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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SECTION 3. The form and tenor of the Bonds shall be substantially as C; follows (all blanks to be properly completed prior to the preparation of the Bonds): UNITED STATES OF AMERICA STATE OF INDIANA COUNTY OF ST. JOSEPH No. 96R- $ CITY OF SOUTH BEND REDEVELOPMENT DISTRICT REFUNDING BOND OF 1996 Interest Maturity Original Authentication Rate Date Date Date CUSIP Registered Owner: Principal Sum: The City of South Bend, in St. Joseph County, State of Indiana (the "City "), for and on behalf of the South Bend Redevelopment District (a special taxing district having the same boundaries as the City) (the "District "), for value received, hereby acknowledges itself indebted and promises to pay to the registered owner stated above, or registered assigns, but solely from a special tax to be levied upon all of the taxable property of the District and deposited in the Redevelopment District Bond Fund, the principal sum stated above, on the maturity dated stated above, and to pay interest on said principal sum to the registered owner of this Bond until the District's obligation with respect to the payment of said principal sum shall be discharged, at the rate per annum specified above from the interest payment date immediately preceding the date of the authentication of this Bond, unless this Bond is authenticated on or before July 15, 1996, in which case the interest shall be paid from the original date stated above or unless this Bond is authenticated between the fifteenth day of the month preceding an interest payment date and the interest payment date, in which case interest shall be paid from such interest payment date. Interest shall be payable August 1, 1996, and semiannually thereafter on August 1 and February 1 of each year. Interest shall be calculated on the basis of twelve (12) thirty -day months for a three hundred sixty -day year. The principal of and premium, if any, on this Bond are payable at the principal office of Norwest Bank Indiana, N.A., in the City of South Bend, Indiana, as CW Paying Agent (which term shall include any successor paying agent). Interest on this Bond -8-