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WHEREAS, the Commission anticipates it will consider for approval an <br />addendum to the Lease (the "Addendum") following the sale of the Bonds to reflect lower rental <br />payments under the Lease; and <br />WHEREAS, the Commission desires to establish certain funds and accounts for <br />the payment of the rentals owed by the Commission pursuant to said Lease (the "Pledge <br />Resolution"); <br />NOW, THEREFORE, BE IT RESOLVED, by the South Bend Redevelopment <br />Commission as follows: <br />Section 1. The Commission hereby creates and establishes an Eddy Street <br />Commons Principal and hlterest Account (the "Principal and Interest Account") in the <br />Redevelopment District Bond Fund previously created by the Commission to pay the rentals <br />• owed by the Commission pursuant to the Lease as the same may be amended by the Addendum. <br />Section 2. The Commission hereby covenants to levy in each calendar year <br />(the "Levy Year") beginning in the year prior to the first calendar year in which the Commission <br />is required to pay rentals under the Lease, a special tax upon all of the taxable property in the <br />Redevelopment District of the City of South Bend, Indiana, in a total amount sufficient, together <br />with all other funds then currently on deposit in the Principal and Interest Account (other than <br />such special taxes) as of August 1 of the year prior to the Levy Year to pay all lease rental <br />payments payable under the Lease in the twelve (12) month period beginning on July I of the <br />Levy Year. Such taxes shall be deposited in the Principal and Interest Account and such taxes <br />and any other funds deposited into the Principal and Interest Account shall be irrevocably <br />pledged for the purposes set forth in this Resolution. <br />C~ <br />BDDBOI 5080477v l " 3 " <br />