Issue Economic Development Refunding Columbia Place Associates Project

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Section 4. The City of South Bend shall issue its Economic Development Refunding Revenue Bond, Series 1983 (Columbia Place Associates Project), in the total principal amount not exceed- ing One Million Seven Hundred Thousand Dollars ($1,700,000) and maturing not later than thirty years from the date of the first maturity and which in no event may exceed thirty (30) years, for the purpose of procuring funds to refund the 1981 Bonds and complete the Project as more particularly set out in the Loan Agreement and Bond Purchase Agreement incorporated herein by reference, which bonds will be payable as to principal, premium, if any., and interest from the note payments made by Columbia Place Associates under the Loan Agreement and and Bond Purchase Agreement and Note or as otherwise provided therein. The bond shall be issued in fully registered form, shall be issued in denomination of $1,700,000, and shall be redeemed as provided for therein. Payments of principal and interest are payable in lawful money of the United States of America at the principal office of the Bondholder, or at such other place as the Bond- holder may designate in writing, as provided in the Bonds. The bonds shall never constitute a general obligation of, an indebtedness of, or a charge against the general credit of the City of South Bend, nor are the bonds payable in any manner from revenues raised by taxation. Section 5. The Mayor and Clerk are authorized and directed to sell such bond to the Bondholder at a rate of interest on the bond not to exceed 10.33% (except in the event the Bond- holder increases the interest on the bond under the terms and conditions of the Loan Agreement and Bond Purchase Agreement, in which event the interest rate on the bond shall not exceed the Index Rate described in the Bond plus 5 %, which in any - 3 -