No. 1965 authorizing the issuance of tax increment revenue bonds, series 2003, of the SB redevelopment district

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♦' , , . 1 (Po� Official Statement. The Commission covenants and agrees that it will comply with and carry out the continuing disclosure requirements of Section (b)(5) of the Rule. The Commission hereby authorizes the Controller to approve a continuing disclosure contract and to execute the same on the date the Bonds are issued. SECTION 10. The Controller is hereby authorized and directed to obtain a legal opinion as to the validity of the Bonds from Baker & Daniels, bond counsel, of South Bend, Indiana, and to furnish such opinion to the purchaser of the Bonds. The cost of said opinion shall be considered as part of the costs incidental to these proceedings and shall be paid out of the proceeds of the Bonds. SECTION 11. Any Bonds issued under this Resolution may be initially issued in temporary form exchangeable for definitive Bonds. The temporary Bonds may be printed, lithographed or typewritten, shall be of such denominations as may be determined by the Commission, shall be in fully registered form and may contain such reference to any of the provisions of this Resolution as may be appropriate. Every temporary Bond shall be executed, sealed and attested in substantially the same manner and by the respective officers of the City as provided in Section 1 hereof. If temporary Bonds are issued, definitive Bonds will be executed and furnished without delay and thereupon the temporary bonds may be surrendered for cancellation at the principal office of the Registrar and the Registrar shall deliver in exchange for such temporary Bonds an equal aggregate principal amount of definitive Bonds of the same interest rates and maturities. Until so exchanged, the temporary Bonds shall be entitled to the same benefits under this Resolution as definitive Bonds issued hereunder. IL SECTION 12. The Mayor is hereby authorized to execute the Bonds with his manual or facsimile signature, and the Controller is hereby authorized and directed to have the definitive Bonds prepared, attest the Bonds with his manual or facsimile signature, and cause the seal of the City to be impressed or a facsimile thereof to be printed on the Bonds, all in the form and manner herein provided. In the case any officer whose signature appears on the Bonds shall cease to hold that office before the delivery of the Bonds, the signature of such officer shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until the delivery of the Bonds. After the Bonds have been properly executed, the Controller shall certify the amount the purchaser is to pay, together with the name and address of the purchaser, and upon receipt of the amount of payment certified, deliver or cause to be delivered the Bonds to the purchaser. The Controller shall take a receipt for the Bonds delivered to the purchaser, pay the purchaser's payment into the respective funds described above, and report the proceedings to the Commission and the Common Council of the City. SECTION 13. In order to preserve the exclusion from gross income of interest on the Bonds under federal law and as an inducement to the purchasers of the Bonds, the Commission on behalf of the Redevelopment District represents, covenants and agrees that: (a) No person or entity or any combination thereof, other than the Redevelopment District or the City, will use proceeds of the Bonds or property financed by said proceeds other than as a member of the general public. No person or entity or any combination thereof, other than the Redevelopment District will own property SBIMANI 145795v2 -22-