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

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3 estimated by the Commission; and WHEREAS, the Project to be financed by the Bonds is located in, or directly serves and benefits, the Allocation Areas; and WHEREAS, all conditions precedent to the adoption of a resolution authorizing the issuance of the Bonds have been complied with in accordance with the applicable provisions of the Act; NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION AS FOLLOWS: Section 1. Authorization for Bonds. In order to provide financing for the Project as described above and the costs of selling and issuing the Bonds, the District shall borrow money, and the City, acting for and on behalf of the District, shall issue the Bonds as herein authorized. Section 2. General Terms of Bonds. (a)Issuance of Bonds. In order to procure said loan for such purposes, the Commission hereby authorizes the issuance of the Bonds, in one or more series, as described herein. The Controller of the City (the “Controller”) is hereby authorized and directed to have prepared and to issue and sell the Bonds as negotiable, fully registered bonds of the District, in one (1) or more series, in an aggregate amount not to exceed the Authorized Amount. The Bonds shall be signed in the name of the City, acting for and on behalf of the District, by the manual or facsimile signature of the Mayor of the City (the “Mayor”) and attested by the manual or facsimile signature of the Controller, who shall affix or caused to be affixed the seal of the City to each of the Bonds manually or shall have the seal imprinted or impressed thereon by facsimile or other means. In case any officer whose signature or facsimile signature appears on the Bonds shall cease to be such officer before the delivery of Bonds, such signature shall nevertheless be valid and sufficient for all purposes as if such officer had remained in office until delivery thereof. The Bonds also shall be, and will not be valid or become obligatory for any purpose or entitled to any benefit under this resolution unless and until, authenticated by the manual signature of the Registrar (as defined in Section 4 hereof). Subject to the provisions of this Resolution regarding the registration of the Bonds, the Bonds shall be fully negotiable instruments under the laws of the State of Indiana. The Bonds (i) shall be numbered consecutively from R-1 upward, (ii) shall be issued in denominations of Five Thousand Dollars ($5,000), or any integral multiple thereof, or shall be issued in denominations of One Hundred Thousand Dollars ($100,000) and integral multiples of Five Thousand Dollars ($5,000) above such amount (or $1.00 or any integral multiple thereof consistent with the requirements of the IFA Program), as determined by the Controller or President of the Commission (the “President”), (iii) shall be originally dated as of the date of issuance of the Bonds, and (iv) shall bear interest payable semi-annually on each February 1 and August 1, beginning on a date determined by the President at the time of the sale of the Bonds based upon the advice of the Commission’s municipal advisor but in any event not earlier than August 1, 2025, at a rate or rates not exceeding five and one-half percent (5.5%) per annum (the exact rate or rates to be determined by negotiation as set forth in Section 6 hereof), calculated on the basis of a 360-