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<br />FOR ITS OWN ACCOUNT OR TO THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER; (b)
<br />TO AN ACCREDITED INVESTOR (WITHIN THE MEANING OF RULE 501 OF REGULATION D OF THE
<br />SECURITIES ACT), PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF ANOTHER
<br />ACCREDITED INVESTOR; OR (c) PURSUANT TO AN EXEMPTION FROM THE SECURITIES ACT; AND (2)
<br />WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS BOND
<br />OF THE RESALE RESTRICTIONS REFERRED TO HEREIN
<br />UNITED STATES OF AMERICA
<br />2026R-1
<br />CITY OF SOUTH BEND, INDIANA
<br />TAXABLE ECONOMIC DEVELOPMENT REVENUE BOND, SERIES 2026
<br />(COLFAX CORNER ML, LLC PROJECT)
<br />INTEREST
<br />RATE
<br />MATURITY
<br />DATE
<br />ORIGINAL
<br />DATE
<br />AUTHENTICATION
<br />DATE
<br />
<br />____% __________ __________, 2026 __________, 2026
<br />
<br />
<br />REGISTERED OWNER: ________________
<br />PRINCIPAL AMOUNT: _____ Million Dollars ($___________)
<br />The City of South Bend, Indiana (the “Issuer”), a municipal corporation organized and existing under the
<br />laws of the State of Indiana, for value received, hereby promises to pay in lawful money of the United States of
<br />America to the Registered Owner listed above, but solely from available amounts held in the Trust Estate, including
<br />the payments of TIF Revenues, IDD Revenues, the Taxpayer Direct Payments and the Loan Payments (each as defined
<br />in the hereinafter defined Indenture) hereinafter referred to pledged and assigned for the payment hereof, the Principal
<br />Amount set forth above on the Maturity Date, unless this Bond shall have previously been called for redemption and
<br />payment of the redemption price made or provided for, or unless payments shall have been accelerated as provided in
<br />the Indenture, and to pay interest on the unpaid principal amount hereof in like money, but solely from said payments,
<br />at the Interest Rate specified above per annum payable on ____________ 1, 202__ and on each February 1 and August
<br />1 thereafter (each an “Interest Payment Date”) until the Principal Amount is paid in full. Interest on this Bond shall
<br />be payable from the Interest Payment Date next preceding the date of authentication thereof (the “Interest Date”),
<br />except that: (i) if this Bond is authenticated on or prior to ___________ 15, 202__, the Interest Date shall be the
<br />Original Date specified above; (ii) if this Bond is authenticated on or after the last day of the calendar month
<br />immediately preceding an Interest Payment Date (the “Record Date”), the Interest Date shall be such Interest Payment
<br />Date; and (iii) if interest on this Bond is in default, the Interest Date shall be the day after the date to which interest
<br />hereon has been paid in full. Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day
<br />months.
<br />The principal of this Bond is payable at the office of __________________________________________, as
<br />trustee (the “Trustee”), in Indianapolis, Indiana, or at the principal office of any successor trustee. All payments of
<br />interest hereon will be made by the Trustee by check mailed on each Interest Payment Date to the Registered Owner
<br />hereof at the address shown on the registration books of the Trustee as maintained by the Trustee, as registrar,
<br />determined on the Record Date next preceding such Interest Payment Date. Each registered owner of $1,000,000 or
<br />more in principal amount of Bonds shall be entitled to receive interest and principal payments by wire transfer by
<br />providing written wire instructions to the Trustee before the Record Date for such payment. This Bond shall not need
<br />to be presented for payment except upon final maturity or redemption in full.
<br />This Bond is the only one of the Issuer's Taxable Economic Development Revenue Bonds, Series 2026
<br />(Colfax Corner ML, LLC Project) (hereinbefore and hereinafter the “Bonds”) which are being issued under the
<br />hereinafter described Indenture in the aggregate principal amount of $__________. The Bonds are being issued for
<br />the purpose of providing funds to finance a portion of the cost of the acquisition, development, construction, equipping,
<br />renovation, and/or reconstruction by Colfax Corner ML, LLC (the “Company”) of a flexible workspace and retail
<br />development in the City, all located within the Lafayette North Allocation Area (the “Project”) by providing such
<br />funds to the Company pursuant to the Loan Agreement, dated as of ____________ 1, 2026 (the “Loan Agreement”)
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