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shall be paid by check or draft mailed or delivered to the registered owner hereof at the <br />address as it appears on the books kept by Norwest Bank Indiana, N.A., in the City of South <br />Bend, Indiana, as Registrar (which term shall include any successor registrar), for the <br />registration and for the transfer of the Bonds (the 'Bond Register ") as of the fifteenth day <br />of the month immediately preceding the interest payment date or at such other address as <br />is provided to the Paying Agent in writing by the registered owner. All payments on this <br />Bond shall be made in lawful money of the United States of America. <br />This Bond is one of an authorized issue of Bonds of the District in the <br />aggregate principal amount of 00/100 Dollars <br />($ ), numbered consecutively from 96R -1 upwards, issued pursuant to the Bond <br />Resolution (Resolution No. ___) (the 'Resolution ") adopted by the South Bend <br />Redevelopment Commission (the "Commission ") on March 15, 1996, and in strict <br />compliance with IC 36 -7 -14, for the purpose of procuring funds to pay for the cost of <br />advancing refunding the City of South Bend Redevelopment District Bonds of 1990, issued <br />by the Commission on June 5, 1990, and currently outstanding in the aggregate principal <br />amount of Four Million Five Hundred Thousand and 00 /100 Dollars ($4,500,000.00), <br />together with the expenses in connection with or on account of the issuance of Bonds <br />therefor, all in and with respect to the Area. Reference is hereby made to the Resolution <br />for a description of the nature and extent of the rights, duties and obligations of the owners <br />of the Bonds, the City and the Commission and the terms on which this Bond is issued, and <br />to all the provisions of such Resolution to which the holder hereof by the acceptance of this <br />Bond assents. <br />This Bond, together with interest hereon, does not constitute a corporate <br />obligation or indebtedness of the City of South Bend, but the same is an obligation and an <br />indebtedness of the District, as a special taxing district. This Bond, together with interest <br />hereon, ' shall be payable only out of a special tax to be levied upon all of the taxable <br />property within the District, as provided in IC 36 -7 -14. The City, acting through the <br />Commission, its Department of Redevelopment and its Common Council, covenants that <br />it will cause a special tax for the payment of the principal of and interest on the Bonds to <br />be levied, collected and applied for that purpose. Subject to the provisions of the <br />Resolution for registration, this Bond is negotiable under the laws of the State of Indiana. <br />The terms and provisions of this Bond are continued on the reverse side <br />hereof, and such continued terms and provisions shall for all purposes have the same effect <br />as though fully set forth at this place. <br />It is hereby certified and recited that all acts, conditions and things required <br />by law and the Constitution of the State of Indiana to be done precedent to and in the <br />execution, issuance, sale and delivery of this Bond have been properly done, happened and <br />performed in regular and due form as prescribed by law, and that the total indebtedness of <br />the South Bend Redevelopment District, including the Bonds of this issue, does not exceed <br />any constitutional or statutory limitation of indebtedness. <br />0 <br />