No. 2390 a bond resolution authorizing the issuance of City of South Bend, Indiana, Redevelopment District Tax Increment Revenue Bonds of 2007 (Douglas Road Economic Development Area project)

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rea Allocation Fund the of Redevelopment, Douglas Road Econom>c Development Allocation A "Allocation Fund"); and WHEREAS, with regard to taxes levied on real property in the Allocation Area, property tax proceeds in excess of those attributable to the lesser of: (a) The assessed value of the property for the assessment date with respect to which the allocation and distribution is made; or (b) The base assessed value, as defined in the Act; shall be allocated to the Redevelopment District and, when collected, paid into the Allocation Fund, and may be used by the Redevelopment District only to do one or more of the following: (a) 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 and economic development of the Allocation Area; (b) Establish, augment or restore the debt service reserve for bonds payable solely or in part from allocated tax proceeds in the Allocation Area; (c) Pay the principal of and interest on bonds payable from allocated tax proceeds in the Allocation Area and from the special tax levied under Section 27 of the Act; (d) Pay the principal of and interest on bonds issued by the City to pay for local public improvements in or serving the Allocation Area; (e) Pay premiums on the redemption before maturity of bonds payable solely or in part from allocated tax proceeds in the Allocation Area; (f) Make payments on leases payable from allocated tax proceeds in the Allocation Area under Section 25.2 of the Act; (g) 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) in or serving the Allocation Area; (h) Reimburse the City for rentals paid by it for a building or parking facility in or serving the Allocation Area under any lease entered into under Indiana Code 36-1-10; (i) Pay all or a portion of a property tax replacement credit to taxpayers in the Allocation Area as determined by the Commission, pursuant to Section 39 of the Act; BDDBOI 4912282v3 - 2 -