(A) There is hereby established the Exit Ten Fee Fund.
(B) The Clerk-Treasurer shall create as many sub-accounts within the fund as is appropriate, but at a minimum shall establish the following accounts:
(1) Exit Ten Road Impact Fee Account;
(2) Exit Ten (E. Bennette Reconstruction) Drainage Fee Account;
(3) Exit Ten Interceptor Fund Account;
(4) Exit Ten Ticket Tax Account;
(5) Exit Ten Interest Earnings Account.
(C) The Clerk-Treasurer shall cause all amounts in the fund to be segregated in a separate interest bearing account and the earnings shall be paid into the Exit Ten Interest Earnings Account, and all amounts in the fund, including amounts in the Exit Ten Earnings Account, shall be used only for the purposes of paying lease rental payments with respect to the bonds and/or reimbursement obligations relating to the bonds (as defined in the agreement) and for no other purposes.
(D) On or before January 1, 2009, and the date of each subsequent lease rental payment for the bonds, the Clerk-Treasurer shall first determine the amount of tax increment (meaning tax increment revenues as described in I.C. 36-7-14-39.3) held or to be received by the Noblesville Redevelopment Commission available for payment of the next lease rental payment and shall pay into the Sinking Fund maintained for the bonds the lessor of:
(1) The amount in the fund; or
(2) The difference between the next semi-annual lease rental payment on the bonds and the amount of tax increment held by the Noblesville Redevelopment Commission and available for payment of such lease rental payment.
(E) This section shall remain in full force and effect until all of the bonds have been repaid and all reimbursement obligations relating to the bonds (as defined in the agreement) have been paid in full. However, at such time as all reimbursement obligations relating to the bonds (as defined and described in the agreement) have been paid and the tax increment collected within the Noblesville Corporate Campus East Economic Development Area for the last two consecutive semi-annual tax periods, exceeds 124% of the maximum annual lease rental payment on the bonds, the Common Council of the city may amend this section to use road impact fees and sewer fees for such additional purposes as may be permitted for such fees.
(Ord. 59-8-03, passed 8-26-03; Am. Ord. 69-10-04, passed 11-23-05)