Authorizing City to issue Variable Rate Demand Economic Development Revenue Bonds

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it being the express understanding of this Common Council that such Financing Agreement is in substantially final form as of the date of this Ordinance. The approval of such modifications or additions shall be conclusively evidenced by the execution and attestation thereof and the affixing of the seal thereto or the imprinting of the seal thereon; provided, however, that no such modification or addition shall change the maximum principal amount of, interest rate on or term of the Bonds as approved by the Common Council by this Ordinance without further consideration by the Common Council. The signatures of the Mayor and City Clerk on the Bonds may be either manual or facsimile signatures. The City Clerk is authorized to arrange for delivery of such Bonds to the Trustee named in the Trust Indenture, and payment for the Bonds will be made to the Trustee named in the Trust Indenture and after such payment, the Bonds will be delivered by the Trustee to the purchasers thereof. The Bonds shall be originally dated the date of issuance and delivery thereof. Section 8. The provisions of this Ordinance and the Trust Indenture securing the Bonds shall constitute a contract binding between the City of South Bend and the holders of the Bonds, and after the issuance of such Bonds, this Ordinance shall not be repealed or amended in any respect which would adversely affect the rights of such holders so long as such Bonds or the interest thereon remains unpaid. Section 9. The City of South Bend, Indiana hereby elects to issue the Bonds pursuant to the $10,000,000 small issue exemption set out in Section 144(a)(4) ofthe Internal Revenue Code of 1986, as amended. 650745.3 - 5