Authorizing $9,000,000 Economic Development Revenue Bonds

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SECTION 3. Terms for the Re lacement Bond. The total principal amount o t e Rep acement o f bonds that may be issued is hereby expressly limited to $9,000,000. The Replacement Bonds shall be in fully registered form and shall be dated as of the date of issue and delivery. The Replacement Bonds shall be due and payable as follows: (a) The principal balance of the Bonds shall be payable on January 20, 1982, and interest on the principal balance from time to time outstanding (computed on the actual number of days elapsed and on the basis of a 365 -day year) at an annual rate of interest equal to 65% of NBD's Prime Rate, such annual rate of interest to change as and with any change in NBD's Prime Rate, from the date thereof, shall be payable the first day of the month following the date thereof and of each month thereafter to and including January 1, 1982, on January 20, 1982 and on the Purchase Date, in the event the Purchase Date shall occur on other than the first day of a month or January 20, 1982; but (b) If the Bonds shall have been purchased on or prior to January 20, 1982 by the Purchasers from the Banks pursuant to the Bond Purchase Agreement, then the principal balance of the Bonds, together with interest thereon from the Purchase Date at the rate of ten and one -half percent (10 1/2 %) per annum, shall be payable in installments as follows: (i) Installments of interest only (computed on the actual number of days elapsed and on the basis of a 365 -day year), payable on the first day of the month following the Purchase Date; (ii) Equal installments, each in the amount of 0.915% of the principal amount thereof and each including principal and interest (computed on the basis of a 360 -day year of twelve 30-day months), payable on the first day of the second month following the Purchase Date and on the first day of each month thereafter to and including February 1, 2011; and (iii) A final installment, payable on March 1, 2011, in the amount of the entire unpaid principal balance of and interest on the Bonds; provided, however, that under the circumstances set forth in Section 210 of the Indenture relating to taxability for Federal income tax purposes of interest on the Bonds, the holders of the Bonds may be entitled to receive additional interest and other payments pursuant to said Section 210. Principal and interest and prmium, if any, shall be payable at the principal office of the Trustee in Indianapolis, Indiana. The Bonds shall be executed and sealed, shall be in such form, shall have such redemption provisions, and shall be subject to such other terms and conditions as set forth in the Indenture, as amended. The Bonds and the interest thereon do not and shall never constitute an indebtedness of or a charge against the general credit or taxing power of the Issuer, but are limited obligations of the Issuer payable solely from revenues and other amounts derived from the Loan Agreement, as amended, and shall be secured as provided in the Indenture, as amended. The form of the First Amendment is before this meeting and is by this reference incorporated in this Bond Ordinance, and the City Clerk is hereby directed to insert it into the minutes of the Common Council and to keep it on file. 2