No. 2344 establishing a housing program and housing allocation area in the Northeast Neighborhood Development Area

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obligations payable solely from allocated tax proceeds which are incurred by the Redevelopment District for the purpose of financing or refinancing the redevelopment of Allocation Area No. 2; (ii) establish, augment, or restore the debt service reserve for bonds payable solely or in part from allocated tax proceeds in Allocation Area No. 2; (iii) 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; (iv) 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; (v) pay premiums on the redemption before maturity of bonds payable solely or in part from allocated tax proceeds in Allocation Area No. 2; (vi) make payments on leases payable from allocated tax proceeds in Allocation Area No. 2 under Section 25.2 of the Act; (vii) 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; (viii) 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; (ix) pay expenses incurred by the Commission for local public improvements that are in or serving Allocation Area No. 2; (e) The proceeds distributed to the Redevelopment District pursuant to Paragraph 7(b) hereof, shall be deposited in the Allocation Fund and may be used only as provided for in the Act. and more particularly 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. 8. Before July 15 of each year, the Commission shall do the following: 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 Paragraph 7(d) plus the amount necessary for the other purposes described in 7(d) and to reimburse the City for anticipated expenditures described in Paragraph 7(e). B. Notify the County Auditor of the amount, if any, of the amount of excess property taxes that the Commission has determined may be paid to the respective taxing units in the manner prescribed in Paragraph 7(a). 9. All other findings, determinations, and conclusions in the Declaratory Resolution shall remain as stated therein, unless the provisions of this Resolution provide otherwise. • aooQOi a~~~ioo~z - 6 -