No. 1422 authorizing the issuance and sale of special taxing district refunding bonds of the SB redevelopment district for the purpose of advance refunding the COSB redevelopment district bonds of 1990

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Ln The principal of and premium, if any, on the Bonds shall be payable at the principal office of Norwest Bank Indiana, N.A., in the City of South Bend, Indiana, which is hereby appointed as the paying agent ( Norwest Bank Indiana, N.A., and any subsequent paying agent appointed pursuant to this Resolution shall hereinafter be referred to as the "Paying Agent ") for the Bonds. Interest on the Bonds shall be paid by check or draft mailed or delivered to the registered owner of the Bonds at the address as it appears on the Bond Register (as defined below) as of the fifteenth day of the month immediately preceding the interest payment date or at such other address as is provided to the Paying Agent in writing by such registered owner. All payments on the Bonds shall be made in lawful money of the United States of America. The President and /or the Vice President of the Commission are hereby authorized and directed, on behalf of the Commission, to enter into such agreements or understandings with the Paying Agent as will enable the Paying Agent to perform the services required of a paying agent, and are further directed to pay the Paying Agent for its services out of available funds of the District. The Bonds shall bear an original date which shall be the first day of the month in which the Bonds are to be delivered (the "Original Date ") and each Bond shall also bear the date of its authentication. Bonds authenticated on or before July 15, 1996, shall be paid interest from the Original Date. Bonds authenticated after July 15, 1996, shall be paid interest from the interest payment date immediately preceding the date of authentication of such Bonds unless the Bonds are authenticated between the fifteenth day of the month preceding an interest payment date and the interest payment date, in which case interest thereon shall be paid from such interest payment date. Each Bond shall be transferable or exchangeable only upon the Bond Register (as such term is defined below) by the registered owner thereof in person, or by his attorney duly authorized in writing, upon surrender of such Bond together with a written instrument of transfer or exchange satisfactory to the Registrar duly executed by the registered owner or his attorney duly authorized in writing, and thereupon a new fully registered Bond or Bonds in the same aggregate principal amount and of the same maturity shall be executed and delivered in the name of the transferee or transferees or the registered owner, as the case may be, in exchange therefor. Bonds may be transferred or exchanged without cost to the registered owner, except for any tax or governmental charge required to be paid with 'respect to the exchange. The Registrar shall not be required to transfer or exchange any Bond called for redemption or during the period following the fifteenth day of any calendar month immediately preceding an interest payment date to such interest payment date. The City, the Commission, and the Registrar and the Paying Agent may treat and consider the person in whose name such Bonds are registered as the absolute owner thereof for all purposes including for the purpose of receiving payment of, or on account of, the principal thereof and interest due thereon. In the event any Bond is mutilated, lost, stolen or destroyed, the City may execute and the Registrar may authenticate a new Bond of like date, maturity and denomination as that mutilated, lost, stolen or destroyed, which new Bond shall be marked in a manner to distinguish it from the Bond for which it was issued; provided that, in the -4-