01-26-15 Agenda, Packet and Committee Meeting Notice

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All or a portion of each series of the Bonds may be issued as one or more term bonds, upon election of the successful bidder. Such term bonds shall have a stated maturity or maturities of February 1 and August 1, in the years as determined by the successful bidder through the final maturity as described above for the bonds. The term bonds shall be subject to mandatory sinking fund redemption and final payment(s) at maturity at 100% of the principal amount thereof, plus accrued interest to the redemption date, on dates consistent with the above described maturity schedule. The Bonds may be subject to redemption prior to maturity as set forth in the Preliminary Official Statement. Principal is payable at the office of a paying agent to be designated by the Controller. Interest shall be paid by check mailed to the registered owners or by wire transfer to depositories. The Bonds will be issued in fully registered form. Each bid should be on the form approved by the City and may be submitted (1) via e- mail to herschel.frierson @crowehorwath.com; (2) by mail, which bid shall be enclosed in a sealed envelope addressed to the undersigned Controller, c/o Crowe Horwath LLP, 10 West Market Street, Suite 2000, Indianapolis, IN 46204 -2975, and marked "Bid for City of South Bend Economic Development Income Tax Bonds of 2015;" or (3) electronically via PARITY®. To the extent any instructions or directions set forth in PARITY® conflict with this Notice, the terms of this Notice shall control. For further information about PARITY®, potential bidders may contact Crowe Horwath LLP, as indicated above, or PARITY® at (212) 849 -5021. Bidders may change and submit bids as many times as they wish during the sale, but they may not withdraw a submitted bid. The last bid submitted by a bidder prior to the deadline for the receipt of bids will be compared to all other final bids to determine the winning bid. During the sale, no bidder will see any other bidder's bid, nor will they see the status of their bid relative to other bids (e.g. whether their bid is a leading bid). The successful bidder will be notified and instructed to submit a good faith deposit which may consist of either a certified or cashier's check (or a wire transfer consisting of immediately available funds to the City, as instructed by the City) in the amount of 1% of the principal amount of the Bonds ( "Deposit ") and shall be submitted to the City not later than 3:00 pm (Eastern Time) on the next business day following the award. If a check is submitted, it shall be drawn on a bank or trust company which is insured by the Federal Deposit Insurance Corporation. The Deposit shall be payable to the "City of South Bend," and shall be held as a guaranty of the performance of the bid. No interest on the Deposit will accrue to the successful bidder. In the event the successful bidder fails to honor its accepted bid, the Deposit will be retained by the City as damages for such default. The successful bidder will be required to make payment for such Bonds in Federal Reserve funds or other immediately available funds and accept delivery of the Bonds within five days after being notified that the Bonds are ready for delivery, at such bank in the City of Indianapolis, Indiana, or the City, as the purchaser shall designate, or at such other location which may be mutually agreed to by the City and such bidder. It is anticipated that the Bonds will be ready for delivery within thirty (30) days after the date of the sale and if not ready for delivery within forty - five (45) days after the sale date, the purchaser shall be entitled to rescind the sale and obtain the return of the Deposit.