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the "Project "), together with a sum sufficient to pay the estimated cost of all expenses reasonably <br />incurred in connection with the redevelopment and economic development in the Area, including <br />the total cost of all reasonable and necessary architectural, engineering, legal, financing, <br />accounting, advertising, bond discount and supervisory expenses, capitalized interest and a debt <br />service reserve for the bonds to the extent that 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 the bonds; and <br />WHEREAS, the Commission did not include the proceeds (including investment <br />earnings thereon in an estimated amount of Two Hundred Thousand and 00 /100 Dollars <br />($200,000.00) of said bonds of the District in the regular budget for the year 2003; and <br />WHEREAS, there are insufficient funds available or provided in the existing <br />ILbudget and tax levy which may be applied to the cost of the redevelopment and economic <br />14 <br />development in the Area, including, without limitation, the Project, and the issuance of said <br />bonds has been authorized to procure the necessary funds and an extraordinary emergency and <br />necessity exists for the making of the additional appropriation set out herein; and <br />WHEREAS, the Secretary of this Commission has caused notice of a hearing on <br />said appropriation to be published as required by law; and <br />WHEREAS, such public hearing was held on March 21, 2003, at 10:00 a.m. <br />(local time) at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana, <br />concerning said appropriation at which all taxpayers and interested persons had an opportunity to <br />appear and express their views as to such additional appropriation; <br />-2- <br />SBIMAN 1147402v 1 <br />