Purchase of Land and the Construction , off Street Parking Facilities Issuance of revenue Bonds and Distribution of the Revenues

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street parking of vehicles. Sec. 2. For the purpose of procuring on the cost of said Project 1969,.the City issue its off- street parking revenue bonds Three Million Six Hundred Thousand Dollars Said bonds shall be issued in the den( funds to be applied of South Bend shall in the amount of ($3,600,000). )mination of Five Thousand Dollars ($5,000) each, numbered consecutively from 1 to 720 inclusive, dated as of July 1, 1969, and shall bear interest at a rate or rates not exceeding seven and one -half per cent (7 -1/2 %) per annum, the exact rate or rates to be de- termined by bidding, payable on the first days of January and July in each year, beginning on January 1, 1970. Such inter- est shall be evidenced by coupons attached to said bonds. Both bonds and interest coupons shall be payable in lawful money of the United States of America at the main office of First Bank and Trust Company of South Bend, in the City of South Bend, In- diana, and, at the option of the holder, at such other bank or trust company as may be mutually agreed upon with the success- ful bidder at the time of sale of the bonds. Said bonds shall mature serially in numerical order on January 1 in the years and amounts as follows: Year Amount Year Amount Year Amount 1972 $30,000 1976 $50,000 1981 75,000 1973 50,000 1977 60,000 1982 75,000 1974 50,000 1978 60,000 1983 75,000 1975 50,000 1979 75,000 1984 75,000 1980 75,000 2000 2,800,000 Sec. 3. The bonds of this issue maturing on January 1, 2000, shall be redeemable prior to maturity at the option of the City from available revenues, in whole, or from time to time in part, by lot in such manner as the City determines to be fair and equitable, on January 1, 1984, or any interest payment date thereafter, at the principal amount thereof and - 5 -