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<br />and a debt reserve for the bonds to the extent the Commission determines that a reserve is
<br />reasonably required, together with the expenses in connection with or on account of the issuance
<br />of bonds therefor;
<br />WHEREAS, this Commission consequently seeks to authorize the issuance of
<br />bonds to finance such redevelopment and economic development pursuant to the Act and the
<br />provisions of I.C. 5 -1 -5, subject to and dependent upon the terms and conditions hereinafter set
<br />forth; and
<br />WHEREAS, a preliminary official statement (the "Official Statement "), relating
<br />to the issuance of said Bonds, has been prepared by Crowe Chizek & Company, LLP, as
<br />financial advisors to the Commission, and presented to the Commission at this meeting, and the
<br />Commission desires to approve and deem final the Official Statement as of its date in accordance
<br />with the provisions of Rule 15c2 -12 of the Securities and Exchange Commission (the "SEC
<br />Rule ") subject to completion as permitted by the SEC Rule and authorize distribution of the
<br />deemed final Official Statement;
<br />NOW THEREFORE, BE IT RESOLVED BY THE SOUTH BEND
<br />REDEVELOPMENT COMMISSION AS FOLLOWS:
<br />SECTION 1. For the purpose of procuring funds to pay for the cost of
<br />redevelopment and economic development in the Area, together with a sum sufficient to pay the
<br />estimated cost of all expenses reasonably incurred in connection with the redevelopment and
<br />economic development of the Area, including the total cost of all reasonable and necessary
<br />architectural, engineering, legal, financing, accounting, advertising, bond discount and
<br />supervisory expenses, capitalized interest and a debt service reserve for the Bonds as set forth
<br />herein, together with the expenses in connection with or on account of the issuance of the Bonds,
<br />the City acting for and on behalf of the Redevelopment District, shall make a loan in the
<br />aggregate principal amount not to exceed Thirteen Million and 00 /100 Dollars ($13,000,000.00).
<br />In order to procure funds for said loan, the City Controller (the "Controller ") is
<br />hereby authorized and directed to have prepared and to issue and sell the negotiable bonds of the
<br />Redevelopment District, which Bonds shall be issued in the name of the City, for and on behalf
<br />of the Redevelopment District and which shall be designated "City of South Bend, Indiana,
<br />Redevelopment District Tax Increment Revenue Bonds, Series 2003" in an aggregate principal
<br />amount not to exceed Thirteen Million and 00 /100 Dollars ($13,000,000.00), and which amount
<br />(together with investment earnings thereon in the estimated amount of Two Hundred Thousand
<br />and 00 /100 Dollars ($200,000.00) does not exceed the cost, as estimated by the Commission, of
<br />redevelopment and economic development in the Area, including, without limitation, the Project,
<br />together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in
<br />connection with the redevelopment and economic development of the Area, including the total
<br />cost of all reasonable and necessary architectural, engineering, legal, financing, accounting,
<br />advertising, bond discount and supervisory expenses, capitalized interest and a debt service
<br />reserve for the Bonds as provided herein, together with the expenses in connection with or on
<br />account of the issuance of the Bonds therefor.
<br />SBIMANI 145795v2 - 2 -
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