01-12-15 Council Agneda & Packet

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(the Prior Bonds, the Bonds, the Additional Bonds, and the Junior Bonds collectively, the "EDIT Bonds ") for the purpose of raising money for future economic development or to provide for a complete or partial refunding of such obligations. The issuance or incurrence of obligations pursuant to Additional Bonds and Junior Bonds shall be subject to the following conditions precedent: (a) All interest and principal payments with respect to all EDIT Bonds shall be current to date in accordance with the terms thereof with no payment in arrears, provided, this condition shall be satisfied if any required amount is to be provided from the proceeds of such Additional Bonds or Junior Bonds or other funds available to the City. (b) The balance in the Reserve Account shall be equal to the amounts required with respect to the outstanding EDIT Bonds, if any, provided, this condition shall be satisfied if any required amount is to be provided from the proceeds of such Additional Bonds or Junior Bonds or other funds available to the City. (c) In the case of a proposed issue of Additional Bonds, the City shall have received a certificate prepared by an independent certified public accountant or an independent financial consultant with professional experience in the business of estimating the levels of and increases in assessed valuation in the State of Indiana and the expected changes in property tax rates caused by such changes (the "Certifier "), certifying that the EDIT Revenues estimated to be received in each succeeding year, together with estimated other available revenues (as defined below), is at least equal to 125% of the principal and interest requirements on all outstanding Prior Bonds and Bonds, any outstanding Additional Bonds, and the proposed issue of Additional Bonds, for each respective year during the term of such outstanding Bonds, and outstanding Additional Bonds and the proposed Additional Bonds. In estimating the EDIT Revenues and other available revenues to be received in any future year, the Certifier shall base his calculation on estimates, believed by the Certifier to be reasonable, including without limitation estimates of investment earnings. For purposes of this paragraph, "Other Available Revenues" shall mean, to the extent such amounts have been set aside and designated for such purpose, amounts held in any debt service reserve accounts for outstanding Prior Bonds, Bonds and Additional Bonds, other than the proposed Additional Bonds. (d) The principal of the proposed Additional Bonds or Junior Bonds shall be payable on the same dates as the principal of the Bonds and the interest thereon shall be payable on February 1 and August 1, during the periods such principal and interest are payable. The City shall approve and confirm the findings and estimates set forth in the above - described certificate of a Certifier in any ordinance authorizing the issuance of the Additional Bonds or Junior Bonds, and such certificate shall be 10