No. 2012 authorizing issuance of bonds for purpose of providing funds for refunding outstanding bonds and financing redevelopment projects in SBCAA (No. 1A) and paying incidental expenses in connection therewith and on account of issuance of bonds

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WHEREAS, notice has been given and this date a public hearing has been conducted regarding such appropriation, as required by Indiana law; and WHEREAS, the Commission now finds that all conditions precedent to the adoption of a resolution authorizing the issuance of the 2003 Bonds have been complied with in accordance with the applicable provisions of the Act. NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission, governing body of the District, as follows: Section 1. Authorization for Bonds and Appropriation of Proceeds. In order to provide financing for the Project and the costs of issuance of the 2003 Bonds, the District shall borrow money, and the City, acting for and on behalf of the District, shall issue the 2003 Bonds as herein authorized. An appropriation in the amount of not to exceed the Authorized Amount, together with an estimated Five Hundred Thousand Dollars ($500,000) in investment earnings thereon, shall be made to pay for the governmental purposes to be financed by the 2003 Bonds, and the funds to meet said appropriation shall be provided out of the proceeds of the 2003 Bonds in the original principal amount of not to exceed the Authorized Amount and such investment earnings. Said appropriation shall be in addition to all other appropriations provided for in the existing budget and tax levy. Section 2. General Terms of Bonds. (a) Issuance of 2003 Bonds. In order to procure said loan for such purposes, the Commission hereby authorizes the issuance of the 2003 Bonds as described herein. The City Controller (the "Fiscal Officer ") is hereby authorized and directed to have prepared and to issue and sell negotiable bonds of the District in an amount not to exceed the Authorized Amount, to be designated "City of South Bend, Indiana Redevelopment District Tax Increment Revenue Bonds, Series 2003 (South Bend Central Development Area) ". The 2003 Bonds shall be signed in the name of the City, acting for and on behalf of the District, by the manual or facsimile signature of the Mayor of the City (the "Executive ") and attested by the manual or facsimile signature of the Fiscal Officer, who shall affix the seal of the City to the 2003 Bonds manually or shall have the seal imprinted or impressed thereon by facsimile or other means. In case any officer whose signature or facsimile signature appears on the 2003 Bonds shall cease to be such officer before the delivery of the 2003 Bonds, such signature shall nevertheless be valid and sufficient for all purposes as if such officer had remained in office until delivery thereof. The 2003 Bonds also shall be, and will not be valid or become obligatory for any purpose or entitled to any benefit under this resolution unless and until, authenticated by the manual signature of the Registrar (as defined in Section 4 hereof). The 2003 Bonds shall be issued in fully registered form and be numbered IL consecutively from R -1 upward, shall be issued in denominations of Five Thousand Dollars ($5,000) or any integral multiple thereof, shall be originally -2-