Approving Industrial Development Revenue Bonds - Marion W. Dunn Project

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(Form of Bond) UNITED STATES OF AMERICA STATE OF INDIANA COUNTY OF ST. JOSEPH CITY OF SOUTH BEND Economic Development Revenue Bond (Marion W. Dunn Project) KNOW ALL MEN BY THESE PRESENTS that the CITY OF SOUTH BEND, a municipal corporation and political subdivision of the State of Indiana (the "Issuer "), for value received, promises to pay, but solely from the source and as hereinafter provided, to the regis- tered owner hereof, the principal sum of [See Exhibit "A" for the terms of each Bond], together with interest thereon at the rate of nine and three- fourths percent (9 -3/4 %) per annum in equal monthly payments of [See Exhibit "A" for the terms of each Bond] each com- mencing , 19 and on the day of each month thereafter until 19 , when all remaining prin- cipal and interest remaining unpaid shall be due. All payments are payable in lawful money of the United States of America at the principal office of St. Joseph Bank and Trust Company, South Bend, Indiana. This Bond is one of an authorized series of Bonds of the Issuer in the aggregate principal amount of Three Hundred Thousand Dollars ($300,000.00) designated as "Economic Development Revenue Bonds, (Marion W. Dunn Project)" (hereinafter called the "Bonds "), issued under and secured by an Indenture of Trust, as from time to time amended (the "Indenture "), dated as of May , 1980, duly executed and delivered by the Issuer to St. Joseph Bank and Trust Company, South Bend, Indiana, as Trustee (the term "Trustee" where used herein referring to said Trustee or its successors in trust). The Bonds are issued in order to increase employment and to promote the diversification of business, commerce and industry in and near the Issuer and to promote the health, prosperity, economic stability and general welfare of the area in and near the Issuer by funding a loan by the Issuer to Marion W. Dunn (the "User "), for the purpose of financing costs of the acquisition by the User of certain eco- nomic development facilities to be located in South Bend, St. Joseph County, Indiana (the "Project "). Reference is hereby made to the Indenture for a description of the provisions, among others, with respect to the nature and extent of the security, the rights, duties and obligations of the Issuer, the Trustee, and the holders of the Bonds. This Bond and the series of Bonds of which it forms a part are issued pursuant to and in full compliance with the Constitution and laws of the State of Indiana, particularly IC 18- 6-4.5, as sup- plemented and amended, and pursuant to proceedings adopted by the Issuer, which proceedings authorize the execution and delivery of the Indenture. This Bond and the series of Bonds of which it forms a part are limited obligations of the Issuer and are payable solely from payments from one or more Notes delivered by the User to evi- dence its obligation to repay the loan made by the Issuer to the User for the purpose of financing costs of the acquisition by the User of the Project, and otherwise as provided in a Loan Agreement dated as of May , 1980, by and between the Issuer and the User (the "Loan Agreement "). Pursuant to the Loan Agreement, payments on iHORNF�U HG. MCC�IL L.