OFFICIAL NOTICE OF SALE
<br />$1,800,000
<br />AW CITY OF SOUTH BEND, INDIANA, REDEVELOPMENT DISTRICT
<br />TAX INCREMENT REVENUE BONDS OF 1988
<br />Sealed bids for the City of South Bend Redevelopment District Tax Increment Revenue Bonds of 1988
<br />in the aggregate principal amount of One Million Eight Hundred Thousand Dollars ($1,800,000) (the
<br />"Bonds ") will be opened by the City Controller of the City of South Bend (the "City "), on Monday,
<br />February 8, 1988, at 12:00 Noon, Eastern Standard Time, at the Office of the City Controller in
<br />Room 1400 of the County -City Building, 227 West Jefferson Boulevard, in South Bend, Indiana. The
<br />City Controller will consider award of the Bonds immediately following the opening of bids, subject
<br />to approval of the interest rate by the State Board of Tax Commissioners if any interest rate or the
<br />net effective rate exceeds eight percent (8%) per annum. If no acceptable bid is received at the time
<br />fixed for the sale of the Bonds, then the sale may be continued from day - today for a period not to
<br />exceed thirty (30) days without readvertising. During the continuation of the sale, no bid shall be
<br />accepted which offers an interest cost which is equal to or higher than the best bid received at the
<br />time fixed for the sale in the Bond Sale Notice. The acceptability of a bid is within the sole
<br />discretion of the Controller.
<br />DETAILS OF THE BONDS
<br />The Bonds will be dated February I, 1988, and will bear interest payable on August I, 1988 and
<br />Alliftemiannually thereafter on February I and August I of each year. Interest will be computed on the
<br />sis of a 360 -day year of twelve 30-day months and will be rounded pursuant to rules of the MSRB.
<br />The Bonds shall be issued in fully registered form in the denomination of Five Thousand Dollars
<br />($5,000) or in integral multiples thereof (the "Authorized Denominations "). The principal and
<br />premium, if any, on the Bonds shall be payable at the principal office of the Paying Agent, and
<br />interest on the Bonds shall be paid by check or draft mailed or delivered to the registered owners of
<br />the Bonds at the address as it appears on the books for registration and for transfer of the Bonds kept
<br />and maintained by the Registrar (the 'Bond Register ") as of the 15th of the month immediately
<br />preceding the interest payment date or at any such other address as provided to the Paying Agent in
<br />writing by such registered owners.
<br />The Bonds shal I mature and be payable on February I st in the amounts and years as follows:
<br />$25,000 1993 -1996
<br />$75,000 1997 -1998
<br />$1009000 1999 $150,000 2003 -2004
<br />$125,000 2000 -2002 $775,000 2005
<br />Bonds maturing on or after February 1, 2000 are redeemable in advance of maturity, at the option of
<br />the South Bend Redevelopment Commission (the "Commission "), beginning on February I, 1999, in
<br />whole or in part (only in Authorized Denominations). If redeemed in whole, the Bonds may be
<br />redeemed on February I, 1999 or on any date thereafter. If in part, Bonds may be redeemed in any
<br />order of maturity selected by the Commission and within a maturity by lot (in such manner as may be
<br />,,termined by the Registrar) on February 1, 1999 and on any interest payment date thereafter. All
<br />Cr shall be at a price of par and accrued interest.
<br />In the case of redemption of the Bonds, notice of the call for any such redemption identifying the
<br />Bonds, or portions of the Bonds, to be redeemed shall be given by the Registrar on behalf of the
<br />Commission by mailing a copy of the redemption notice by registered or certified mail not less than
<br />thirty (30) days nor more than sixty (60) days prior to the date fixed for redemption to the registered
<br />owner of each Bond to be redeemed at the address shown on the Bond Register; provided, however,
<br />that failure to give such notice by mailing, or any defect therein, with respect to any such Bond shall
<br />not affect the validity of any proceedings for the redemption of other Bonds.
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