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SUMMARY TERMS OF OFFERING (See Notice of Intent to Sell) • $4,895,000 SOUTH BEND (INDIANA) REDEVELOPMENT AUTHORITY LEASE RENTAL REVENUE BONDS (SOUTH BEND CENTRAL DEVELOPMENT AREA PUBLIC IMPROVEMENT PROJECT) Issuer and Lessor: South Bend Redevelopment Authority. Lessee: South Bend Redevelopment Commission. Trustee: First Interstate Bank of Northern Indiana, N.A. Purpose: The Authority will sell lease rental revenue bonds to finance public improvements, property acquisition, and related issuance costs, for lease to the South Bend Redevelopment Commission pursuant to the Lease. Security: The Bonds will be secured by a Trust Agreement and issued pursuant to terms and provisions of the Trust Agreement and the Bond Resolution. Funds for the payment of the lease rental will be generated by the South Bend Redevelopment Commission from unlimited ad valorem roe taxes assessed throughout the Redevelopment District. Although not pledged, the • Commission expects to make certain tax increment revenues available for the .payment of the lease rental. Details of the Bonds: The Bonds will be issued in the denomination of $5,000 each, or in integral multiples thereof, as requested by the Purchaser, and fully registered as to principal and interest. Lease rental payments will be made directly from the Commission to the Trustee. Interest payments on the Bonds will be paid by check or draft mailed one business day prior to the interest payment date to the person in whose name each Bond is registered on the fifteenth day of the month immediately preceding the interest payment date. Dated Date: First day of the month in which Bonds are to be originally delivered. The anticipated dated date is April 1, 1990. Maturity: Bonds will mature serially on February 1 in the years 1996-2012. Interest: Interest will be due semiannually commencing February 1, 1991. Early Redemption: Bonds maturing on or after February 1, 2003 are subject to early redemption on February 1, 2002 or any date thereafter at par plus accrued interest to the date of redemption. Sale Date: Upon at least 24 hours' notice of sale given by telephone prior to the date and time of sale.