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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called for redemption prior to maturity as hereafter provided), and to pay interest thereon , solely from such sources, until the Principal Sum shall be fully paid at the Interest Rate per annum specified above from the interest payment date to which interest has been paid next preceding the Authentication Date of this bond unless this bond is authenticated after the fifteenth day of the month in which interest is payable and on or before such interest payment date in which case it shall bear interest from such interest payment date, or unless this bond is authenticated on or before January 15, 2004 in which case it shall bear interest from the Original Date, which interest is payable semi - annually on February I and August 1 of each year, beginning on February 1, 2004. Interest shall be calculated on the basis of a 360 -day year comprised of twelve 30 -day months. The principal of this bond is payable at the principal office of (the "Registrar" or "Paying Agent "), in , Indiana. All payments of interest on and principal of this bond shall be paid by check mailed one business day prior to the interest payment date to the registered owner hereof as of the fifteenth day of the immediately prior month in which interest is payable at the address as it appears on the registration books kept by the Registrar (as defined herein) or at such other address as is provided to the Paying Agent (as defined herein) in writing by the Registered Owner. Each Registered Owner of $500,000 or more in principal amount of bonds shall be entitled to receive interest payments by wire transfer by providing written wire instructions to the Paying Agent before the record date for any payment. Provided, however, the final principal payment of this bond shall be made upon surrender thereof at the principal office of the (the "Registrar" and "Paying Agent") in any coin or currency of the United States of America which on the dates of such payment shall be legal tender for the payment of public and private debts, or in the case of a Registered Owner of $500,000 or more in principal, by wire transfer on the due date upon written direction of such owner provided at least fifteen (15) days prior to the maturity date or redemption date. This bond is one of an authorized issue of bonds (the "2003 Bonds ") of the District of like original date, tenor and effect, denomination, and numbering, in the total issued amount of _ Dollars ($ ), numbered consecutively from R -1 upward, issued for the purpose of providing funds for redevelopment projects, for currently refunding the South Bend Redevelopment Authority Lease Rental Revenue Bonds (Parking Facility Refunding) issued in 1992, and for the purpose of paying incidental expenses to be incurred in connection therewith and on account of the issuance of bonds therefor, as authorized by Resolution No. adopted by the South Bend Redevelopment Commission (the "Commission") on the 3rd day of October, 2003, entitled "A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING ISSUANCE OF BONDS FOR THE PURPOSE OF PROVIDING FUNDS FOR REFUNDING OUTSTANDING BONDS AND FINANCING REDEVELOPMENT PROJECTS IN THE SOUTH BEND CENTRAL ALLOCATION AREA (SOUTH BEND ALLOCATION AREA NO. IA) AND PAYING INCIDENTAL EXPENSES IN CONNECTION THEREWITH AND ON ACCOUNT OF THE ISSUANCE OF THE BONDS" (the "Resolution'), and in accordance with the provisions of Indiana law, including without limitation Indiana Code 36 -7 -14, and other applicable laws, as amended (collectively, the "Act'), all as more particularly described in the Resolution. The owner of this bond, by acceptance hereof, agrees to all the terms and provisions contained in the Resolution and the Act. This bond does not constitute a general obligation or indebtedness of the City or the District, but the same is a limited and special obligation of the District. This bond and the bonds of this issue are, as to all the principal thereof and interest due thereon, payable from allocated incremental taxes on real property in the Allocation Area, and earnings thereon, pursuant to Indiana Code § 36- 7 -14 -39 (the "TIF Revenues "). THIS BOND DOES NOT CONSTITUTE A CORPORATE OBLIGATION OR INDEBTEDNESS OF THE CITY OF SOUTH BEND, INDIANA, BUT IS A SPECIAL AND -7-