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revenue bonds designated the "South Bend Redevelopment Authority <br />Taxable Lease Rental Revenue Bonds (Coveleski Stadium Refunding)" <br />in the aggregate principal amount not to exceed Four Million Three <br />Hundred Fifty Thousand Dollars ($4,350,000) (the "1991 Bonds") for <br />the purpose of providing funds, a portion of which shall be used <br />to effect the refunding of the 1988 Bonds, together with the <br />authorized expenses relating thereto. <br />3. The Escrow Trustee has received written notice of <br />redemption and irrevocable instructions to redeem the 1988 Bonds <br />as required by Section 4.02 of the 1988 Trust Agreement from the <br />Authority. <br />4. The Refunding Bond Resolution provides that the <br />proceeds from the sale of the 1991 Bonds will be delivered to and <br />applied by the Trustee in accordance with a Trust Agreement entered <br />into and dated as of November 1, 1991 (the "Trust Agreement") <br />between the Authority and the Escrow Trustee. <br />5. Section 2.10 of the Trust Agreement provides that <br />the sum of Dollars ($ ) <br />received from the sale of the 1991 Bonds will be applied on behalf <br />of the Authority to pay the principal and interest on the 1988 <br />Bonds. <br />6. The Authority is authorized and empowered by Indiana <br />Code 36-7-14.5-19, as amended, to issue, sell and deliver bonds for <br />the purpose of refunding outstanding bonds previously issued by the <br />Authority. <br />• <br />-3- <br />