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Commons) (the 'Bond Form ") attached thereto as an exhibit, and the Commission now desires to
<br />approve the form of such Trust Indenture and the Bond Form; and
<br />WHEREAS, initially, the Bonds will be further secured by a letter of credit (the
<br />"Letter of Credit ") obtained by the Developer to be issued by Fifth Third Bank, and the
<br />Commission desires to authorize the President and the Secretary of the Commission to approve
<br />of said Letter of Credit and take such other actions as may be necessary to effect the issuance of
<br />said Letter of Credit;
<br />NOW THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
<br />Commission as follows:
<br />SECTION 1. For the purpose of procuring funds to pay for the cost of the
<br />Improvements in or serving the Allocation Area, together with a sum sufficient to pay the
<br />estimated cost of all expenses reasonably incurred in connection with the completion of
<br />Improvements, including the total cost of all reasonable and necessary architectural, engineering,
<br />legal, financing, accounting, advertising, bond discount and supervisory expenses, capitalized
<br />interest and a debt service reserve for the Bonds as set forth herein, together with the expenses in
<br />connection with or on account of the issuance of the Bonds, the City acting for and on behalf of
<br />the Redevelopment District, shall issue make a loan in the aggregate principal amount not to
<br />exceed Two Million Eight Hundred Thousand and 00 /100 Dollars ($2,800,000.00).
<br />In order to procure funds for said loan, the Controller of the City (the
<br />"Controller ") is hereby authorized and directed to have prepared and to issue and sell the
<br />negotiable bonds of the Redevelopment District upon the terms and conditions described in this
<br />resolution, the Trust Indenture and the Bonds, which Bonds shall be issued in the name of the
<br />City, for and on behalf of the Redevelopment District and which shall be designated "City of
<br />South Bend, Indiana, Redevelopment District Adjustable Rate Demand Tax Increment Revenue
<br />Bonds, Series 2004 (Erskine Commons Project)" in an aggregate principal amount not to exceed
<br />Two Million Eight Hundred Thousand and 00 /100 Dollars ($2,800,000.00), and which amount
<br />does not exceed the cost, as estimated by the Commission, of the Improvements in or serving the
<br />Allocation Area, together with a sum sufficient to pay the estimated cost of all expenses
<br />reasonably incurred in connection with the redevelopment and economic development of the
<br />Allocation Area, including the total cost of all reasonable and necessary architectural,
<br />engineering, legal, financing, accounting, advertising, bond discount and supervisory expenses,
<br />capitalized interest and a debt service reserve for the Bonds as provided herein, together with the
<br />expenses in connection with or on account of the issuance of the Bonds therefor.
<br />The Bonds shall not constitute a corporate obligation or indebtedness of the City,
<br />but shall constitute an obligation of the Redevelopment District. The Bonds, together with
<br />interest thereon, shall be payable solely from Project Tax Increment Revenues, allocated and
<br />deposited, as required by Ind. Code § 36- 7- 14 -26, in the Allocation Fund established hereunder.
<br />The Bonds shall be issued in fully registered Bonds in denominations of One
<br />Hundred Thousand Dollars ($100,000), or integral multiples of Five Thousand Dollars ($5,000)
<br />in excess thereof, not exceeding the aggregate principal amount of Bonds maturing in any one
<br />SBIMANI 188429v4 -4
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