10134-11 Waterworks Revenue Bonds $8,300,000

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(c) The Executive and the Fiscal Officer each are hereby authorized to deem final an official statement with respect to the 2012 Bonds, as of its date, in accordance with the provisions of Rule 15c2-12 of the U.S. Securities and Exchange Commission, as amended (the "SEC Rule"), subject to completion as permitted by the SEC Rule, and the City further authorizes the distribution of the deemed final official statement, and the execution, delivery and distribution of such document as further modified and amended with the approval of the Executive or the Fiscal Officer in the form of a final official statement. In order to assist any underwriter of the 2012 Bonds in complying with paragraph (b)(5) of the SEC Rule by undertaking to make available appropriate disclosure about the City and the 2012 Bonds to participants in the municipal securities market, the City hereby covenants, agrees and undertakes, in accordance with the SEC Rule, unless excluded from the applicability of the SEC Rule or otherwise exempted from the provisions of paragraph (b)(5) of the SEC Rule, that it will comply with and carry out all of the provisions of the continuing disclosure contract. "Continuing disclosure contract" shall mean that certain continuing disclosure contract executed by the City and dated the date of issuance of the 2012 Bonds, as originally executed and as it may be amended from time to time in accordance with the terms thereof. The execution and delivery by the City of the continuing disclosure contract, and the performance by the City of its obligations thereunder by or through any employee or agent of the City, are hereby approved, and the City shall comply with and carry out the terms thereof. (d) The Fiscal Officer is hereby authorized and directed to obtain a legal opinion as to the validity of the 2012 Bonds from Barnes & Thornburg LLP, and to furnish such opinion to the purchasers of the 2012 Bonds or to cause a copy of said legal opinion to be printed on each 2012 Bond. The cost of such opinion shall be paid out of the proceeds of the 2012 Bonds. (e) In connection with the sale of the 2012 Bonds, the Executive and the Fiscal Officer each are authorized to take such actions and to execute and deliver such agreements and instruments as they deem advisable to obtain a rating and/or to obtain bond insurance for the 2012 Bonds, and the taking of such actions and the execution and delivery of such agreements and instruments are hereby approved. SECTION 11. Use of Proceeds. The accrued interest received at the time of delivery of the 2012 Bonds, if any, and premium, if any, shall be deposited in the Bond and Interest Account of the Sinking Fund (as hereafter defined) and applied to payments on the 2012 Bonds on the first interest payment date. An amount of proceeds from the sale of the 2012 Bonds of any Series equal to the amount described in Section 14(b) will be deposited to the 2012 Subaccount of the Debt Service Reserve Account for the 2012 Bonds of such Series and applied as described below. The remaining proceeds from the sale of the 2012 Bonds,to the extent not used to refund BANs issued pursuant to this Ordinance, shall be deposited in a fund of the utility hereby created and designated as "City of South Bend, Indiana Waterworks 2012 Bond Construction Fund" (the "Construction Fund"). The proceeds deposited in the Construction Fund, together with all investment earnings thereon, shall be expended only for the purpose of paying the costs of the Project and the costs of selling and issuing the 2012 Bonds, including the premium for any bond insurance obtained for the 2012 Bonds. - 17 -