No. 2805 authorizing the issuance of revenue bonds of the South Bend redevelopment district for the purpose of raising money for redevelopment/economic development in the CDA

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SOUTH BEND REDEVELOPMENT DISTRICT TAXABLE REVENUE BONDS, SERIES 2010 (RECOVERY ZONE ECONOMIC DEVELOPMENT BONDS) Interest Rate Maturity Date Original Date Authentication Date Registered Owner: Principal Sum: The City of South Bend, Indiana (the "City"), acting for and on behalf of the South Bend Redevelopment District (the "District "), for value received, hereby promises to pay to the Registered Owner stated above, or registered assigns, but solely from (i) certain "covered taxes" as such term is defined by I.C. 36- 7- 31.3 -4 (the " PSCDA Revenues "), and (ii) to the extent the PSCDA Revenues are not sufficient therefor, from certain county option income tax ( "COIT ") revenues pledged for such purpose by the Common Council of the City of South Bend pursuant to Ordinance No. adopted by said Common Council on , 2010 (the "COLT Revenues "), the Principal Sum stated above, on the Maturity Dates 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 next preceding the date of authentication of this bond, unless this bond is authenticated on or before , in which case the interest shall be paid from the Original Date stated above or unless this bond is authenticated between the fifteenth ILW�l day of the month preceding an interest payment date and the interest payment date, in which case interest shall be paid from such interest payment date. Interest is payable on 15, , and semiannually thereafter on January 15 and July 15 of each year by check or draft. Interest shall be calculated on the basis of twelve (12) thirty- day months for a three hundred sixty (360) -day year. The principal of and premium, if any, on this bond are payable at the principal office of in , Indiana, as Paying Agent (which term shall include any successor Paying Agent). Interest on this bond shall be paid by check or draft mailed or delivered to the Registered Owner hereof at the address as it appears on the books kept by in , Indiana, as Registrar (which term shall include any successor Registrar), for the registration and for the transfer of the bonds (the "Bond Register ") as of the first day of the month immediately preceding the interest payment date or at such other address as is provided to the Paying Agent in writing by the Registered Owner. All payments on this bond shall be made in lawful money of the United States of America. This bond, together with interest thereon, does not constitute a corporate obligation or indebtedness of the City, but the same is an obligation of the District, which is a special taxing district within the City, and is payable solely out of the PSCDA Revenues and, to the extent the PSCDA Revenues are not sufficient, from the COIT Revenues. Subject to the provisions 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 South Bend Redevelopment District in the aggregate principal amount of Four Million Nine Hundred Eighty Thousand Dollars ($4,980,000), numbered consecutively from IOR -1 upwards, issued pursuant to a resolution entitled "A BOND RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF REVENUE BONDS OF THE SOUTH BEND REDEVELOPMENT DISTRICT FOR THE PURPOSE OF RAISING MONEY FOR REDEVELOPMENT AND ECONOMIC DEVELOPMENT IN THE CENTRAL DEVELOPMENT AREA" the "Resolution ") adopted by the Commission on , 2010, and in strict compliance with Indiana Code 36- 7 -14, for the purpose of procuring funds to pay for the cost of redevelopment and economic development in or BDDB01 6406657v2 - 1 -