No. 0925 authorizing the issuance/sale of special taxing district bonds of the SB redevelopment district for purpose of raising money for property acquisition and redevelopment in the Studebaker Corridor Dev Area

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accounting, advertising, bond discount and supervisory expenses, capitalized interest and expenses the Commission may be required or permitted to pay as "relocation assistance" under IC 8-13 - 18.5, together with the expenses in connection with or on account of the issuance of bonds therefor. The Bonds shall not constitute a corporate obligation or indebtedness of the City but shall constitute an obligation and an indebtedness of the District, as a special taxing district. The Bonds, together with interest thereon, shall be payable only out of a special tax to be levied upon all of the taxable property in the District and deposited in the Redevelopment District Bond Fund. The Bonds shall denomination of Five multiples thereof, n, of Bonds maturing in from 90R -1 upwards. serially on February be issued in fully registered form in the Thousand Dollars ($5,000), or integral Dt exceeding the aggregate principal amount any year and shall be numbered consecutively The Bonds shall mature and be payable 1 in the years and amounts as follows: Year Principal Amount Year Principal Amount 1993 $100,000 2000 $420,000 1994 100,000 2001 450,000 1995 100,000 2002 480,000 1996 100,000 2003 520,000 1997 100,000 2004 550,000 1998 365,000 2005 590,000 1999 390,000 2006 635,000 The Bonds shall bear interest at a rate or rates not exceeding nine percent (9%) per annum, the exact rate or rates to be determined by bidding. The interest on the Bonds shall be payable semiannually on the first day of February and the first day of August of each year commencing February 1, 1991. Interest shall be calculated on the basis of twelve (12) thirty -day months for a three hundred sixty -day year. The principal of and premium, if any, on the Bonds shall be payable at the principal office of First Interstate Bank of Northern Indiana, N.A., in the City of South Bend, which is hereby appointed as the paying agent (First Interstate Bank of Northern Indiana, N.A., and any subsequent paying agent appointed pursuant to this Resolution shall hereinafter be referred to as the "Paying Agent ") for the Bonds. Interest on the Bonds shall be paid by check or draft mailed or delivered to the registered owner of the Bonds at the address as it appears on the Bond Register (as defined below) as of the fifteenth day of the month immediately preceding the interest payment date or at such other address as is provided to the Paying Agent in writing by such -4- \rlhill\studbakr\corrproj\lufnlbnd;la;Apri1 6, 1990;