No. 2391 appropriating the proceeds (including investment earnings thereon) of the Redevelopment District Tax Increment Revenue Bonds

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WHEREAS, there are insufficient funds available or provided in the existing budget and tax levy which may be applied to the cost of the Bonds has been authorized to procure the necessary funds and an extraordinary emergency and necessity exists for the making of the additional appropriation set out herein; and WHEREAS, the Secretary of this Commission has caused notice of a hearing on said appropriation to be published as required by law; and WHEREAS, such public hearing was scheduled to be held on October 19, 2007, at 10:00 a.m. (local time) in Room 1308 of the County-City Building, 227 West Jefferson Boulevard, South Bend, Indiana, which public hearing was continued to November 2, 2007, and which public hearing was further continued to and held on November 8, 2007, concerning said appropriation at which all taxpayers and interested persons had an opportunity to appear and express their views as to such additional appropriation; NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1. The proceeds derived from the sale of the Bonds heretofore authorized to be issued in an aggregate principal amount not to exceed One Million Three Hundred Thousand and 00/100 Dollars ($1,300,000.00), and all investment earnings thereon, in the approximate amount of Thirty-two Thousand Five Hundred Dollars ($32,500) shall be, and are, hereby appropriated by the Commission for the purpose of providing funds to be applied to the cost of the redevelopment and economic development in or serving the Allocation Area, including, without limitation, the Project, together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the redevelopment and economic development in or serving the Allocation Area, including the total cost of all reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount and supervisory expenses, capitalized interest and a debt service reserve for the Bonds (to the extent that the Commission determines that a capitalized interest and/or a reserve is reasonably required), together with expenses in connection with the issuance of Bonds therefor not provided for in the existing budget and tax levy. 2. Such appropriation shall be in addition to all appropriations provided for in the existing budget and levy and shall continue in effect until the completion of the activities described in Section 1 hereof. Any surplus of such proceeds (including investment earnings thereon) shall be credited to the proper fund as provided by law. 3. The President and Secretary of the Commission shall be, and hereby are, authorized and directed to certify a copy of this Resolution together with such other proceedings and actions as may be necessary to the Indiana Department of Local Government Finance. ***** BDDBOI 4912508v2 - 2 -