8448-93 Authorizing City of South Bend Economic Development Revenue Refunding Bonds (First Bank Center Project) $8,030,384.77

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The Bonds shall be payable on the following dates and in the following manner: the principal balance of the Bonds, together with interest thereon from the Purchase Date at the rate of five and fifty -two one hundredths percent (5.52 %) per annum, shall be payable in installments as follows: (i) installments of interest only (computed on the actual number of days elapsed and on the basis of a 365 -day year), payable on the first day of the month following the Purchase Date; (ii) two hundred nineteen equal installments, each in the amount of [ ]% of the principal amount thereof and each including principal and interest (computed on the basis of a 360 -day year of twelve 30 -day months), payable on the first day of the second month following the Purchase Date and on the first day of each month thereafter until 219 such payments shall have been made; and (iii) a final installment, payable on the first day of the 220th month following the Purchase Date, in the amount of the entire unpaid principal balance of and interest on the Bonds; and provided, however, that under the circumstances set forth in Section 210 hereof relating to taxability for Federal income tax purposes of interest on the Bonds, the holders of the Bonds may be entitled to receive additional interest and other payments pursuant to said Section 210. The Bonds shall bear interest on any overdue installment of principal and premium and (to the extent that the payment of such interest shall be legally enforceable) on any overdue installment of interest at a rate per annum determined by adding four percent (4 %) to the interest rate on or with respect to such installment of principal in effect at the payment date of such installment. In the event any installment of principal of or interest on the Bonds is not paid when due, a delinquency charge equal to four percent (4 %) of such installment shall be payable, upon demand of any holder thereof, to reimburse such holder for extra expense incurred in the administration of such delinquent payments. Each combined installment of principal and interest, when paid, shall be first applied to the payment of interest accrued to and including the date fixed for payment on the unpaid principal amount of the Bonds, and the balance thereof to payment on account of the principal of the Bonds. Section 203. Place of Payment. The principal of, premium, if any, and interest on the Bonds shall be payable in any coin or currency of the United States of America which, at the respective dates of payment thereof, is legal tender for the payment of public and private debts, and such principals premium, if any, and interest shall be payable at the principal office of the Trustee, in the City of Indianapolis, Indiana. Subject to the provisions of the -14-