Authorizing $1,550.000 Economic Development Technologies Corp Project

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acquisition of certain machinery, equipment and related property to be installed therein (the "Project ") to be used as a computer facility and to be located in the City of South Bend, Indiana, and paying expenses incidental thereto and to the issuance of this Bond, to the end that the Issuer may be able to increase employment opportunities and retain jobs in the State of Indiana. The proceeds of this Bond will be used by the Issuer to pay or reimburse Clark Information Technologies Corporation, a corporation incorporated and existing under the laws of the State of Michigan (the "Company "), for a portion of the costs of the acquisition, construction and installation of the Project, under the terms of a Loan Agreement dated as of November 1, 1984, by and between the Issuer and the Company (which agreement, as from time to time supplemented and amended, is hereinafter referred to as the "Agreement "). This Bond is secured by an assignment and pledge of the revenues and income derived by the Issuer from the repayment of the loan by the Company and other revenues and income derived pursuant to the Agreement and the Promissory Note issued by the Company thereunder (the "Note "), and is further secured by an assignment and pledge of the right, title and interest of the Issuer in and to the Agreement, the Note and the Mortgage and Security Agreement dated as of November 1, 1984, by and between the Company and the Issuer (except certain expense and indemnifi- cation payments), as more fully described in the Bond Ordi- nance. Reference is made to the Bond Ordinance for a description of the provisions, among others, with respect to the nature and extent of the security, the rights, duties and obligations of the Issuer, the rights, duties and obligations of the owner of this Bond, and the terms on which this Bond is or may be issued and to all of the provisions of which the owner hereof by the acceptance of this Bond assents. This Bond is issued pursuant to and in full compliance with the Constitution and the laws of the State of Indiana, and particularly Indiana Code Section 36 -7 -12, as supplemented and amended (the "Act "). This Bond and the obligation to pay interest hereon are special, limited obligations of the Issuer, secured as aforesaid and payable solely out of the revenues and income derived from the Agreement and the Note and as otherwise provided in the Bond Ordinance and the Agreement. This Bond and the obligation to pay interest hereon shall not be deemed to constitute an indebtedness or an obligation of the Issuer, the State of Indiana or any political subdivision thereof, within the purview of any constitutional limitation or provision. No owner of this Bond shall have the right to compel the taxing powers, if any, of the Issuer, the State of Indiana or any political sub- division thereof to pay any principal installments of, premium, if any, or interest on this Bond. Pursuant to the provisions of the Agreement, payments sufficient for the prompt payment when -17-