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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property located in the Allocation Area, allocated and deposited in the Allocation Fund pursuant to the provisions of Section 39 of the Act and proceeds from the sale or leasing of property in the Alloca- tion Area under Section 22 of the Act deposited in the Allocation Fund as required by Section 26 of the Act (these sources of revenues that will be used for payments of the Bonds shall hereinafter be referred to as the "Tax Increment "); and WHEREAS, the Commission now further determines that the issuance of Series 1988 Bonds in the aggregate principal amount of One Million Eight Hundred Thousand Dollars ($1,800,000) is necessary in order to provide funds for payment of part of the cost of property acquisition and redevelopment in the Allocation Area. NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission, as follows: SECTION 1. For the purpose of raising money to pay the cost of property acquisition and redevelopment in the Allocation Area together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the acquisition and redevelopment of the Allocation Area, including the total cost of all land, rights -of -way and other property to be acquired and redeve- loped, all necessary architectural, engineering, legal, accounting, advertising, bond discount and supervisory expenses, a debt service reserve and capitalized interest as provided herein, and expenses the Commission may be required to pay as "relocation assistance" under IC 8 -13 -18.5, together with the expenses in connection with the issuance of the Series 1988 Bonds, the City acting for and on behalf of the Redevelopment District, shall make a loan in the amount of One Million Eight Hundred Thousand Dollars ($1,800,000). In order to procure funds for said loan, the Controller is hereby authorized and directed to have prepared and issue and sell nego- tiable bonds of the Redevelopment District, which bonds shall be issued in the name of the City and which shall be designated "City of South Bend Redevelopment District Tax Increment Revenue Bonds of 1988" in an aggregate principal amount of One Million Eight Hundred Thousand Dollars ($1,800,000), with a discount not to exceed two -and- one -half percent (2 -1/2 %) of par value, and which amount does not exceed the total, as estimated by the Commission, of all expenses reasonably to be incurred in connection with the property acquisition and redevelopment of the Allocation Area, including all costs related thereto as set out by Section 25.1 of the Act and excluding those costs paid for out of the proceeds derived from the sale of the Series 1985 Bonds and the Series 1986 Bonds. The Series 1988 Bonds shall not constitute a corporate obligation or indebtedness of the City, but the same shall be an obligation of the Redevelopment District and shall be payable solely out of the Tax Increment. The Series 1988 Bonds shall be issued in fully registered form in the denomination of Five Thousand Dollars ($5,000) or in integral multiples thereof ( "Authorized Denominations ") not exceeding the