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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Bank and Trust Company, as Paying Agent, in the City of Indianapolis, Indiana. Interest on this bond shall be paid by check or draft mailed or delivered to the Registered Owner hereof at the address as it appears on the books kept by the Registrar for the registration and for the transfer of the Bonds (as defined below) (the "Bond Register ") as of the fifteenth day of the month immediately preceding the interest payment date or at such other address as provided to the Paying Agent in writing by the Registered Owner. All payments on this bond shall be made in lawful money of the United States of America. Bonds of this issue maturing on and after February 1, 1997, are subject to prior redemption at the option of the South Bend Redevelopment Commission (the "Commission "), in whole or in part and if in part in the inverse order of maturities and within any maturity by lot (in such manner as may be determined by the Registrar), on February 1, 1996, and on each interest payment date thereafter. Bonds so redeemed shall be redeemed on such redemption date at a price of 100% of the principal amount of the bond outstanding to be redeemed plus accrued interest to the redemption date on the principal amount to be redeemed, and without premium. In case of redemption of this bond, notice of the call for any such redemption shall be given by registered or certified mail not less than thirty (30) days nor more than forty -five (45) days prior to the date fixed for redemption to the Registered Owner of this bond at the address shown on the Bond Register; provided, however, that failure to give such notice by mailing, or any defect therein with respect to any other bond, shall not affect the validity of any proceedings for the redemption of this bond. This bond is one of an authorized issue of Bonds of the South Bend Redevelopment District in the aggregate principal amount of Four Million Two Hundred Thousand Dollars ($4,200,000) (the "Bonds "), numbered consecutively from 85R -1 upwards, issued pursuant to Resolution No. 747 (the "Resolution ") adopted by the Commission on August 23, 1985, and in strict compliance with the Indiana Code, for the purpose of raising money for property acquisition and redevelopment in the Allocation Area together with expenses incidental thereto and expenses in connection with the issuance of the Bonds, all as described in said Resolution No. 747. Reference is hereby made to the Resolution for a description of the nature and extent of the rights, duties and obligations of the owners of the Bonds, the City and the Commission and the terms on which this bond is issued, and to all the provisions of such Resolution to which the holder hereof by the acceptance of this bond assents.