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taxpayer" prior to the issuance of said bonds (the "Designated Taxpayer ") for purposes of
<br />Section 39.3 of the Act, allocated and deposited in the Allocation Fund pursuant to IC 36 -7 -14-
<br />39, proceeds from the sale or leasing of property in the Area, under IC 36- 7 -14 -22 deposited in
<br />the Allocation Fund as required by IC 36- 7 -14 -26 pursuant to the Act and such other revenues
<br />that may be made available to the Commission for such purpose;
<br />NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
<br />Commission as follows:
<br />1. For the purpose of procuring funds to pay for the cost of redevelopment
<br />and economic development in or serving the Area, including, without limitation, the Project, all
<br />in and with respect to the Area, the City, acting for and on behalf of the Commission, shall
<br />provide for the issuance of bonds of the District in an aggregate principal amount not to exceed
<br />Nine Million and 00 /100 Dollars ($9,000,000.00).
<br />In order to procure the funds for such purposes, the Controller of the City is
<br />hereby authorized and directed to have prepared and to issue and sell the negotiable bonds of the
<br />District, in one or more series or issues, the principal of and interest on which are payable from
<br />taxes on real property located in the Area, taxes on the depreciable personal property of the
<br />Designated Taxpayer for purposes of Section 39.3 of the Act, allocated and deposited in the
<br />Allocation Fund pursuant to IC 36- 7 -14 -39 and proceeds from the sale or leasing of property in
<br />the Area under IC 36- 7 -14 -22 deposited in the Allocation Fund as required by IC 36- 7 -14 -26
<br />(the "Tax Increment "), and to the extent the Tax Increment is not sufficient therefor, from the
<br />Special Tax in the District and deposited in the Redevelopment Special Taxing District Bond
<br />Fund, which bonds shall be issued in the name of the City, for and on behalf of the District, in an
<br />aggregate principal amount not to exceed Nine Million and 00 /100 Dollars ($9,000,000.00) (the
<br />"Bonds "), with a discount not to exceed the discount set forth in or determined by the final bond
<br />resolution to be adopted by the Commission (the "Final Bond Resolution "), and which amount
<br />(together with investment earnings thereon in an approximate amount of Five Hundred Thousand
<br />and 00 /100 Dollars ($500,000.00)) does not exceed the cost of redevelopment and economic
<br />development in or serving the Area, including, without limitation, the Project, together with a
<br />sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with
<br />such redevelopment and economic development, including the total cost of all reasonable and
<br />necessary architectural, engineering, legal, financing, accounting, advertising, bond discount and
<br />supervisory expenses, capitalized interest and a debt service reserve for the Bonds to the extent
<br />that the Commission determines that a reserve is reasonably required, together with the expenses
<br />in connection with or on account of the issuance of the Bonds.
<br />The Bonds shall not constitute a corporate obligation or indebtedness of the City
<br />but shall constitute an obligation of the District. The principal of, premium, if any, and interest
<br />on the Bonds shall be payable out of the Tax Increment and other revenues made available to the
<br />Commission for such purpose and, if the Tax Increment and such other revenues are not
<br />sufficient, the Special Tax.
<br />The Bonds shall mature in such principal amounts and on such dates as set forth
<br />in the Final Bond Resolution, bear interest at the rate or rates not exceeding seven percent (7.0 %)
<br />per annum, and be payable no later than twenty -five (25) years from the date of the first principal
<br />SBIMAN 1 \ 128675_2. DOC
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