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EV E N S E N DODGE INC 222 South Ninth Street <br />Suite 3800 <br />Minneapolis MN 55402 <br />612/338.3535 <br />80Q/328 48200 <br />612/338­7264 Fax <br />June 13, 1991 <br />650 Town Center Drive <br />Suite 430 <br />Costa Mesa CA 92626 <br />714/545 -1212 <br />800,322 -0171 <br />Ms. Ann Kolata, Deputy Executive Director 7141557 -9126 Fax <br />Department of Economic Development <br />City of South Bend 44 Montgomery Street <br />1200 County -City Building Suite 500 <br />South Bend, Indiana 46601 San Francisco CA 94104 <br />415/955 -2675 <br />Re: Direct Expenditure of Tax Increment Funds of the SBCDA 415/955 -2676 Fax <br />Dear Ms. Kolata: <br />255 South Orange Avenue <br />As financial advisor to the South Bend Redevelopment Commission, we have Suite 888 <br />examined the historical and projected cash flows within the Allocation Fund of Orlando FL 32801 <br />the South Bend Central Business Development Area. Our examination included 407/841-0757 <br />historical and projected tax increment and other revenues, debt service 8'624 - <br />requirements of existing debt obligations of the SBCDA (both revenue bonds 407/872-2326 Fax <br />and lease rental obligations), and compliance with the covenants with holders of <br />such bonds with respect to debt service reserves and other requirements. 100 Court Avenue <br />Suite 215 <br />In our opinion, the direct expenditure of $250,000 of available moneys within the Des Moines 1A 50309 <br />SBCDA Allocation Fund will not endanger the interests of the holders of any 515/282 -6138 <br />obligations heretofore issued or incurred by the Commission and payable from 515/282 -0252 Fax <br />the Allocation Fund. <br />Sincerely ' 17370 North Laurel Part Drive <br />Suite 400E <br />EVENSEN DODGE, INC. lsroniaMI 48152 <br />313/5914040 <br />80589 -2800 <br />313/591554 Fax <br />1726 Prairie Lane <br />Richard L. Treptow Fargo ND 58103 <br />Senior Vice President 701/735 -4416 <br />rW800/328 -8200 <br />/brg 701/239 -4597 Fax <br />701 Brazos <br />Suite 500 <br />Austin TX 78701 <br />512!320.9047 <br />800/2845612 <br />5121320-1419 Fax <br />135 North Pennsylvania Street <br />Suite 2015 <br />Indianapolis IN 46204 <br />317/684 -6000 317/684-6004 Fax <br />