No. 3227 designating and declaring a certain area as a redevelopment area for the ppurpose of amending the boundaries of the South Side Development Area and its allocation area and to amend the Development Plan for the South Side Development Area

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and may be used only as provided in the Act, and more particularly to (i) pay the principal of and interest on any obligations payable solely from allocated tax proceeds which are incurred by the Redevelopment District for the purpose of financing or refinancing the redevelopment of the Area; (ii) establish, augment, or restore the debt service reserve for bonds payable solely or in part from allocated tax proceeds in Area; (iii) pay the principal of and interest on bonds payable from allocated tax proceeds in Area and from the special tax levied under Section 27 of the Act; (iv)pay the principal of and interest on bonds issued by the City to pay for local public improvements in or serving Area; (v) pay premiums on the redemption before maturity of bonds payable solely or in part from allocated tax proceeds in Area; (vi) make payments on leases payable from allocated tax proceeds in Area under Section 25.2 of the Act; (vii) reimburse the City for expenditures made by it for local public improvements (which include buildings, parking facilities, and other items described in Section 25.1(a) of the Act) that are physically located and physically connected to the Area; (viii) reimburse the City for rentals paid by it for a building or parking facility that are physically located and physically connected to the Area under any lease entered into under Indiana Code 36-1-10; (ix) pay all or a portion of a property tax replacement credit to taxpayers in Area as determined by the Commission in accordance with the provisions of the Act; (x)pay expenses incurred by the Commission for local public improvements that are in or serving Area (public improvements include buildings, parking facilities and other items described in Section 25.1(a) of the Act); (xi) reimburse expenses incurred in training employees of industrial facilities that are located in Area and on a parcel of real property that has been classified as industrial property under the rules of the Department of Local Government Finance in accord with the provisions of the Act; and (x) pay the costs of carrying out an eligible efficiency project (as defined in Indiana Code 36-9-41-1.5) subject to the restrictions set for in Section 39(b)(2)(c) of the Act. provided, however, that if future uses of property tax proceeds allocated to the Allocation Fund are authorized or permitted by amendments to the Act, including Sections 39 and 43, after the effective date of this Resolution, those uses shall also be authorized or permitted for property tax proceeds allocated to the Allocation Fund. 10. Except as provided in Section 39(g) of the Act, before July 15 of each year, the Commission shall do the following: (a) determine the amount, if any, by which the assessed value of the taxable property in the allocation area for the most recent assessment date minus the base assessed value, when multiplied by - 4 - US.54700214.03