Approving Issuance of Bonds of the South Bend Redevelopment District

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The amounts available and so designated in the Revenues Account of the Bond Fund shall be determined at the time the budget and tax levy for a given year is finally fixed, and such amounts shall be used for no purpose except as contemplated above and are hereby pledged by the Commission to the payment of the 2014 Bonds, such pledge being effective as set forth in Ind. Code § 5- 1 -14 -4 without the necessity of filing or recording this resolution or any other instrument except in the records of the Commission. SECTION 10. Defeasance. If, when the 2014 Bonds or any portion thereof shall have become due and payable in accordance with their terms or shall have been duly called for redemption or irrevocable instructions to call the 2014 Bonds or any portion thereof for redemption have been given, and the whole amount of the principal; premium, if any, and the interest so due and payable upon such bonds or any portion thereof then outstanding shall be paid, or (i) cash, or (ii) direct non - callable obligations of or unconditionally guaranteed by (including obligations issued or held in book entry form on the books of) the U.S. Department of the Treasury, and to the extent permitted by Indiana law and by each rating agency maintaining a rating on the 2014 Bonds, Refcorp interest strips, CATS, TIGRS, STRPS, defeased municipal bonds or other investments rated in the highest category for such obligations by Standard & Poor's Corporation or Moody's Investors Service (or any combination thereof), the principal of and the interest on which when due without reinvestment will provide sufficient money, or (iii) any combination of the foregoing, shall be held irrevocably in trust for such purpose, and provision shall also be made for paying all fees and exes for the payment, then and in that case the 2014 Bonds or such designated portion thereof shall no longer be deemed outstanding or secured by this resolution. SECTION 11. Amendments. Subject to the terms and provisions contained in this section, and not otherwise, the owners of not less than sixty -six and two - thirds percent (66 -2/3 %) in aggregate principal amount of the 2014 Bonds then outstanding shall have the right, from time to time, to consent to and approve the adoption by the Commission of such resolution or resolutions supplemental hereto as shall be deemed necessary or desirable by the Commission for the purpose of amending in any particular any of the terms or provisions contained in this resolution, or in any supplemental resolution; provided, however, that nothing herein contained shall permit or be construed as permitting: 1. An extension of the maturity of the principal of or interest or premium, if any, on any 2014 Bond or an advancement of the earliest redemption date on any 2014 Bond, without the consent of the holder of each 2014 Bond so affected; or 2. A reduction in the principal amount of any 2014 Bond or the redemption premium or rate of interest thereon, or a change in the monetary medium in which such amounts are payable, without the consent of the holder of each 2014 Bond so affected; or 3. A preference or priority of any 2014 Bond over any other 2014 Bond, without the consent of the holders of all 2014 Bonds then outstanding; or 4. A reduction in the aggregate principal amount of the 2014 Bonds required for consent to such supplemental resolution, without the consent of the holders of all 2014 Bonds then outstanding. 15