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05-22-2017 Packet
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05-22-2017 Packet
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Section 2.3. Payment on Bonds. The principal of and interest on the Bonds shall be <br /> payable in any coin or currency of the United States of America which, at the respective dates of <br /> payment thereof, is legal tender for the payment of public and private debts. The final payments <br /> on the Series 2017 Bonds shall be payable at the corporate trust office of the Trustee, in South <br /> Bend, Indiana. All other payments on the Series 2017 Bonds shall be made to the person <br /> appearing on the Bond registration books of the Trustee as the registered owner of the Series <br /> 2017 Bonds by check mailed to the Registered Owner thereof as shown on the registration books <br /> of the Trustee. Interest shall be calculated on the basis of a 360-day year consisting of twelve <br /> 30-day months. <br /> Section 2.4. Execution, Limited Obli ag tion. The Series 2017 Bonds shall be executed on <br /> behalf of the Issuer with the manual or facsimile signature of its Mayor, countersigned by the <br /> manual or facsimile signature of the Controller, and attested with the manual or the facsimile <br /> signature of its Clerk and shall have impressed or printed thereon the corporate seal of the Issuer. <br /> Such facsimiles shall have the same force and effect as if such officer had manually signed each <br /> of the Series 2017 Bonds. If any officer whose signature or facsimile signature shall appear on <br /> the Series 2017 Bonds shall cease to be such officer before the delivery of such Bonds, such <br /> signature or such facsimile shall, nevertheless, be valid and sufficient for all purposes, the same <br /> as if he had remained in office until delivery. The Series 2017 Bonds shall also be executed on <br /> behalf of the Developer with the manual or facsimile signature of its manager. <br /> The Series 2017 Bonds do not and shall not represent or constitute a debt of the Issuer, <br /> the State of Indiana or any political subdivision or taxing authority thereof within the meaning of <br /> the provisions of the constitution or statutes of the State of Indiana or a pledge of the faith and <br /> credit of the Issuer, the State of Indiana or any political subdivision or taxing authority thereof. <br /> The Series 2017 Bonds are not an obligation or liability of the State of Indiana, or of any <br /> political subdivision or taxing authority thereof, but are a special limited obligation of the Issuer <br /> and are payable solely and only from the trust estate consisting of funds and accounts held under <br /> the Indenture and TIF Revenues with respect to the principal thereof pledged and assigned for <br /> their payment in accordance with the Indenture ("Trust Estate"). Neither the faith and credit nor <br /> the taxing power of the Issuer, the State of Indiana or any political subdivision or taxing <br /> authority thereof is pledged to the payment of the principal of, or premium, if any, and interest <br /> due on the Series 2017 Bond. The Series 2017 Bonds do not grant the owners or holders thereof <br /> any right to have the Issuer, the State of Indiana or its General Assembly, or any political <br /> subdivision or taxing authority of the State of Indiana, levy any taxes or appropriate any funds <br /> for the payment of the principal of, or premium, if any, and interest due on the Series 2017 <br /> Bonds. No covenant or agreement contained in the Series 2017 Bonds or the Indenture shall be <br /> deemed to be a covenant or agreement of the Redevelopment Commission, the South Bend <br /> Economic Development Commission ("Commission"), the Issuer or of any member, director, <br /> officer, agent, attorney or employee of the Redevelopment Commission, the Commission or the <br /> Issuer in his or her individual capacity, and neither the Redevelopment Commission, the <br /> Commission, the Issuer nor any member, director, officer, agent, attorney or employee of the <br /> Redevelopment Commission, the Commission or the Issuer executing the Series 2017 Bonds <br /> shall be liable personally on the Series 2017 Bonds or be subject to any personal liability or <br /> accountability by reason of the issuance of the Series 2017 Bonds. <br /> - 15 - <br /> 1\11860514.2 <br />
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