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• (Form of Bond) <br />UNITED STATES OF AMERICA <br />State of Indiana <br />County of St. Joseph <br />Registered <br />No. <br /> <br />SOUTH BEND REDEVELOPMENT AUTHORITY <br />TAXABLE LEASE RENTAL REVENUE BOND <br />(PALMS ROYALE) <br />Interest Maturity Original Authentication <br />Rate Date Date Date CUSIP <br />Registered Owner: <br />Principal Sum: <br />SOUTH BEND REDEVELOPMENT AUTHORITY, a body corporate and politic, duly <br />organized and existing under the laws of the State of Indiana (hereinafter called <br />the "Authority"), for value received, hereby promises to pay to the Registered <br />Owner (named above) or registered assigns, solely out of the Pledged Funds <br />(hereinafter referred to) the Principal Sum set forth above on the Maturity Date <br />set forth above (unless this Bond is subject to and shall have been duly called <br />for prior redemption and payment made as provided for herein), and to pay <br />interest hereon solely from such Pledged Funds until the Principal Sum shall be <br />fully paid at the rate per annum stated above from the interest payment date next <br />preceding the Authentication Date of this Bond unless this Bond is authenticated <br />after the fifteenth day of the month preceding an interest payment date and on <br />or before such interest payment date in which case it shall bear interest from <br />such interest payment date, or unless this Bond is authenticated on or before <br />15, 1992, in which case it shall bear interest from the Original Date, <br />which interest is payable on February 1 and August 1 of each year, beginning on <br />February 1, 1993. Interest shall be calculated on the basis of twelve 30-day <br />months for a 360-day year. <br />Interest on this Bond is payable by check or draft mailed one business day <br />prior to the interest payment date to the person in whose name this Bond is <br />registered on the fifteenth day of the month preceding such interest payment <br />date. Principal and premium, if any, of this Bond are payable upon presentment <br />and surrender hereof in lawful money of the United States of America at the <br />principal office of Norwest Bank Indiana, N.A., 112 West Jefferson Boulevard, <br />P.O. Box 112, South Bend, Indiana 46634. INTEREST ON THIS BOND IS NOT EXCLUDABLE <br />FROM GROSS INCOME FOR FEDERAL TAR PURPOSES. <br />. -8 <br />