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Total Principal $5,380,000 <br />Security and Lien Net Revenues of the Water Utility ("Net Revenues" is defined as gross revenues of the <br />Water Utility after deduction only for the payment of the reasonable expenses of <br />operation, repair and maintenance, excluding any rates or charges in lieu of taxes made <br />and collected by the Water Utility and transferred to the City of South Bend.) <br />Repayment Schedule Annual principal payments commencing January 1, 2013 and terminating January 1, <br />2030. <br />Interest Payments Semiannual principal payments commencing January 1, 2010 and each January 1 and July <br />1 thereafter. <br />Debt Service Reserve Maximum principal and interest to be funded by a five (5) year build up of Net Revenues. <br />CITY OF SOUTH BEND <br />DESCRIPTION OF PROJECT <br />3 <br />Proceeds of the Series 2009 C-1 Qualified Obligations were used for upgrades, expansion, additions, replacements, <br />extensions and improvement to the Water Utility, including (a) the repair and replacement of a roof on a 5.5 million <br />gallon reservoir; (b) the repair of an under drain and replacement of the filter media at a filtration plant; (c) the <br />replacement of four main line valves; (d) the installation of a water main extension south of the intersection of <br />Ireland Road and Ironwood Drive; (e) the design and installation of a pumping station at the Ireland Road Tank site; <br />(f) the installation of a water main extension from Carroll Street and Johnson Road to Lucinda Street to U.S. 31, <br />and from Lilac Road to Armstrong Drive along Kern Road; (g) the purchase of two tandem axle dump trucks and <br />one backhoe; (h) the purchase of residential water meters; (i) making any and all additional improvements related to <br />the foregoing; and (j) the costs of issuance associated therewith. <br />DESCRIPTION OF THE SERIES 2009 C-1 QUALIFIED OBLIGATIONS <br />CERTAIN GENERAL ECONOMIC AND DEMOGRAPHIC INFORMATION <br />The City of South Bend (the "City") is located in St. Joseph County approximately 140 miles north of Indianapolis <br />and 90 miles east of Chicago, Illinois. The City is serviced by I-80 and I-90, U.S. 31 and State Road 23. The City's <br />economy is a mix of education, healthcare and manufacturing. The City's population in the 2010 Census was <br />101,168.