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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consent, advice, direction or demand of a Registered Owner of the Bonds has been obtained, the Registrar or the Paying Agent shall be entitled to treat the beneficial owners of the Bonds as the holders of the Bonds. During any time that the Bonds are held in book -entry form on the books of a Clearing Agency, the Commission or the City is authorized to enter into a Blanket Letter of Representations agreement with the Clearing Agency, and the provisions of any such Blanket Letter of Representations or any successor agreement shall control on the matters set forth herein. SECTION 2. a. Optional Redemption. The Bonds are subject to redemption at the option of the Commission at times to be determined by the Commission and set forth in the Issuer's Certificate, only in Authorized Denominations, as a whole or in part from time to time (with the maturities and amounts of the Bonds to be redeemed to be selected by the Commission), at face value plus interest accrued on the Bonds so redeemed to the date fixed for redemption, and according to premiums to be determined by the Commission upon the issuance of the Bonds. b. Extraordinary Redemption. The Bonds may be subject to extraordinary optional redemption at the advice of the financial advisor to the Commission upon the occurrence of Extraordinary Event (as defined herein) from any source of available funds, in whole and not in part, on any date at a redemption price lcw� equal to the extraordinary optional redemption price set forth in the Issuer's Certificate. An "Extraordinary Event" will have occurred if the Commission determines that material adverse change has occurred to Section 54AA, 140OU -2 or 6431 of the Code or there is any guidance published by the Internal Revenue Service or the United States Treasury with respect to such provisions or any determination by the Internal Revenue Service or the United States Treasury, which determination is not the result of an act or omission by the Commission to satisfy the requirements to receive the Recovery Zone Economic Development Bond Subsidy Payment. C. Mandatory Sinking Fund Redemption. At the option of the purchaser for the Bonds, all or a portion of the Bonds may be aggregated into one (1) or more term bonds payable from mandatory sinking fund redemption payments (the "Term Bonds ") required to be made as set forth below. The Term Bonds shall have a stated maturity or maturities on the January 15 or July 15 beginning not earlier than January 15, 2012, and ending not later than January 15, 2031, or such other years as may be set forth in the Issuer's Certificate or as determined by the successful bidder. In the event that the successful bidder opts to aggregate certain Bonds into Term Bonds, such Term Bonds shall be subject to mandatory sinking fund redemption prior to maturity at a redemption price equal to 100% of the principal amount thereof, plus accrued interest to the redemption date, but without premium, on January 15 or July 15 of each year and in the principal amounts corresponding to and consistent with the maturity schedule for the Bonds set forth in the Issuer's Certificate. BDDB01 6406657v2 - 7 -