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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[End of Series B Refunding Bond Form] SECTION 5. The Controller is hereby authorized and directed to have the Refunding Bonds prepared. The Controller is hereby authorized and directed to deliver the Refunding Bonds to the purchaser thereof upon compliance with the requirements established hereunder and under the Refunding Law for the sale thereof, and to collect the full amount which the purchaser or the underwriter has agreed to pay therefor, which shall be not less than ninety- eight percent (98.0%) of the principal amount of the Refunding Bonds (or such higher percentage as may be provided in the Purchase Agreement). The proceeds derived from the sale of the Refunding Bonds shall be and are hereby set aside for the application to the costs of the refunding of the Prior Bonds, together with the expenses necessarily incurred in connection therewith, including the expenses incurred in the issuance of the Refunding Bonds, all as set forth in Section 6 hereof. The authorized officers of the City are hereby authorized and directed to draw all proper and necessary warrants and to do whatever other acts and things that may be necessary or appropriate to carry out the provisions of this Ordinance. The City hereby specifically authorizes the sale of the Refunding Bonds by negotiation to the purchaser or underwriter thereof, and further authorizes the Mayor to execute a purchase agreement setting forth the terms of the sale of the Refunding Bonds consistent with the terms of this Ordinance, based upon the advice of the Financial Advisor. Prior to the delivery of the Refunding Bonds, the Controller, based upon the advice of the Financial Advisor, (i) shall be authorized to investigate, negotiate and obtain bond insurance, other forms of credit enhancement and/or credit ratings on the Refunding Bonds and (ii) shall obtain a legal opinion as to the validity of the Refunding Bonds from Baker & Daniels, South Bend, Indiana, bond counsel for the City, with such opinion to be furnished to the purchaser or underwriter of the Refunding Bonds at the expense of the City. The costs of obtaining any such insurance, other credit enhancement and/or credit ratings, together with bond counsel's fee in preparing and delivering such opinion and in the performance of related services in connection with the issuance, sale and delivery of the Refunding Bonds, and local counsel's fee shall be considered as a part of the costs of the issuance of the Refunding Bonds and shall be paid out of the proceeds of the Refunding Bonds.. SECTION 6. The proceeds from the sale of the Refunding Bonds shall be deposited and applied as follows: (a) Any premium received by the City at the time of the delivery of the Series A Refunding Bonds and Series B Refunding Bonds shall be deposited in respective subaccounts of the Bond Principal and Interest Account established for the payment of the principal of and interest on the Refunding Bonds. (b) A sufficient amount of the proceeds received from the sale of the Series A Refunding Bonds and the Series B Refunding Bonds shall be BDDBOI 4539793v1 -18-