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PURCHASE AGREEMENT <br />THIS PURCHASE AGREEMENT has been made and entered into <br />as of the day of September, 1990, by and between <br />Raffensperger, Hughes & Co., Inc., Indianapolis, Indiana (the <br />"Purchaser "), having its principal place of business in the City <br />of Indianapolis, Indiana, and the City of South Bend Redevelopment <br />Commission (the "Commission "). <br />R E C I T A L S <br />1. The Commission has duly authorized the issuance of <br />Nine Hundred Fifty Thousand Dollars ($950,000) of its tax increment <br />revenue bonds (the "Bonds ") payable solely from the source <br />indicated in the Final Bond Resolution adopted by the Commission <br />on August 31, 1990 (the "Final Bond Resolution ") in order to <br />provide funds for payment of the cost of property acquisition and <br />redevelopment in the Airport Economic Development Area, Allocation <br />Area No. 1. <br />2. The Purchaser desires to purchase and the Commission <br />desires to sell the Bonds in accordance with this Purchase <br />Agreement. <br />A G R E E M E N T <br />In consideration of the premises and the mutual covenants <br />contained herein, the Commission and the Purchaser agree as <br />follows: <br />1. The Purchaser shall purchase the Bonds and the <br />Commission shall sell to the Purchaser the Bonds no later than the <br />day of September, 1990, at a price of <br />($ ) and <br />