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<br />F°caaz a>t~rtr>c~srs car- ~a~~a„~ roc azr.~Tr,~r~r ~~ rar:.a;vci~cx,'raa.~•r: <br />,~1. 1'~or pui-hoses o~l'ehe allocation provisions oFtite Act, as authorized by Incl. Code 3 36- <br />7-1-39, and a9 n5ed ui Ilus aZesohdion fqr the pw~~o::es of di,trihution ofi-real property taxes, the <br />"ahocatiim arezi' of the Northeast iYeiglilxnhoud G~ev~eh~pt7icitt :'lrea, acid which area is ruore more <br />partieularly° described in Exhibit `'`A"attached hc~rcto and ntuuporatetl heroin; and <br />f'3. Any real property Taxes hereinafter levied by or for thE~ benefit of auv t,uhlic holly <br />entitled to a caistrihution of propert}~ taxes un taxahicpropcrty within the allocation area be allocated <br />and distributed as fi~llocx~s: <br />(I) ESCept as otherwise provided io this section, the proceeds of the taxes <br />attributable to $re lesser of: <br /> <br />(A) the a~,cssed value cif the pr«perty for thtu rtisessment date <br />with respect to which the aIloc~anutf xr~d disu~ihutiutt is m~uh; ar <br />(Bt ihr. base assessed value; <br />s3tall he allocated to and, when collected, paid into die funds r.~f thc~ <br />respective taxuig units. <br />~- +_'~ Excel,>t as rrdterwise provided in this section, propertti~ tax proceeds to excess <br />of those described ut sutniivision (1) shall he allocated to the redeveloptrtc~nt <br />district and, when cc?llecfed, paid into an allocation prod for that alk~catiun <br />area that tear he used by dte redrveaupmcnt district i~nly to do ane (I) or <br />more of the tiillowins~: <br />(:~) Pay the hruiuipal of and interest on any ohbgatinnti payable <br />solely ~ from allocated cax proceeds ~~-hich are incurred by the <br />redevcA~pnreut district tier dte purpose nt Einutte.n~g or retinancing the <br />redcvelupnienC of the allocation area: <br />lB) Establish, augment, or restore die debt sea-vice reserve for <br />Iwnds payuhie saaely ur in part froth aloocateda tax proceeds in the <br />allocation area: <br />tC) Pay tide principal of and interest un twnds payable from <br />allocated tax proceeds in that allocation area and ti'um the special r.ax <br />levied under tact Code y 36-7- I a-27; <br />t;D} Pav dm principal of and interest un bonds issued by the City <br />of South Bend u~ pay for local public improvements iu or seeing the <br />• <br />19 <br />