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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The City of South Bend, in St. Joseph County, State of Indiana (the "City "), for and on behalf of the South Bend Redevelopment District (a special taxing district having the same boundaries as the City) (the "District "), for value received, hereby acknowledges itself indebted and promises to pay to the registered owner stated above, or registered assigns, but solely from a special tax to be levied upon all of the taxable property of the District and deposited in the Redevelopment District Bond Fund, the principal sum stated above, on the maturity dated stated above, and to pay interest on said principal sum to the registered owner of this bond until the District's obligation with respect to the payment of said principal sum shall be discharged, at the rate per annum specified above from the interest payment date immediately preceding the date of the authentication of this bond, unless this bond is authenticated on or before January 15, 1991, in which case the interest shall be paid from the original date stated above or unless this bond is authenticated between the fifteenth day of the month preceding an interest payment date and the interest payment date, in which case interest shall be paid from such interest payment date. Interest shall be payable February 1, 1991, and semiannually thereafter on August 1 and February 1 of each year. 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 this bond are payable at the principal office of First Interstate Bank of Northern Indiana, N.A., in the City of South Bend, Indiana, as Paying Agent (which term shall include any successor paying agent). Interest on this bond shall be paid by check or draft mailed or delivered to the registered owner hereof at the address as it appears on the books kept by First Interstate Bank of Northern Indiana, N.A., in the City of South Bend, Indiana, as Registrar (which term shall include any successor registrar), for the registration and for the transfer of the bonds (the "Bond Register ") 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 the registered owner. All payments on this bond shall be made in lawful money of the United States of America. This bond is one of an authorized issue of bonds of the District in the aggregate principal amount of Four Million Nine Hundred Thousand Dollars ($4,900,000), numbered consecutively from 90R -1 upwards, issued pursuant to the Final Bond Resolution (Resolution No. ) (the "Resolution ") adopted by the South Bend Redevelopment Commission (the "Commission ") on April 6, 1990, and in strict compliance with IC 36 -7 -14, for the purpose of procuring funds to pay for the cost of property acquisition and redevelopment in the Studebaker Corridor Development Area (the "Area "), together with a sum sufficient to pay the estimated -9- \rlhill\studbakr\corrproj\lufnlbnd;la;Apri1 6, 1990;