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PRELIMINARY OFFICIAL STATEMENT DATED _ ,2020
<br /> NEW ISSUE-BOOK-ENTRY ONLY RATING:Moody's:" "
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<br /> F, In the opinion of Faegre Drinker Biddle & Reath LLP, Bond Counsel, under existing law and assuming continuing compliance by the
<br /> ▪H Issuer and Borrower(each hereinafter defined)with certain tax covenants, interest on the Bonds(hereinafter defined)is excludable from
<br /> wgross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended and in effect on the
<br /> date of issuance of the Bonds(the "Code"), except for interest on any Bond for any period during which such Bond is held by a person
<br /> E'- who is a "substantial user"of the Project(hereinafter defined)or a "related person"within the meaning of Section 147(a)of the Code,and
<br /> F 2 except as set forth under the heading "TAX MATTERS" herein. Further, under existing law, interest on the Bonds is not an item of tax
<br /> ▪q preference for purposes of the federal alternative minimum tax imposed on individuals under the Code. In the opinion of Bond Counsel,
<br /> 5 t under existing law, interest on the Bonds is exempt from taxation in the State of Indiana for all purposes except for the Indiana financial
<br /> c-;> institutions tax. See "TAX MATTERS"herein for a discussion of the opinion of Bond Counsel.
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<br /> e d $4,100,000*
<br /> r CITY OF SOUTH BEND,INDIANA
<br /> z d MULTIFAMILY HOUSING REVENUE BONDS,SERIES 2020A
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<br /> (CEDAR GLEN APARTMENTS PROJECT)
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<br /> A Dated as of:April 1,2020 CUSIP' : [ ) Maturity Date:November 1,2022*
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<br /> m y Initial Interest Rate: % Offering Price: 100% Initial Mandatory Tender Date:November 1,2021*
<br /> ,, Authority for Issuance.The City of South Bend,Indiana(the"Issuer")is issuing its$4,100,000 Multifamily Housing Revenue
<br /> c h Bonds(Cedar Glen Apartments Project) Series 2020A(the"Bonds")pursuant to a Trust Indenture(the"Indenture"), dated as of April 1,
<br /> e g 2020,by and between the Issuer and The Huntington National Bank,as trustee(the"Trustee").
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<br /> C.8 Denominations and Interest. The Bonds are issuable only as fully registered bonds without coupons in the denomination of
<br /> E=,c $5,000 principal amount or any greater integral multiple of$5,000. Interest on the Bonds will be payable on each May 1 and November 1,
<br /> 0.q commencing November 1,2020*.
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<br /> UBook-Entry Only.Purchasers of the Bonds will not receive certificates representing their interests in the Bonds. Bonds will be
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<br /> F2 9 c registered in the name of Cede & Co., as registered owner and nominee of The Depository Trust Company, New York, New York.
<br /> ,7,-.7. Principal of and interest on the Bonds is payable by the Trustee to Cede&Co.,which is to remit such payments to the Direct Participants
<br /> w 0 (as defined herein)for subsequent disbursement to the purchasers of the Bonds. See"APPENDIX B- BOOK-ENTRY ONLY SYSTEM"
<br /> -°i herein.
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<br /> w . Use of Proceeds.The Bonds are being issued to provide financing to MAH Cedar Glen,LP,an Indiana limited partnership (the
<br /> Q.c "Borrower"),for the acquisition,construction, improvement and equipping of a 179-unit affordable rental housing project(the"Project")
<br /> F o W located in the City of South Bend,Indiana.See"THE PROJECT'herein.
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<br /> WE Security for the Bonds.At all times the Bonds will be secured by and payable from the Trust Estate(as defined herein). See
<br /> 1.=17 "SECURITY AND SOURCES OF PAYMENT FOR THE BONDS"herein.
<br /> t Ha; Limited Obligations. THE BONDS ARE SPECIAL, LIMITED OBLIGATIONS OF THE ISSUER PAYABLE SOLELY
<br /> z s r FROM THE TRUST ESTATE (AS DEFINED HEREIN) PLEDGED UNDER THE INDENTURE AND NOT FROM ANY OTHER
<br /> z°0 REVENUES, FUNDS OR ASSETS OF THE ISSUER. THE BONDS ARE NOT A GENERAL OBLIGATION, DEBT OR BONDED
<br /> 0 y= INDEBTEDNESS OF THE ISSUER, OR A PLEDGE OF THE MONEYS, FAITH AND CREDIT OF THE ISSUER, AND THE
<br /> • L HOLDERS OF THE BONDS HAVE NOT BEEN GIVEN AND DO NOT HAVE ANY RIGHT TO HAVE EXCISES OR TAXES
<br /> o� LEVIED BY THE ISSUER FOR THE PAYMENT OF BOND SERVICE CHARGES THEREON.
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<br /> z::Q Mandatory Tender.The Bonds are subject to mandatory tender for purchase on the Initial Mandatory Tender Date, subject to
<br /> 3 o satisfaction of the applicable terms and conditions of remarketing set forth in the Indenture,or mandatory redemption,if the conditions to
<br /> F z o remarketing the Bonds are not met on or before the Initial Mandatory Tender Date. All Bondholders must tender their Bonds for purchase
<br /> c E 1.4 on the Initial Mandatory Tender Date. The Bonds may be remarketed and a new interest rate for the Bonds may be determined on the
<br /> Q 5 Initial Mandatory Tender Date in accordance with the terms of the Indenture,or the Bonds may be redeemed and cancelled on the Initial
<br /> z v d Mandatory Tender Date. If the Bonds are remarketed on the Initial Mandatory Tender Date,the terms of the Bonds after such date may
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<br /> = differ materially from the description provided in this Official Statement. Therefore,prospective purchasers of the Bonds on and after the
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<br /> w W Initial Mandatory Tender Date cannot rely on this Official Statement, but rather must rely upon any disclosure documents prepared in
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<br /> w� connection with such remarketing.
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<br /> ,,,4 t'a The Bonds are offered when, as and if issued and received by the Underwriter, subject to the legal opinion of Faegre Drinker
<br /> • W Biddle&Reath LLP, Indianapolis, Indiana, Bond Counsel. Certain legal matters will be passed upon for the Underwriter by its counsel,
<br /> d Squire Patton Boggs (US) LLP, Cleveland, Ohio, and for the Owner by its counsel Kuhl & Grant, LLP, Indianapolis, Indiana. It is
<br /> '847- expected that the Bonds will be available for delivery to The Depository Trust Company in New York, New York, on or about April[ 1,
<br /> a=0 2020. File' ;r C!prk'S Office
<br /> z= THE STURGES COMPANY
<br /> o [April_],2020 MAR 18 2020
<br /> i� (a) Copyright©,CUSIP Global Services(see"IMPORTANT NOTICES"). ( i
<br /> F•�h DAWN M,JONES
<br /> *Preliminary,subject to change. I CITY CLERK,SOUTH BEND, IN
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