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Michael Donoho, Member--Estimator, Koontz Wagner Electrical Co. • Philip J. Faccenda, Member--Vice President and General Counsel, University of Notre Dame The Authority The Authority is a body corporate and politic, separate from the City pursuant to Indiana Code 36-7-14.5, as amended (the "Act"), which serves solely as an instrumentality of the City to fmance local public improvements for lease to the Commission. The Authority has no taxing power. The Authority is comprised of three members which are appointed by the Mayor of the City. Pursuant to the Act, each member of the Authority serves for a term of three years, and may be reappointed to subsequent terms. The current members of the Authority are listed below: Joseph Wroblewski, President--Retired from Allied Signal Corporation Andre Gamage, Vice President--Attorney in private practice Mary Ferlic--Civic leader Outstanding Bonded Indebtedness As of the date of the delivery of the Bonds, the Redevelopment District, through bonds or other obligations issued or incurred by either the Authority or the Commission, has special taxing district bonds outstanding which are ultimately payable from ad valorem property taxes levied within the Redevelopment District. See "THE REDEVELOPMENT DISTRICT-CITY DEBT AND TAXATION--DirectDebtandOverlappingDebt" in Appendix • D herein. The Redevelopment District, through either the Authority or the Commission, may issue additional bonds to finance or refinance projects in furtherance of the purposes set forth in the Act and the Redevelopment Act. The amount and timing of the issuance of additional bonds are subject to a number of conditions that cannot be predicted at this time. LITIGATION There is not now pending or, to the best of the knowledge of the Authority or the Commission, threatened any litigation restraining or enjoining the issuance, sale, execution or delivery of the Bonds or the payment of rent under the Lease, or in any way contesting, questioning or affecting the validity of the Bonds or the Lease, or the proceedings or authority of the Authority or the Commission taken with respect to the issuance or sale of the Bonds, the execution or delivery of the Lease, or the pledge or application of any moneys or security provided for the payment of the Bonds. Neither the creation, organization or existence of the Authority or the Commission nor the title of any of the present members of the Authority or the Commission or other Authority or Commission officers to their respective offices is being contested. TAX MATTERS In the opinion of Baker & Daniels, South Bend, Indiana, Bond Counsel, under law existing and in effect on the date of such opinion, and assuming continuing compliance by the Authority with its Tax Covenants (as hereinafter defined), the interest on the Bonds is excludable from gross income for purposes of federal income taxation pursuant to Section 103 of the Internal Revenue Code of 1986, as amended and as in effect on the date of • delivery of the Bonds (the "Code"). In the opinion of Bond Counsel, under law existing and in effect on the date of such opinion, interest on the Bonds is exempt from taxation in the State of Indiana for all purposes except the -19-