04-28-14 Council Agenda & Packet

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and apart from all other funds of the District and the Commission and may be invested in accordance with applicable provisions of Indiana law. SECTION 9. Reduction of Special Tax Levy and Pledge of Certain Other Revenues. The amount of the levy under Ind. Code § 36- 7 -14 -27 each year of the Special Tax applicable to making payments on the 2014 Bonds as set forth in the budget of the Commission formulated pursuant to Ind. Code § 36- 7 -14 -28 shall be reduced, as provided in Ind. Code § 36- 7- 14 -27, by revenues of or available to the Commission to the extent such revenues have been set aside and designated by the Commission for such purpose in the account of the Bond Fund hereby created and designated as the "Revenues Account." The Commission hereby covenants to levy the Special Tax each year payments are due with respect to the 2014 Bonds to the extent the revenues of or available to the Commission, and set aside and designated by the Commission as described herein, are not sufficient to timely pay the principal of and interest on the 2014 Bonds. The amounts available and so designated in the Revenues Account of the Bond Fund shall be determined at the time the budget and tax levy for a given year is finally fixed, and such amounts shall be used for no purpose except as contemplated above and are hereby pledged by the Commission to the payment of the 2014 Bonds, such pledge being effective as set forth in Ind. Code § 5- 1 -14 -4 without the necessity of filing or recording this resolution or any other instrument except in the records of the Commission. SECTION 10. Defeasance. If, when the 2014 Bonds or any portion thereof shall have become due and payable in accordance with their terms or shall have been duly called for redemption or irrevocable instructions to call the 2014 Bonds or any portion thereof for redemption have been given, and the whole amount of the principal, premium, if any, and the interest so due and payable upon such bonds or any portion thereof then outstanding shall be paid, or (i) cash; or (ii) direct non - callable obligations of or unconditionally guaranteed by (including obligations issued or held in book entry form on the books of) the U.S. Department of the Treasury, and to the extent permitted by Indiana law and by each rating agency maintaining a rating on the 2014 Bonds, Refcorp interest strips, CATS, TIGRS, STRPS, defeased municipal bonds or other investments rated in the highest category for such obligations by Standard & Poor's Corporation. or Moody's Investors Service (or any combination thereof), the principal of and the interest on which when due without reinvestment will provide sufficient money, or (iii) any combination of the foregoing, shall be held irrevocably in trust for such purpose, and provision shall also be made for paying all fees and exes for the payment, then and in that case the 2014 Bonds or such designated portion thereof shall no longer be deemed outstanding or secured by this resolution. SECTION 11. Amendments. Subject to the terms and provisions contained in this section, and not otherwise, the owners of not less than sixty -six and two - thirds percent (66 -2/3 %) in aggregate principal amount of the 2014 Bonds then outstanding shall have the right, from time to time, to consent to and approve the adoption by the Commission of such resolution or resolutions supplemental hereto as shall be deemed necessary or desirable by the Commission for the purpose of amending in any particular any of the terms or provisions contained in this resolution, or in any supplemental resolution; provided, however, that nothing herein contained shall permit or be construed as permitting: 15