Resolution No. 173 Issuance of the South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds

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CWHEREAS, the Authority desires to issue its lease rental revenue refunding bonds pursuant to I.C. 36-7-14.5-19 and I.C. 5-1-5 in two (2) series to be known as (i) the "South Bend Redevelopment Authority Taxable Lease Rental Revenue Refunding Bonds, Series 2011 A (College Football Hall of Fame Project)" (the "Hall Bonds") in an aggregate principal amount not to exceed Eight Million Six Hundred Thousand and 00/100 Dollars ($8,600,000.00) and (ii)the "South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds, Series 2011 B (Century Center Project)" (the "Century Center Bonds" and together with the Hall Bonds, the "Bonds") in an aggregate principal amount not to exceed Three Million Eight Hundred Thousand and 00/100 Dollars ($3,800,000), the proceeds of each of the series are to be used to refund all or a portion of the Refunded Bonds and to pay the cost of issuance of the Bonds (collectively, the "Refunding"); NOW, THEREFORE, BE IT RESOLVED, by the South Bend Redevelopment Authority as follows: Section 1. In order to pay the finance costs of currently refunding the Refunded Bonds, to fund a debt service reserve for the Bonds to the extent that it is determined that a reserve is reasonably required, and to pay costs of issuance of the Bonds, there is hereby authorized and there shall be executed, issued, and delivered by and on behalf of the Authority, pursuant to I.C. 36-7-14.5-19 and I.C. 5-1-5, the Hall Bonds in an aggregate principal amount not to exceed Eight Million Six Hundred Thousand and 00/100 ($8,600,000.00) and the Century Center Bonds in an aggregate principal amount not to exceed Three Million Eight Hundred Thousand and 00/100 Dollars ($3,800,000.00). Section 2. The Hall Bonds are hereby authorized to be issued under, pursuant to, and in accordance with the 2000 Trust Agreement, as supplemented by a supplemental indenture to be entered in conjunction with the issuance of the Hall Bonds (the "2000 Supplemental Trust Agreement" and collectively with the 2000 Trust Agreement, the "Hall Trust Agreement") with a final maturity date of not later than February 1, 2018, a maximum rate of interest of eight percent (8.0%) per annum (the exact rate to be determined by negotiation). The proceeds of the Hall Bonds shall be delivered to the Trustee and applied by the Trustee in accordance with the Hall Trust Agreement. Section 3. The Century Center Bonds are hereby authorized to be issued under, pursuant to, and in accordance with the 2001 Trust Agreement, as supplemented by a supplemental indenture to be entered in conjunction with the issuance of the Century Center Bonds (the "2001 Supplemental Trust Agreement" and collectively with the 2001 Trust Agreement, the "Century Center Trust Agreement") with a final maturity date of not later than February 1, 2018, a maximum rate of interest of seven percent (7.0%) per annum (the exact rate to be determined by negotiation). The proceeds of the Century Center Bonds shall be delivered to the Trustee and applied by the Trustee in accordance with the Century Center Trust Agreement. Section 4. The Bonds are not subject to optional redemption prior to their maturity. C -2- BDDBOI 6655580v3