No. 0958 a final bond resolution of the SBRC authorizing the issuance of the COSB redevelopment district tax increment revenue bonds of 1990 for purpose of raising money for property acquisition/redevelopment in the AEDA allocation area No. 1

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WHEREAS, the Commission now further determines that the issuance of the Bonds in the aggregate principal amount of Nine Hundred Fifty Thousand Dollars ($950,000) is necessary in order to provide funds for payment of part of the cost of property acquisition and redevelopment in the Allocation Area; NOW THEREFORE, BE IT RESOLVED BY THE CITY OF SOUTH BEND REDEVELOPMENT COMMISSION AS FOLLOWS: 1. For the purpose of procuring funds to pay for the cost of property acquisition and redevelopment in the Allocation Area, together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the acquisition and redevelopment of the Allocation Area, including the total cost of all land, rights -of -way, and other property to be acquired and redeveloped, all reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount and supervisory expenses, capitalized interest and a debt service reserve for the Bonds as set forth herein and expenses the Commission may be required or permitted to pay as "relocation assistance" under IC 8- 23 -17, together with the expenses in connection with or on account of the issuance of the Bonds, the City acting for and on behalf of the Redevelopment District, shall make a loan in the amount of Nine Hundred and Fifty Thousand Dollars ($950,000). In order to procure funds for said loan, the Controller of the City is hereby authorized and directed to have prepared and to issue and sell the negotiable bonds of the Redevelopment District, in one or more series which Bonds shall be issued in the name of the City, for and on behalf of the Redevelopment District and which shall be designated "City of South Bend Redevelopment District Tax Increment Revenue Bonds of 1990," in an aggregate principal amount of Nine Hundred Fifty Thousand Dollars ($950,000), and which amount does not exceed the cost, as estimated by the Commission, of property acquisition and redevelopment in the Allocation Area, together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the acquisition and redevelopment of the Area, including the total cost of all land, rights -of -way, and other property to be acquired and redeveloped, all reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount and supervisory expenses, capitalized interest and a debt service reserve for the Bonds as provided herein and expenses the Commission may be required or permitted to pay as "relocation assistance" under IC 8- 23 -17, together with the expenses in connection with or on account of the issuance of the Bonds therefor. The Bonds shall not constitute a corporate obligation or indebtedness of the City, but shall constitute an obligation of -4- \rlhill \sthbnd \airport \general \finalbd;lh;August 31, 1990