No. 0311 authorizing the sale, issuance, delivery of project notes in the aggregate principal amount of $1,235,000 and execution of requisition agreement NO. 3-1970 LaSalle Park Project, IND R-57

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Section 3. The Local Issuing Agency hereby ratifies and approves the form of each proposal hereinafter in this Section 3 enumerated for the purchase of the designated principal amount of Notes and determines that each such proposal offers to purchase such Notes at the lowest in- terest rate and is therefore accepted, and said Notes are hereby award- ed to the purchaser, as follows: Princ al Amount Interest Rate Purchaser $ 1,2 5,000 4.19% The National Bank and Trust Company of South Bend South Bend, Indiana 46601 ection 4. Each Note shall be dated September 8, 1970, shall be payable as to both principal and interest to bearer, on June 4, 1971, and, jursuant to each proposal for the purchase of said Notes herein - above accepted, shall bear the rate of interest per annum, payable at maturity; shall bear the numbers and be in the denominations; and shall be pa able as to both principal and interest at the incorporated bank havin trust powers or incorporated trust company, as follows: Purchaser Bank Numbers 1 -12 Interest Denominations Rate $100,000 4.19% Payable At The National Bank Tha National and Trust Co. of 13 -15 10,000 and Trust Co. of South Bend 16 5,000 South Bend The N tional Bank Bldg. The National Bank Bldg. 112 W. Jefferson Blvd. 112 W. Jefferson Blvd. South Bend, Ind. 46601 South Bend, Ind. 46601 None cf such Notes shall be valid until after the bank or trust company at which it is payable shall have signed the agreement, appearing on each Note, to act as paying agent thereof. Each such Note shall be executed in thE name of the Local Issuing Agency by the manual or facsimile sig- naturE of the Mayor of the City of South Bend and shall have the corporate seal cf said city impressed, imprinted or reproduced thereon and attested by thE City Clerk of the City of South Bend, and said officers are hereby authorized and directed to cause said Notes to be properly executed. Section 5. Each such Note shall be in substantially the form of HUD -9 10, which is incorporated herein by reference, and shall be secured by an agreement entitled "Requisition Agreement No. 3- 1970" (herein called the equisition Agreement "), in substantially the form of HUD -9003, which is incorporated herein by reference, to be entered into between the Local Issuing Agency and the Government. Section 6. The Requisition Agreement shall be executed in the name of thE Local Issuing Agency by the manual or facsimile signature of the Presi ent of the Local Issuing Agency and shall have the corporate seal of thE Local Issuing Agency impressed, imprinted or reproduced thereon and attested by the Secretary, and said officers are hereby authorized and directed to cause the Requisition Agreement to be properly executed. Section 7. For the punctual payment of the principal of and interest on the New Project Notes, the Local Issuing Agency hereby expressly and irrevocably promises to pay any sums which may be received from the Gov- ernment pursuant to the Requisition Agreement relating to such series of Project Notes and said Agreement, when executed by the Government, is hereby 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 the New Project Notes. All contributions, funds and amounts authorized or re- uired 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 Proje t are hereby irrevocably pledged to secure the payment of the prin- cipal of and interest to maturity on the New Project Notes. Such pledge and the lien created thereby shall cease and terminate when monies or investment securities convertible into cash not later than the maturity date of the New Project 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.