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consent to and approve the adoption thereof in substantially the form <br />of the copy thereof referred to in such notice as on file with the <br />Registrar thereupon, but not otherwise, the Commission may adopt such <br />supplemental resolution in substantially such form, without liability <br />or responsibility to any owners of the Series 1988 Bonds, whether or <br />not such owner shall have consented thereto. <br />If AMBAC Indemnity Corporation or any other municipal bond in- <br />surance company agrees to insure the Series 1988 Bonds, whenever in <br />this Series 1988 Bond Resolution the consent of and notice to any <br />owners of the Series 1988 Bonds is required, the consent of and <br />notice to AMBAC Indemnity Corporation, One State Street Plaza, New <br />York, New York 10004, or such other insurer shall also be required. <br />Upon the adoption of any supplemental resolution pursuant to the <br />provisions of this Section 22, this Series 1988 Resolution shall be, <br />and be deemed to be, modified and amended in accordance therewith, <br />and the respective rights, duties and obligations under this Series <br />1988 Bond Resolution shall thereafter be determined, exercised and <br />enforced hereunder, subject in all respects to such modifications and <br />amendments. <br />SECTION 23. The appropriate officers are hereby authorized to <br />take all actions required to procure municipal bond insurance for the <br />Series 1988 Bonds from municipal bond insurance companies including <br />AMBAC Indemnity Corporation and to obtain a rating for the Series <br />1988 Bonds, if economically feasible and desirable. <br />SECTION 24. In the event that the principal and redemption <br />price, if applicable, and interest due on the Series 1988 Bonds shall <br />be paid by AMBAC Indemnity Corporation pursuant to AMBAC's Municipal <br />Bond Insurance Policy or such other municipal bond insurance company <br />pursuant to the municipal bond insurance policy issued by such com- <br />pany, the assignment and pledge of the Tax Increment and all cove- <br />nants, agreements and other obligations of the Issuer to the Bond- <br />holders shall continue to exist and AMBAC Indemnity Corporation or <br />such other municipal bond insurance company shall be subrogated to <br />the rights of such Bondholders. <br />Adopted at a regular meeting of the Commission held on November <br />12, 1987, in the offices of the Commission located on the Twelfth <br />(12th) floor of the County -City Building, 227 W. Jefferson Blvd., <br />South Bend, Indiana 46601. <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />ATTEST: Jay im , Prfisi&biit <br />Roman Piasecki, Secretary <br />-32- <br />