No. 1960 preliminary bond resolution of the SBRC authorizing the issuance of the SB Redevelopment District TIF revenue bonds

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determines that capitalized interest and/or a reserve is reasonably required), together with the expenses in connection with the issuance of Bonds therefor, the City, acting for and on behalf of the Commission, shall provide for the issuance of Bonds in an amount not to exceed Thirteen Million and 00 /100 Dollars ($13,000,000.00). In order to procure funds, the Controller of the City is hereby authorized and directed to have prepared and to issue and sell the negotiable bonds of the Redevelopment District, in one or more series or issues, the principal of and interest on which are payable from the Tax Increment, which bonds shall be issued in the name of the City, for and on behalf of the Redevelopment District, in an aggregate principal amount not to exceed Thirteen Million and 00 /100 Dollars ($13,000,000.00), with a discount not to exceed the discount set forth in or determined by the Final Bond Resolution to be adopted by the Commission, together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the redevelopment, including the total cost of all reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount and supervisory expenses, capitalized interest, which estimated cost of the redevelopment and such expenses to be financed from proceeds of the Bonds shall not exceed Thirteen Million and 00 /100 Dollars ($13,000,000.00), plus investment earnings thereon in an estimated amount of Two Hundred Thousand and 00 /100 Dollars ($200,000.00). The Bonds shall not constitute a corporate obligation or indebtedness of the City but shall constitute an obligation of the Redevelopment District. The Bonds, together with interest thereon, shall be payable solely out of Tax Increment. ILThe Bonds shall bear interest at a rate or rates not exceeding eight percent (8.0 %) and shall mature and be payable no later than twenty (20) years from the date of the principal payment on the Bonds. The Bonds may be subject to redemption prior to maturity in whole or in part in accordance with the terms set out in the Final Bond Resolution of the Commission. 2. The Commission hereby approves and ratifies the actions taken by the Secretary of the Commission in conjunction with counsel to publish notice of a public hearing regarding the appropriation of the proceeds of the Bonds as required by I.C. 6- 1.1 -18 -5 and I.C. 5 -3 -1, which hearing shall be conducted at the meeting of the Commission scheduled to be held on March 21, 2003 at 10:00 a.m. 3. The President and Secretary of the Commission shall certify a copy of this Resolution to the Controller of the City. Commission. 4. This Resolution shall be in full force and effect after its adoption by the SBIMANI 145202v1 - 2 -