No. 2350 amending the Northeast Neighborhood Development Area Development Plan to establish a housing program

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,~ ~ • incurred by the Redevelopment District for the purpose of financing or refinancing the redevelopment of Allocation Area No. 2; (B) establish, augment, or restore the debt service reserve for bonds payable solely or in part from allocated tax proceeds in Allocation Area No. 2; (C) pay the principal of and interest on bonds payable from allocated tax proceeds in Allocation Area No. 2 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 Allocation Area No. 2; (E) pay premiums on the redemption before maturity of bonds payable solely or in part from allocated tax proceeds in Allocation Area No. 2; (F) make payments on leases payable from allocated tax proceeds in Allocation Area No. 2 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 Allocation Area No. 2; (H) reimburse the City for rentals paid by it for a building or parking facility in or serving Allocation Area No. 2 under any lease entered into under IC 36-1-10; (I) pay expenses incurred by the Commission for local public improvements that are in or serving Allocation Area No. 2; or (3) to reimburse the City for expenditures made by the City in order to accomplish the Housing Program in Allocation Area No. 2. Provided however, that if future uses of property tax proceeds allocated to the Allocation Fund are authorized or permitted by amendments to the Act, including Sections 39 and 48 of the Act, after the effective date of this Resolution, those uses shall also be authorized or permitted for property tax proceeds allocated to the Allocation Fund. Section 8 of the Declaratory Resolution shall be modified and restated in its entirety as follows: (a) Determine the amount, if any, by which property taxes payable to the Allocation Fund in the following year will exceed the amount of property taxes necessary to make, when due, principal and interest payments on bonds described in Section 39(b)(2) of the Act plus the amount necessary for the other purposes described in Section 39(b)(2) of the Act and to reimburse the City for anticipated expenditures described in Paragraph 7(c)(3). (b) Notify the County Auditor of the amount, if any, of • the amount of excess property taxes that the Commission has determined BDDB01 4811822v3 - 4 -