No. 0945 preliminary bond resolution authorizing issuance of tax increment revenue bonds of the redevelopment district of COSB for purpose of raising money for property acquisition/redevelopment in or serving the AEDAAA No. 1

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redevelopment in or serving the Allocation Area, it will be necessary and in the best interest of the Redevelopment District and the property and inhabitants thereof to issue bonds of the Redevelopment District which shall be payable solely from taxes on real property located in the Allocation Area allocated and deposited in the Allocation Fund pursuant to the provisions of IC 36- 7 -14 -39 and proceeds from the sale or leasing of property in the Allocation Area under IC 36- 7 -14 -22 deposited in the Allocation Fund as required by IC 36- 7 -14 -26 pursuant to the Act, in an aggregate principal amount not to exceed Nine Hundred Fifty Thousand Dollars ($950,000). NOW, THEREFORE BE IT RESOLVED, by the South Bend Redevelopment Commission as follows: 1. The Commission shall proceed to undertake property acquisition and redevelopment in or serving the Allocation Area in accordance with the Declaratory Resolution and the Economic Development Plan. For the purpose of procuring funds to pay for the cost of property acquisition and redevelopment in or serving the Allocation Area, together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the property acquisition and redevelopment in or serving 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 -3- \rlhill \sthbnd \airport \1u- 945;cl;June 27, 1990;