No. 1124 amending resolution No. 1118 entitled "authorizing the issuance of bonds on parity with the COSB redevelopment district tax increment revenue bonds of 1985, 1985, 1988 for the purpose of raising money for redevelopment in the SBCAA"

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limitations set forth below, at an interest rate not to exceed six percent (6.00 %) per annum, with the exact rate to be determined as described above. The term of the BANs and all renewal BANs may not exceed five years from the date of delivery of the initial BANs. The BANs shall be issued pursuant to the provisions of Indiana Code 5- 1.5- 8 -6.1, and the principal thereof shall be refunded and retired out of the proceeds from the issuance and sale hereunder of the 1993 Bonds. The principal of the BANs, and the principal and interest of BANs prepaid in accordance with the optional prepayment of the BANs provided for hereinbelow, shall be refunded by the issuance of the 1993 Bonds pursuant to, and in the manner prescribed by the Act. The interest on the BANs shall be payable from the Tax Increment, subject to the prior lien thereon of the Series 1985 Bonds, Series 1986 Bonds, Series 1988 Bonds and any other bonds which by their terms rank on a parity thereon. The Controller shall be designated as the Registrar and Paying Agent with respect to the BANs and is charged with the performance of all duties and responsibilities of the Registrar and Paying Agent as provided herein. Principal and interest on the BANs shall be payable at the office of the Controller. The BANs are prepayable at the option of the Commission, in whole or in part, at any time upon seven days' notice to the owner of the BANs without any premium. In the case of prepayment, the principal and accrued interest due on the BANs shall be paid only from proceeds of the 1993 Bonds or other funds available to the Commission, but not from the Tax Increment if the prepayment date occurs on a date other than February 1 or August 1. The BANs shall be executed and authenticated in accordance with Section 1 contained hereinabove, and the Mayor and Controller are hereby authorized to execute and deliver the BANs to the Bond Bank as set forth in Section 13 hereinbelow. The President or the Vice - President of the Commission are hereby authorized and directed to executed a bond anticipation note purchase agreement in such form or substance as they shall approve acting upon the advice of counsel. The President or Vice - President of the Commission or the Controller may also take such other action or deliver such other certificates as are necessary or desirable in connection with the issuance of the BANs as they deem necessary or desirable in connection therewith, including, but not limited to obtaining a legal opinion as to the validity of the BANs from Baker & Daniels, South Bend, Indiana, 5