No. 1054 regarding issuance of tax increment revenue refunding bonds

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i0 ,4 NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission, governing body of the City of South Bend, Department of Redevelopment, as follows: Section 1. The Bonds. For the purpose of providing funds to be used as provided above, the City of South Bend (the "City "), acting for and on behalf of the South Bend Redevelopment District, shall borrow money in an aggregate principal amount not to exceed Six Million Five Hundred Thousand Dollars ($6,500,000.00). In order to procure said loan, the City Controller is hereby authorized and directed to have prepared and to issue and sell the negotiable Bonds of the City payable solely from incremental taxes on real property located in the Area allocated and deposited in the Allocation Fund (hereinafter described), proceeds from the sale or leasing of property in the Area pursuant to IC §36- 7 -14 -22 deposited in the Allocation Fund pursuant to IC §36- 7 -14 -26 (together, the "Tax Increment ") and earnings thereon, which Bonds shall be issued in denominations of Five Thousand Dollars ($5,000.00) or any integral multiple thereof, shall be numbered consecutively beginning with the number 1, shall be dated the first day of the month in which the Bonds are to be delivered, the date of delivery, or any other date as the City Controller deems advisable, and shall bear interest at a rate not exceeding ten per cent (10 %) per annum, the exact rate or rates to be determined by bidding, shall be issued in registered form, and shall be redeemable and transferable as set forth in the form of Bond herein. The Bonds shall rank on a parity with the 1985 Bonds -3-