Resolution Nos. 3637 & 3638 RIF Bonds (Drewrys Portage Elwood) - Signed

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2 to the Project, (b) funding of a debt service reserve to secure the payment of the Bonds, if necessary, and (c) the costs of issuance and expenses incurred in connection with and on account of the issuance and sale of the Bonds; and WHEREAS, the District has previously pledged the Tax Increment to pay the principal of and interest on the City of South Bend, Indiana Taxable Economic Development Tax Increment Revenue Bonds, Series 2020 (Community Education Center Project) (the “2020 Obligation”) and the Commission has previously issued its City of South Bend, Indiana Redevelopment District Bonds, Series 2018 (the “2018 Obligation”) and entered into certain leases with the South Bend Redevelopment Authority (the “Authority”) pursuant to which the Commission pays lease rentals to the Authority which the Authority applies to pay the principal of and interest on the Authority’s Lease Rental Revenue Refunding Bonds, Series 2013 (Century Center Project), Lease Rental Revenue Bonds of 2015, Lease Rental Revenue Bonds of 2019 (Double Tracking Project), Lease Rental Revenue Bonds of 2023, Series A and Taxable Lease Rental Revenue Bonds of 2024, Series B (Madison Lifestyle District Project) (such lease rental obligations and the 2018 Obligation being collectively referred to herein as the “Junior Obligations”) (the Junior Obligations, together with the 2020 Obligation, the “Outstanding Obligations”); and WHEREAS, the debt service and lease rentals, respectively, for the Junior Obligations are each payable from the levy of a special tax upon all of the taxable property within the District (the “Special Tax”), but the Commission has used and reasonably expects to continue to use Tax Increment to pay all or a portion of the respective debt service and lease rentals for the Junior Obligations; and WHEREAS, the Bonds to be issued pursuant to this resolution will constitute a first charge against the Tax Increment on parity with the 2020 Obligation and senior to the payment of the Junior Obligations to allow the Commission to avoid the need to levy the Special Tax; and WHEREAS, other than the Outstanding Obligations, there are no other bonds, pledges or obligations payable from the Tax Increment; and WHEREAS, the Commission may enter into one or more Residential Housing Infrastructure Financial Assistance Agreements (substantially in the form attached as Exhibit A hereto and made a part hereof), together with any subsequent amendments thereto (the “Financial Assistance Agreement”), with the Indiana Finance Authority (the “Authority”) as part of its residential housing infrastructure assistance program, established and existing pursuant to Ind. Code 5-1.2-15.5 (the “IFA Program”), and may enter into a Trust Indenture or a Depositary Agreement (each being referred to herein as the “Agreement”) by and between the District and a bank, all pertaining to the Project and the financing of the Project if the Bonds are sold to the Indiana Finance Authority under the IFA Program; and WHEREAS, it would be of public utility and benefit and in the best interests of the District and its citizens to pay the costs of the Project and of the sale and issuance of the Bonds, which will provide special benefits to property owners in the District; and WHEREAS, the amount of proceeds of the Bonds allocated to pay costs of the Project, together with estimated investment earnings thereon, does not exceed the cost of the Project, as