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Account of the Allocation Area No. 3 Fund (the "Principal and Interest Account ") and pledging <br />Project Tax Increment Revenues for the payment of taxable economic development bonds originally <br />issued in an aggregate principal amount of Five Million Four Hundred Eight -five Thousand and <br />001100 Dollars ($5,485,000.00) (the "EDC Bonds ") to provide financing for the redevelopment of <br />Allocation Area No. 3; and <br />WHEREAS, the EDC Bonds were issued on April 19, 2005, at fixed interest rates ranging <br />from six and one -tenth percent (6.10 %0) to six and three - quarters percent (6.75 %) with interest <br />payable on August 1, 2005, and on each February 1 and August 1 thereafter and maturing on <br />February 1 in the years 2021 and 2027 with mandatory sinking fund payments due on February 1 in <br />the years 2008 through and including 2027, a schedule of which debt service payments is as set forth <br />at Exhibit A; and <br />WHEREAS, the EDC Bonds are secured by a Trust Indenture dated April 1, 2005 (the <br />"Indenture ") between the City and Wells Fargo Bank, N.A., as Trustee (the "Trustee "); and <br />WHEREAS, the Pledge Resolution requires that all funds allocated to the Allocation Area <br />No. 3 Fund be immediately transferred into the Principal and Interest Account and on January 15 and <br />July 15 of each year all funds necessary to pay (i) the principal of and interest on the EDC Bonds <br />currently or scheduled to be due and expected to be paid from the Project Tax Increment Revenues <br />and (ii) to pay any amount of principal on the EDC Bonds which was not previously paid when due <br />or interest accruing thereon as a result of an insufficiency in Project Tax Increment Revenues in prior <br />year or years, be transferred from the Principal and Interest Account and/or the Allocation Area No. <br />3 Fund to the Trustee to be placed on deposit under the Indenture and only thereafter may excess <br />Project Tax Increment Revenues in the Principal and Interest Account and/or the Allocation Area <br />No. 3 Fund be transferred or used for any other purpose set forth in Section 39 of the Act; and <br />WHEREAS, the Commission desires to authorize all funds received by the Commission for <br />Allocation Area No. 3 Fund be transferred to the Principal and Interest Account; and <br />WHEREAS, the Commission further desires that all funds on deposit in the Principal and <br />Interest Account be appropriated for the debt service payments on the EDC Bonds, in accordance <br />with the Pledge Resolution and Indiana Code § 36- 7- 14- 39(b)(2)(A); and <br />WHEREAS, the proposed appropriations from Allocation Area No. 3 Fund or the Principal <br />and Interest Account are not for the operating expenses of the Commission; and <br />WHEREAS, such appropriations are subject to the provisions of Indiana Code § 6- 1.1 -18 -5; <br />and <br />WHEREAS, on December 19, 2008, the Commission adopted Resolution 2532 setting a <br />public hearing on said appropriations for 10:00 a.m. on January 16, 2009 and authorizing the <br />Secretary of the Commission to duly publish notice of said hearing; and <br />