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Trustee (the "Trust Agreement") which Trust Agreement provides for, <br />among other things, the issuance of such Bonds to finance the • <br />Project; <br />NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment <br />Authority as follows: <br />Section 1. In order to pay and finance the costs of the <br />Project and to pay costs of issuance, there is hereby authorized and <br />there shall be executed, issued, and delivered by and on behalf of <br />the Authority, pursuant to I.C. 36-7-14.5 et se ., the Bonds in the <br />aggregate principal sum of Four Million Eight Hundred Ninety-Five <br />Thousand Dollars ($4,895,000). <br />Section 2. The Bonds shall bear interest at a -rate snot <br />exceeding 8 1/2~ per annum (or such lesser per annum interest rate as <br />the Authority may establish with the advice of its financial advisor <br />at the time of the publication of the notice of intent to sell the • <br />Bonds) and shall mature serially on February 1 in the years and in <br />the amounts as follows: <br />Year Amount Year Amount <br />1996 $ 40,000 2005 275,000 <br />1997 100,000 2006 365,000 <br />1998 115,000 2007 .390,000 <br />1999 150,000 2008 425,000 <br />2000 175,000 2009 450,000 <br />2001 190,000 2010 480,000 <br />2002 200,000 2011 515,000 <br />2003 225,000 2012 550,000 <br />2004 250,000 <br />Section 3. The Bonds maturing on or after February 1, 2003, <br />may be redeemed prior to ma turity, at the option of the Authority in <br />whole or in part in whole multiples of $5,000, in inverse order of <br />maturity and by lot within maturities, on any date not earlier than <br />• <br />II-2 <br />