution, unless a different <br />meaning clearly appears from the context: <br />“Net Project TIF Revenues” shall mean all real property tax proceeds attributable to the <br />assessed valuation of the parcels comprising the Project Site (as defined in the Development <br />Agreement) and located in the Lafayette North Allocation Area as of each assessment date in <br />excess of the base assessed value as described in Indiana Code 36-7-14-39(b)(1) received by the <br />Commission, less RDC/City Direct Costs. <br />“Pledged TIF Revenues” shall mean eighty-eight percent (88%) of the Net Project TIF <br />Revenues. <br />“RDC/City Direct Costs” shall mean all costs of the Commission and the City to pay annual <br />fees of the Trustee with respect to the Bonds, if any, and any fees or reasonable costs incurred in <br />monitoring the Pledged TIF Revenues and the Pledged IDD Revenues in the amount of $3,000 <br />semiannually for the Bonds. <br />“Trustee” means the trustee for the Bonds. <br />2. The Commission hereby pledges, pursuant to Sections 39(b)(4)(D) of the Act, the <br />Pledged TIF Revenues to the payment of the principal of and interest on the Bonds for a term of <br />years not less than the lesser of the term of the Bonds or twenty-five (25) years from the date of <br />issuance of the Bonds, all pursuant to the terms of the Pledge Agreement (as defined herein) and <br />the trust indenture for the Bonds (the “Indenture”).