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of redevelopment and economic development in the Area including without limitation certain <br />local public improvements consisting of certain roadway and related infrastructure improvements <br />at or near the intersection of Ireland and Michigan Streets (the "Improvements "), together with a <br />sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with <br />the completion of the Improvements in the Area, including the total cost of all reasonable and <br />necessary architectural, engineering, legal, financing, accounting, advertising, bond discount and <br />supervisory expenses, capitalized interest and a debt service reserve for the bonds to the extent <br />that the Commission determines that capitalized interest or a reserve is reasonably required, <br />together with the expenses in connection with or on account of the issuance of the bonds; and <br />WHEREAS, the Commission did not include the proceeds of said bonds of the <br />District in the regular budget for the year 2004; and <br />WHEREAS, there are insufficient funds available or provided in the existing <br />budget and tax levy which may be applied to the cost of the Improvements in the Area, and the <br />issuance of said bonds has been authorized to procure the necessary funds and an extraordinary <br />emergency and 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 July 27, 2004, at 8:00 a.m. (local <br />time) in Room 1308, located at County -City Building, 227 West Jefferson Boulevard, South <br />Bend, Indiana, concerning said appropriation at which all taxpayers and interested persons had <br />an opportunity to appear and express their views as to such additional appropriation; <br />-2- <br />SBIMAN 1 1888380 <br />