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The remaining proceeds of the Bonds will be used to finance (i) the Reserve Amount to be deposited into <br />and iu the costs <br />• the Reserve Fund, (ii) capitalized interest on the Bonds in the amount of $ ~ ( ) <br />incurred by the Authority with respect to the issuance, sale and delivery of the Bonds. <br />SOURCES AND USES OF BOND PROCEEDS <br />The proceeds of the Bonds are expected to be applied as follows: <br />Sources <br />Original Principal Amount of Bonds $ 17,950.000 <br />TOTAL $ 17,950,000 <br />Uses <br />Deposit to Construction Account $ <br />Deposit to Reserve Fund 1,795,000 <br />Capitalized Interest <br />Costs of Issuance~`~ <br />TOTAL $ 17,950.000 <br /><1> Includes underwriters' discount. <br />• THE REDEVELOPMENT DISTRICT <br />The Commission and the Redevelopment District <br />The Redevelopment District is a special taxing district established pursuant to Indiana Code 36-7-14, as <br />amended (the "Redevelopment Act"), with geographical boundaries which are coterminous with the geographical <br />boundaries of the City. .For additional information, see "THE REDEVELOPMENT DISTRICT" in Appendix D <br />herein. The Commission, which serves as the governing body of the Redevelopment District, has the power to issue <br />bonds and enter into leases which are payable from a special tax levied on all of the taxable property within the <br />Redevelopment District, for the purpose of financing local public improvements which promote economic <br />development within the Redevelopment District. <br />The Commission is composed of five members, with three being appointed by the Mayor of the City and <br />two being appointed by the South Bend Common Council, the legislative body of the City. Pursuant to the <br />Redevelopment Act, each member of the Commission serves fora one year term and until a successor is appointed <br />and qualified. <br />The current members of the Commission are listed below: <br />Paula N. Auburn, President--Owner and principal in CS Associates, Inc., a management <br />consulting firm; Adjunct Assistant Professor of Business Administration, University of Notre <br />Dame <br />Roman Piasecki, Vice President--Retired from Sears Roebuck & Co. <br />. Theo F. Sharp, Secretary--Retired from Clark Equipment Company <br />-18- <br />