No. 2390 a bond resolution authorizing the issuance of City of South Bend, Indiana, Redevelopment District Tax Increment Revenue Bonds of 2007 (Douglas Road Economic Development Area project)

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i • Interest Maturity Original Authentication Rate Date Date Date CUSIP Registered Owner: Principal Sum: The City of South Bend, Indiana (the "City"), acting for and on behalf of the City of South Bend, Indiana, Redevelopment District (a special taxing district having the same boundaries as the City) (the "Redevelopment District"), for value received, hereby promises to pay to the Registered Owner stated above, or registered assigns, but solely from (i) taxes on real property located in the Douglas Road Economic Development Area (the "Allocation Area") allocated and deposited in the allocation fund for the Allocation Area (the "Allocation Fund") pursuant to Indiana Code 36-7-14-39, and proceeds from the sale or leasing of property in the Area under Indiana Code 36-7-14-22 deposited in the Allocation Fund as required by Indiana Code 36-7-14-26 (the "Tax Increment"), and (ii) such other revenues that may be made available to the South Bend Redevelopment Commission (the "Commission") for such purpose, the Principal Sum stated above, on the Maturity Date stated above and to pay interest on said Principal Sum, on behalf of the Redevelopment District, to the Registered Owner of this bond until the City's obligation with respect to the payment of said Principal Sum shall be discharged, at the rate per annum specified above from the interest payment date next preceding the date of authentication of this bond, unless this bond is authenticated on or before , 20 in which case the interest shall be paid from the Original Date stated above or unless this bond is authenticated between the fifteenth day of the month preceding an interest payment date and the interest payment date, in which case interest shall be paid from such interest payment date. Interest is payable on 20 ,and semiannually thereafter on and of each year by check or draft. Interest shall be calculated on the basis of twelve (12) thirty-day months for a three hundred sixty (360)-day year. The principal of and premium, if any, on this bond are payable at the principal office of in ,Indiana, as Paying Agent (which term shall include any successor Paying Agent). Interest on this bond shall be paid by check or draft mailed or delivered to the Registered Owner hereof at the address as it appears on the books kept by in ,Indiana, as Registrar (which term shall include any successor Registrar), for the registration and for the transfer of the bonds (the "Bond Register") as of the fifteenth day of the month immediately preceding the interest payment date or at such other address as is provided to the Paying Agent in writing by the Registered Owner. All payments on this bond shall be made in lawful money of the United States of America. This bond, together with interest thereon, does not constitute a corporate obligation or indebtedness of the City, but the same is a limited obligation of the Redevelopment District, which is a special taxing district having the same boundaries as the City and is payable solely out of the Tax Increment. Subject to the provisions for registration, this bond is negotiable under the laws of the State of Indiana. This bond is one of an authorized issue of bonds of the Redevelopment District in the aggregate principal amount of One Million Three Hundred Thousand and 00/100 Dollars ($1,300,000.00), numbered consecutively from 2007R-1 upwards, issued pursuant to a resolution entitled "A BOND RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION BDDBOI 4912282v3 - IO -