No. 0747 authorizing the issuance of tax increment revenue bonds for the purpose of raising money for property acquisition and redevelopment in the SBCDA

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;Jv or, SECTION 1. For the purpose of raising money for property acquisition or redevelopment in the Allocation Area together with expenses incidental thereto and expenses in connection with the issuance of the Bonds (as such term is defined below), the City acting for and on behalf of the Redevelopment District, shall make a loan in the amount of Four Million Two Hundred Thousand Dollars ($4,200,000). In order to procure funds for said loan, the Controller of the City (the "Controller ") is hereby authorized and directed to have prepared and to issue and sell negotiable 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 1985" (the "Bonds ") in an aggregate principal amount of Four Million Two Hundred Thousand Dollars ($4,200,000), which amount does not exceed the total, as estimated by the Commission, of all expenses reasonably incurred in connection with the property acquisition and redevelopment of the Allocation Area, including all costs related thereto as set out by IC 36 -7 -14 -25.1. The Bonds do not constitute a corporate obligation or indebtedness of the City, but the same is an obligation of the Redevelopment District and is payable solely out of Tax Increment. The Bonds shall be issued in fully registered forms in the denomination of Five Thousand Dollars ($5,000) or in integral multiples thereof CW ( "Authorized Denominations ") not exceeding the aggregate principal amount of Bonds maturing in any year, shall be numbered consecutively from 85R -1 upwards and shall bear interest at a rate or rates not exceeding 12% per annum (the exact rate or rates to be determined by bidding or negotiation), which interest shall be payable on the first day of August, 1986, and semiannually thereafter, on February lst and August 1st of each year. The Bonds shall mature and be payable on February 1st, in the years and amounts as follows: Year Amount 1990 $ 50,000 1991 $125,000 1992 $150,000 1993 $200,000 1994 $225,000 1995 $250,000 1996 $275,000 1997 $300,000 1998 $350,000 1999 $375,000 2000 $400,000 -4-