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The City of South Bend, Indiana (the "City"), acting for and on behalf of the South Bend
<br />Redevelopment District (the "District "), for value received, hereby promises to pay to the Registered Owner stated
<br />above, or registered assigns, but solely from (i) taxes on real and depreciable personal property located in the
<br />Sample/Ewing Development Area ( "the Area ") allocated and deposited in the Allocation Fund created for the Area
<br />(the "Allocation Fund ") pursuant to Indiana Code 36- 7- 14 -39, taxes on depreciable personal property of the
<br />Designated Taxpayer (as defined in the Resolution (defined herein)) allocated and deposited in the Allocation Fund
<br />pursuant to Indiana Code 36 -7 -14 -39.3 and proceeds from the sale or leasing of property in the Area under Indiana
<br />Code 36- 7 -14 -22 deposited in the Allocation Fund as required by Indiana Code 36- 7 -14 -26 (the "Tax Increment "),
<br />(ii) such other revenues that may be made available to the South Bend Redevelopment Commission (the
<br />"Commission ") for such purpose; and (iii) to the extent the Tax Increment and such other revenues are not sufficient
<br />therefor, from a special tax levied upon all of the taxable property of the District (the "Special Tax "), the Principal
<br />Sum stated above, on the Maturity Dates stated above and to pay interest on said Principal Sum to the Registered
<br />Owner of this bond until the City's obligation with respect to the payment of said Principal Sum shall be discharged,
<br />at the rate per annum specified above from the interest payment date next preceding the date of authentication of this
<br />bond, unless this bond is authenticated on or before December 15, 2002, in which case the interest shall be paid from
<br />the Original Date stated above or unless this bond is authenticated between the fifteenth day of the month preceding
<br />an interest payment date and the interest payment date, in which case interest shall be paid from such interest
<br />payment date. Interest is payable on January 1, 2003, and semiannually thereafter on January 1 and July 1 of each
<br />year by check or draft. Interest shall be calculated on the basis of twelve (12) thirty-day months for a three hundred
<br />sixty (360) -day year.
<br />The principal of and premium, if any, on this bond are payable at the principal office of
<br />in ' Indiana, as Paying Agent (which term shall include any successor Paying Agent).
<br />Interest on this bond shall be paid by check or draft mailed or delivered to the Registered Owner hereof at the
<br />address as it appears on the books kept by in , Indiana, as Registrar (which term shall
<br />include any successor Registrar), for the registration and for the transfer of the bonds (the "Bond Register ") as of the
<br />fifteenth day of the month immediately preceding the interest payment date or at such other address as is provided to
<br />the Paying Agent in writing by the Registered Owner. All payments on this bond shall be made in lawful money of
<br />the United States of America.
<br />This bond, together with interest thereon, does not constitute a corporate obligation or
<br />indebtedness of the City, but the same is an obligation of the District, which is a special taxing district having the
<br />same boundaries as the City. Subject to the provisions for registration, this bond is negotiable under the laws of the
<br />State of Indiana.
<br />The Commission covenants that it will cause the Special Tax for the payment of the principal of
<br />and interest on the Bonds to be levied, collected and applied for that purpose. The amount of the Special Tax shall
<br />be reduced by any amount available in the Allocation Fund or other revenues of the Commission to the extent such
<br />revenues have been set aside in the Redevelopment Special Taxing District Bond Fund.
<br />This bond is one of an authorized issue of bonds of the South Bend Redevelopment District in the
<br />aggregate principal amount of Nine Million Dollars ($9,000,000), numbered consecutively from 200211-1 upwards,
<br />issued pursuant to a resolution entitled "A BOND RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
<br />COMMISSION AUTHORIZING THE ISSUANCE OF BONDS OF THE SOUTH BEND REDEVELOPMENT
<br />DISTRICT FOR THE PURPOSE OF RAISING MONEY FOR REDEVELOPMENT AND ECONOMIC
<br />DEVELOPMENT IN THE SAMPLE/EWING DEVELOPMENT AREA" (the "Resolution ") adopted by the
<br />Commission on August 16, 2002, and in strict compliance with Indiana Code 36 -7 -14, for the purpose of procuring
<br />funds to pay for the cost of redevelopment and economic development in the Area, together with a sum sufficient to
<br />pay the estimated cost of all expenses reasonably incurred in connection with the redevelopment and economic
<br />development of the Area, including the total cost of all reasonable and necessary architectural, engineering, legal,
<br />financing, accounting, advertising, bond discount and supervisory expenses, and capitalized interest for the bonds as
<br />set forth in the Resolution, together with the expenses in connection with or on account of the issuance of the bonds,
<br />all as described in the Resolution. Reference is hereby made to the Resolution for a description of the nature and
<br />extent of the rights, duties and obligations of the owners of the bonds, the City and the Commission and the terms on
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