32-17 Economic Development Revenue Bonds (Studebaker Project)

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Section 2.3. Payment on Bonds. The principal of and interest on the Bonds shall be payable in any coin or currency of the United States of America which, at the respective dates of payment thereof, is legal tender for the payment of public and private debts. The final payments on the Series 2017 Bonds shall be payable at the corporate trust office of the Trustee, in South Bend, Indiana. All other payments on the Series 2017 Bonds shall be made to the person appearing on the Bond registration books of the Trustee as the registered owner of the Series 2017 Bonds by check mailed to the Registered Owner thereof as shown on the registration books of the Trustee. Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. Section 2.4. Execution; Limited Obligation. The Series 2017 Bonds shall be executed on behalf of the Issuer with the manual or facsimile signature of its Mayor, countersigned by the manual or facsimile signature of the Controller, and attested with the manual or the facsimile signature of its Clerk and shall have impressed or printed thereon the corporate seal of the Issuer. Such facsimiles shall have the same force and effect as if such officer had manually signed each of the Series 2017 Bonds. If any officer whose signature or facsimile signature shall appear on the Series 2017 Bonds shall cease to be such officer before the delivery of such Bonds, such signature or such facsimile shall, nevertheless, be valid and sufficient for all purposes, the same as if he had remained in office until delivery. The Series 2017 Bonds shall also be executed on behalf of the Developer with the manual or facsimile signature of its manager. The Series 2017 Bonds do not and shall not represent or constitute a debt of the Issuer, the State of Indiana or any political subdivision or taxing authority thereof within the meaning of the provisions of the constitution or statutes of the State of Indiana or a pledge of the faith and credit of the Issuer, the State of Indiana or any political subdivision or taxing authority thereof. The Series 2017 Bonds are not an obligation or liability of the State of Indiana, or of any political subdivision or taxing authority thereof, but are a special limited obligation of the Issuer and are payable solely and only from the trust estate consisting of funds and accounts held under the Indenture and TIF Revenues with respect to the principal thereof pledged and assigned for their payment in accordance with the Indenture ("Trust Estate"). Neither the faith and credit nor the taxing power of the Issuer, the State of Indiana or any political subdivision or taxing authority thereof is pledged to the payment of the principal of, or premium, if any, and interest due on the Series 2017 Bond. The Series 2017 Bonds do not grant the owners or holders thereof any right to have the Issuer, the State of Indiana or its General Assembly, or any political subdivision or taxing authority of the State of Indiana, levy any taxes or appropriate any funds for the payment of the principal of, or premium, if any, and interest due on the Series 2017 Bonds. No covenant or agreement contained in the Series 2017 Bonds or the Indenture shall be deemed to be a covenant or agreement of the Redevelopment Commission, the South Bend Economic Development Commission ("Commission"), the Issuer or of any member, director, officer, agent, attorney or employee of the Redevelopment Commission, the Commission or the Issuer in his or her individual capacity, and neither the Redevelopment Commission, the Commission, the Issuer nor any member, director, officer, agent, attorney or employee of the Redevelopment Commission, the Commission or the Issuer executing the Series 2017 Bonds shall be liable personally on the Series 2017 Bonds or be subject to any personal liability or accountability by reason of the issuance of the Series 2017 Bonds. - 15 - I\11860514.2