No. 2003 amending resolution No. 1830 amending resolution No. 1823 resolution of the COSBRC pledging TIF revenues for payment, if necessary, of principal of/interest on a loan from environmental remediation revolving loan fund administered by the IN DFA

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WHEREAS, in addition to the promise of Bosch to repay the Loan, IDFA required further assurance of the City to repay the Loan from funds available to the City in the unlikely event that Bosch does not make repayments as provided in the Agreement; and WHEREAS, the Improvements constitute "local public improvements" as such term is defined in the Act; and WHEREAS, the Commission has previously adopted Resolution No. 1823 at its meeting on January 5, 2000 (the 'Pledge Resolution "), whereby the Commission pledged Available Tax Increment Revenues (as defined therein) to the repayment of the Loan as evidenced by the Bonds (the 'Pledge "); and WHEREAS, in connection with the Pledge, IDFA has indicated it will require a parity test with respect to any possible future issuance of Redevelopment District revenue bonds payable in whole or in part from tax increment revenues (the "Tax Increment ") generated in the Allocation Area; WHEREAS, the Commission has previously adopted Resolution No. 1830 at its meeting on January 19, 2001 (the "Amending Resolution "), whereby the Commission amended the Pledge Resolution creating a parity test with respect to the Tax Increment and its use for the payment of principal of and interest on any possible future revenue bonds; and (60� WHEREAS, IDFA has agreed to reduce the amount of coverage required to satisfy said parity test from 150% to 125% and as a result the Commission desires to amend the Amending Resolution to reflect such lower coverage requirement; NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Commission of the City of South Bend, Indiana, as follows: 1. The Commission hereby amends Section 2 of the Amending Resolution to read as follows: 2. (a) The Redevelopment District reserves the right to authorize and issue additional bonds ('Parity Bonds "), payable out of the Tax Increment, ranking on a parity with the Pledge and payable ratably from the Tax Increment for the purpose of raising money for future property acquisition, redevelopment and economic development in or serving the Allocation Area. The authorization and issuance of Parity Bonds shall be subject to the following conditions precedent: (i) All interest and principal payments with respect to all obligations payable from the Tax Increment shall be current to date with no payment in arrears. (ii) The Commission shall have received a certificate prepared by an independent certified public accountant or an independent financial consultant ( "Certifier ") certifying that SBM4AN1 158605v1 - 2 -