9712-06 Authorizing the Issuance and Sale of CED Income Tax Rev Bonds to Previously issued and current Outstanding CED Bonds

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Registered Owner: Principal Sum: The City of South Bend, in St. Joseph County, State of Indiana (the "City"), for value received, hereby acknowledges itself indebted and promises to pay to the Registered Owner stated above, or registered assigns, the Principal Sum stated above, on the Maturity Date stated above, and to pay interest on said Principal Sum to the Registered Owner of this bond until the City's obligation with respect to the payment of said Principal Sum shall be discharged, at the rate per annum specified above from the interest payment date immediately preceding the date of the authentication of this bond, unless this bond is authenticated on or before January 15, 2007, in which case the interest shall be paid from the Original Date stated above or unless this bond is authenticated between the last day of the month immediately preceding an interest payment date and the interest payment date, in which case interest shall be paid from such interest payment date. Interest shall be payable on February 1, 2007, and semiannually thereafter on February 1 and August 1 of each year. Interest shall be calculated on the basis of twelve (12) thirty (30)-day months for a three hundred sixty (360)-day year. The principal of this bond is payable at the principal office of in ,Indiana, as Registrar and Paying Agent (which term shall include any successor registrar and paying agent). Interest on this bond shall be paid by check or draft mailed or delivered one (1) business day prior to such payment date to the Registered Owner hereof at the address as it appears on the registration books kept by the Registrar and Paying Agent as of the last day of the month immediately preceding the interest payment date or at such other address as is provided to the Registrar and Paying Agent in writing by the Registered Owner. Notwithstanding the foregoing, if payment of principal or interest is made to a depository, payment shall be made by wire transfer on the payment date in same-day funds. All payments on this bond shall be made in coin or currency of the United States of America which, on the dates of such payments, shall be legal tender for the payment of public and private debts. Subject to the provisions of the Ordinance (hereinafter defined) for registration, this bond is negotiable under the laws of the State of Indiana. This bond is one of an authorized issue of bonds of the City in the aggregate principal amount of Dollars ($ ), numbered consecutively from 06AR-1 upwards, issued pursuant to an ordinance (Ordinance No. ~ (the "Ordinance") adopted by the Common Council of the City on October 23, 2006, to provide funds for the refunding prior to maturity of certain previously issued and currently outstanding county economic development income tax revenue bonds of the City, and to pay the costs of issuance of the bonds of this issue. Reference is hereby made to the Ordinance for a description of the nature and extent of the rights, duties and obligations of the owners of the bonds and the City and the terms on which this bond is issued, and to all the provisions of such Ordinance to which the holder hereof by the acceptance of this bond assents. Pursuant to provisions of the Ordinance, the principal of and premium, if any, and interest on this bond and all other bonds of such issue and any bonds hereafter issued ranking on a parity therewith, are payable solely from the Sinking Fund created by the Ordinance to be provided from the county economic development income tax revenues of the City. The City shall not be obligated to pay this bond or the interest thereon except from said special fund provided from said revenues. Subject to the provisions for registration and to certain other provisions set forth in the Ordinance, this bond is negotiable under the laws of the State of Indiana. The City irrevocably pledges the entire county economic development income tax revenues ,of the City deposited into the Sinking Fund created by the Ordinance, to the extent necessary for that purpose, to the prompt payment of principal of and interest on the bonds authorized by the Ordinance, of which this is one, and any bonds hereafter issued on a parity therewith. BDDBOI 4539793v1 -1 ~-