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Umbaugh and Associates, LLP, financial advisor to the City, that (i) the interest rates on the Bonds <br />are expected not to exceed six percent (6 %); (ii) the term of the Bonds is expected not to exceed <br />twenty -two (22) years; (iii) the Authority expects to capitalize interest on the Bonds for a period <br />beginning on the date of issuance of the Bonds and extending through and including not later than <br />February 1, 2017; and (iv) the Bonds will be subject to optional redemption by the Authority <br />beginning on a date not later than ten (10) years from the date of issuance of the Bonds. <br />SECTION II. The Common Council hereby approves said Lease, as approved by <br />the Commission, pursuant to Section 25.2 of the Act, in substantially the form provided at this <br />meeting and attached hereto as Exhibit A. The Common Council hereby approves of the issuance <br />of the Bonds by the Authority as described herein in an aggregate principal amount not to exceed <br />Twenty -five Million and 00 /100 Dollars ($25,000,000.00). <br />SECTION III. This Resolution shall be in full force and effect from and after the <br />time it has been adopted by the Common Council, approved by the Mayor, and otherwise executed <br />and delivered in accordance with any and all laws pertaining thereto. <br />COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA <br />Member of the Common Council <br />% of Tm 1A is only to PMVW0 nn <br />Wwwray fist purb "tc hOWN W <br />Council 4W on TJS Ime, <br />I Filed `n Office <br />PRESENTEL)I`t <br />CITY Ct.TL-RNI <br />NOTAPPROVED _.... ._M_._..- ._.......__,,......... ..__,.......,. <br />ADOPTED - 3 - <br />