No. 0819 authorizing issuance of bonds on parity with COSB redevelopment district tax increment revenue bonds of 1985 & 1986 for purpose of raising money for property acquisition and redevelopment in SBCAA

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to property owners in the Allocation Area. No increase in the Tax Increment to be received in any future year shall be assumed which results from pro- jected inflation in property values or projected increases in property tax rates; and WHEREAS, the Controller of the City of South Bend ( "Controller ") has provided the Commission with a statement, attached hereto as Exhibit J and incorporated herein, representing that all interest and principal payments with respect to all bonds payable from the Tax In- crement are current to date in accordance with the terms thereof with no payment in arrears and that the current balance in the Reserve Account established by the Series 1985 Bond Resolution equals the Debt Service Reserve Requirement for the Series 1985 Bonds and the 1986 Series Bonds; and WHEREAS, the Commission shall deposit into the Reserve Account from the proceeds to be received from the sale of the Series 1988 Bonds (as hereinafter defined) an amount which when added to the balance in the Reserve Account shall make the balance in the Reserve Account equal to the Debt Service Reserve Requirement as calculated for the Series 1985 Bonds, the Series 1986 Bonds, and the Parity Bonds authorized by this Series 1988 Bond Resolution ( "the Series 1988 Bonds "), provided that such amount shall not exceed ten percent (10 %) of the proceeds of the Series 1988 Bonds; and WHEREAS, the Commission has received a certificate prepared by Springsted Incorporated, an independent financial consultant that is acting as the Certifier, attached hereto as Exhibit K and incor- porated herein, certifying that the Tax Increment estimated to be received in each succeeding year as provided herein, is estimated to be equal to at least 150% of the principal and interest requirements for each respective year during the terms of the Series 1985 Bonds, the Series 1986 Bonds, and the Series 1988 Bonds (the Series 1985 Bonds, the Series 1986 Bonds, and the Series 1988 Bonds shall here- inafter collectively be referred to as the "Bonds "), the estimate and calculation of Springsted Incorporated being made in full accord with the terms and conditions of Section 6 (c) of the Series 1985 Bond Resolution and the Series 1986 Bond Resolution as set out herein - above; and WHEREAS, the Commission now approves and confirms the represen- tations of the Controller and the findings and estimates set forth in the above - described certificate of Springsted Incorporated; and WHEREAS, the Commission now determines that based on the represen- tations, findings and certificate referred to hereinabove, the con- ditions precedent as provided for in Section 6 of the Series 1985 Bond Resolution and Section 6 of the Series 1986 Bond Resolution are met and it is authorized to issue Series 1988 Bonds in an aggregate principal amount of One Million Eight Hundred Thousand Dollars ($1,800,000) which shall be payable solely out of taxes on real M7C