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available to the Commission and pledged for such purpose being defined for all purposes herein
<br />as Tax Increment) and deposited in the Allocation Fund, in an aggregate principal amount not to
<br />exceed Two Million Five Hundred Thousand and 00 /100 Dollars ($2,500,000.00) and which
<br />amount does not exceed the cost of the redevelopment and economic development in the
<br />Allocation Area, together with a sum sufficient to pay the estimated cost of all expenses
<br />reasonably incurred in connection with the redevelopment and economic development of the
<br />Allocation Area, including the total cost of all reasonable and necessary architectural,
<br />engineering, legal, financing, accounting, advertising, bond discount and supervisory expenses,
<br />capitalized interest and a debt reserve for the bonds to the extent the Commission determines that
<br />a reserve is reasonably required, together with the expenses in connection with or on account of
<br />the issuance of bonds therefor; and
<br />WHEREAS, the Commission now desires to issue revenue bonds of the
<br />Redevelopment District in an aggregate principal amount not to exceed Two Million Five
<br />Hundred Thousand and 00/100 Dollars ($2,500,000.00);
<br />NOW THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
<br />Commission as follows:
<br />SECTION 1. For the purpose of procuring funds to pay for the cost of the
<br />redevelopment and economic development of the Allocation Area, including the Project,
<br />together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in
<br />connection with the redevelopment and economic development of the Allocation Area, including
<br />the total cost of all reasonable and necessary architectural, engineering, legal, financing,
<br />accounting, advertising, bond discount and supervisory expenses, capitalized interest and a debt
<br />service reserve for said bonds as set forth herein, together with the expenses in connection with
<br />or on account of the issuance of said bonds, the City acting for and on behalf of the
<br />Redevelopment District, shall make a loan in the aggregate principal amount not to exceed Two
<br />Million Five Hundred and 00 /100 Dollars ($2,500,000.00).
<br />In order to procure funds for said loan, the Controller is hereby authorized and
<br />directed to have prepared and to issue and sell the negotiable bonds of the Redevelopment
<br />District, which bonds shall be issued in the name of the City, for and on behalf of the
<br />Redevelopment District and which shall be designated "City of South Bend, Indiana,
<br />Redevelopment District Revenue Bonds of 2005 (Bartlett Street Relocation Project)" in an
<br />aggregate principal amount not to exceed Two Million Five Hundred Thousand and 00/100
<br />Dollars ($2,500,000.00) (the 'Bonds "), and which amount (together with investment earnings
<br />thereon in the estimated amount of Fifty Thousand and 00/100 Dollars ($50,000.00)) does not
<br />exceed the cost, as estimated by the Commission, of the redevelopment and economic
<br />development of the Allocation Area, together with a sum sufficient to pay the estimated cost of
<br />all expenses reasonably incurred in connection with the redevelopment and economic
<br />development of the Allocation Area, including the total cost of all reasonable and necessary
<br />architectural, engineering, legal, financing, accounting, advertising, bond discount and
<br />supervisory expenses, capitalized interest and a debt service reserve for the Bonds as provided
<br />herein, together with the expenses in connection with or on account of the issuance of the Bonds
<br />therefor.
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<br />BDDB01 4010216v3
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