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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AUTHORIZING THE ISSUANCE OF CITY OF SOUTH BEND, INDIANA, REDEVELOPMENT DISTRICT TAX INCREMENT REVENUE BONDS OF 2007" (the "Resolution") adopted by the South Bend Redevelopment Commission (the "Commission"), on November 8, 2007, and in strict compliance with Indiana Code 36-7-14, for the purpose of procuring funds to pay for the cost of redevelopment and economic development in or serving the Allocation Area, 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 as set forth in the Resolution, together with the expenses in connection with or on account of the issuance of the bonds, all as described in the Resolution. Reference is hereby made to the Resolution for a description of the nature and extent of the rights, duties and obligations of the owners of the bonds, the City and the Commission and the terms on which this bond is issued, and to all the provisions of the Resolution to which the owner hereof by the acceptance of this bond assents. The Bonds -naturing on or after February 1, 2019, are subject to optional redemption prior to their maturity at a redemption price equal to 100% of the principal amount thereof, plus accrued interest to the redemption date and without premium. In addition, and subject to the provisions of the Resolution permitting amounts to be credited toward a part or all of mandatory sinking fund requirements in order of mandatory redemption dates determined by the Commission, the Bonds maturing and (the "Term Bonds"), are subject to redemption in part through application of mandatory sinking fund payments as provided in the Resolution beginning on and in the years and respectively, and on each and thereafter to maturity, at a redemption price equal to 100% of the principal amount thereof, plus accrued interest to the redemption date, but without premium, on the dates and in the principal amounts indicated below: Rnnrls Dne Date: Principal Amount: * Final Maturity Unless waived by any holder of bonds to be redeemed, official notice of any such redemption shall be given by the Registrar on behalf of the Commission by mailing a copy of an official redemption notice by registered or certified mail at least thirty (30) days and not more than sixty (60) days prior to the date fixed for redemption to the registered owner of the bond or bonds to be redeemed at the address shown on the Bond Register or at such other address as is furnished in writing by such registered owner to the Registrar; provided, however, that failure to give such notice, or any defect therein, with respect to any bond shall not affect the validity of any proceedings for the redemption of other bonds. BDDBOI 4912282v3 - l) -