Bill No. 20-22 Amending Bond Ordinance_City of South Bend, Indiana Variable Rate Economic Development Revenue Bonds, Series 2007 (PEI_Genesis Project)

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52 in the event of optional redemption pursuant to Section 4.01(b) or (c) hereof, upon money being deposited as and if required by Section 4.03 hereof, the Bonds and portions thereof called for redemption shall become due and payable on the redemption date, and upon presentation and surrender thereof at the place or places specified in that notice, shall be paid at the redemption price, including interest accrued to the redemption date. Except as provided in Section 9.02 hereof, the Trustee shall make a drawing under the Letter of Credit, and, if necessary, under the Confirming Letter of Credit, if any, to pay the principal of and interest due on the Bonds being redeemed. Any moneys received by the Trustee from the Borrower which are available to be applied toward the payment of such principal and interest, shall be paid (i) to the Bank to reimburse the Bank for any drawing made under the Letter of Credit, or (ii) to the Confirming Bank to reimburse the Confirming Bank for any drawing made under the Confirming Letter of Credit, to pay such principal and interest. Subject to the provisions of Section 13.05 hereof, if money for the redemption of all of the Bonds and portions thereof to be redeemed, together with interest accrued thereon to the redemption date, is held by the Trustee on the redemption date, so as to be available therefor on that date and if notice of redemption has been deposited in the mail to the registered owner of the Bond or Bonds to be redeemed as aforesaid, then from and after the redemption date those Bonds and portions thereof called for redemption shall cease to bear interest and no longer shall be considered to be outstanding hereunder. If those moneys shall not be so available on the redemption date or that notice shall not have been deposited in the mail as aforesaid, those Bonds and portions thereof shall continue to bear interest, until they are paid, at the same rate or rates as they would have borne had they not been called for redemption. All moneys deposited in the Bond Fund and held by the Trustee for the redemption of particular Bonds shall be held in trust for the account of the Holders thereof and shall be paid to them, upon presentation and surrender of those Bonds, except as provided in Section 3.06 hereof. Section 4.06. Variation of Redemption Provisions.The provisions of this Article IV, insofar as they apply to the issuance of any series of Additional Bonds, may be varied by the Supplemental Indenture providing for that series. END OF ARTICLE IV ARTICLE V PROVISIONS AS TO FUNDS, PAYMENTS, PROJECT AND AGREEMENT Section 5.01. Creation of Project Fund.There is created by the Issuer and ordered maintained in the custody of the Trustee, a trust fund designated “City of South Bend, Indiana Variable Rate Demand Economic Development Revenue Bonds, Series 2007 (PEI/Genesis Project) Project Fund”. The proceeds of the Project Bonds shall be deposited into the Project Fund; provided, however, any proceeds representing accrued interest on the Project Bonds shall be deposited in the Bond Fund. The proceeds of the sale of any Additional Bonds, other than any proceeds representing accrued interest which shall be deposited in the Bond Fund pursuant to Section 5.03 hereof, shall be deposited in the Project Fund set forth in the Supplemental Indenture relating to those Additional Bonds. If the unexpended proceeds of a prior issue of Bonds remain