No. 0452 authorizing the sale, issuance and delivery of project notes and the execution of requisition agreements for Neighborhood Development Program IN A-10

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Section 9. For the punctual payment of the principal of and interest on each series of Project Notes, the Local Issuing Agency expressly and irrevocably promises to pay any sums which may be received from the Government pursuant to the Requisition Agreement relating to such series of Project Notes and each such Requisition Agreement when executed by the Government is declared to be and is hereby assigned by the Local Issuing Agency for the benefit of the holder or holders from time to time of such series of Project Notes. All contributions, funds and amounts authorized or required by the Contract to be applied to the payment of Project Loan Notes (referred to in the Contract as "Project Temporary Loan Obligations," "Advance Notes" or "Permanent Notes ") as issued in connection with the Project are irrevocably pledged to secure the payment of the principal of and interest to maturity on each series of Project Notes. Such pledge and the lien created thereby shall cease and terminate as to any series of Project Notes when monies or investment securities convertible into cash not later than the maturity date of such Notes, sufficient and for the purpose of paying the principal and interest to maturity on such Notes, are deposited with the paying agent or agents for such Notes. Section 10. The Executive Director is authorized and directed to pay (a) to the Government such amount of such funds of the Local Issuing Agency as may be available for such purpose and as may be necessary to pay the principal of and interest on obligations of the Local Issuing Agency then held by the Government which may be refunded in part by any one or more series of Project Notes and (b) to the paying agent or agents of any then outstanding series of Project Notes, or to the Government for transmittal to said paying agent or agents, such amount of funds of the Local Issuing Agency as may be available for such purpose and as may be necessary to pay the principal of and interest on such Project Notes which are refunded in part by succeeding issues of Project Notes. Section 11. The Local Issuing Agency hereby covenants with the holders from time to time of any Project Notes issued under this resolution that it will not amend this resolution in any way which would limit or alter the rights of such holders under Section 9 hereof or otherwise impair the rights and remedies of such holders until such Project Notes, together with interest thereon, and all costs, expenses and damages in connection with any action or proceedings by or on behalf of such holders are fully met and discharged. Section 12. This Resolution shall take effect immediately. Section 13. Adopted at the Special Meeting of the Redevelopment Commission held in the Office of the Department of Redevelopment, Room 1200 County City Building, South Bend, Indiana on June 22, 1973. Rev. Willie V. Williams, Secretary SEAL CITY OF SOUTH BEND DEPARTMENT OF REDEVELOPMENT Fred elm n, President wic