32-17 Economic Development Revenue Bonds (Studebaker Project)

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ARTICLE II. THE BONDS Section 2.1. Authorized Amount of Series 2017 Bonds. No Bonds may be issued under the provisions of this Indenture except in accordance with this Article. The principal amount of the Series 2017 Bonds (other than Bonds issued in substitution therefor pursuant to Section 2.9 hereof) that may be issued is hereby expressly limited to $3,500,000. Additional Bonds may be issued as provided in Section 2.8 hereof. Section 2.2. Issuance of Series 2017 Bonds. The Series 2017 Bonds shall be designated "City of South Bend, Indiana Taxable Economic Development Revenue Bonds, Series 2017 (Studebaker Project)." The Series 2017 Bonds shall be originally issuable as fully registered Series 2017 Bonds in minimum denominations of $100,000 and any $1,000 integral multiples thereafter and shall be lettered and numbered R-1 and upward. Interest on the Series 2017 Bonds shall be paid to the owners of such Series 2017 Bonds determined as of the close of business of the Record Date next preceding each Interest Payment Date at the registered addresses of such owners as they shall appear on the registration books of the Trustee notwithstanding the cancellation of any such Series 2017 Bonds upon any exchange or transfer thereof subsequent to the Record Date and prior to such Interest Payment Date, except that, if and to the extent that there shall be a default in the payment of the interest due on such interest payment date, such defaulted interest shall be paid to the owners in whose name any such Series 2017 Bonds (or any Series 2017 Bond issued upon transfer or exchange thereof) are registered at the close of business of the Record Date next preceding the date of payment of such defaulted interest. Payment of interest to all Bondholders shall be by check drawn on the main office of the Paying Agent and mailed to such Bondholder one business day prior to each Interest Payment Date. The Series 2017 Bonds shall be dated as of the date of their delivery and shall accrue interest on each advance from the date of that advance. Interest shall be computed on the basis of a 360 day year consisting of twelve 30-day months. The interest on the Series 2017 Bonds shall be payable quarterly on each January 1, April 1, July 1 and September 1, commencing on 1, 20 Proceeds of the Series 2017 Bonds shall be advanced from time to time as provided in Section 4.3 The Series 2017 Bonds shall bear interest from the Interest Payment Date next preceding the date of authentication thereof, unless such date of authentication shall be subsequent to a Record Date in which case they shall bear interest from the Interest Payment Date with respect to such Record Date, provided, however that if, as shown by the records of the Trustee, interest on the Series 2017 Bonds shall be in default, Series 2017 Bonds issued in exchange for Series 2017 Bonds surrendered for transfer or exchange shall bear interest from the date to which interest has been paid in full on the Series 2017 Bonds or, if no interest has been paid on the Series 2017 Bonds, from the date of issuance and delivery of the Series 2017 Bonds. The Series 2017 Bonds authenticated on or prior to , 20_ shall bear interest from the date of delivery of the Series 2017 Bonds. The Series 2017 Bonds shall mature on July 1, 2018. - 14 - I\11860514.2