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the extent
<br />supervisory expenses, capitalized interest and a debt service reserve for the bonds (to
<br />that the Commission determines that capitalized interest and/or a reserve is reasonably required),
<br />together with the expenses in connection with the issuance of bonds therefor; and
<br />WHEREAS, to pay additional costs relating to the Project, the City is expected to
<br />make a loan of a portion of its Major Moves funds in the amount not to exceed $1,000,000 (the
<br />"Major Moves Loan") which Major Moves Loan would be paid from available Tax Increment;
<br />NOW THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
<br />Commission as follows:
<br />SECTION 1. The Bonds. For the purpose of procuring funds to pay for the cost
<br />of redevelopment and economic development in the Area, together with a sum sufficient to pay
<br />the estimated cost of all expenses reasonably incurred in connection with the redevelopment and
<br />economic development in or serving the Allocation Area, including the total cost of all
<br />reasonable and necessary architectural, engineering, legal, financing, accounting, advertising,
<br />bond discount and supervisory expenses, capitalized interest and a debt service reserve for the
<br />Bonds as set forth herein, together with the expenses in connection with or on account of the
<br />issuance of the Bonds, the City acting for and on behalf of the Redevelopment District, shall
<br />make a loan in the aggregate principal amount not to exceed One Million Three Hundred
<br />Thousand and 00/100 Dollars ($1,300;000.00).
<br />In order to procure funds for said loan, the City Controller (the "Controller") is
<br />hereby authorized and directed to have prepared and to issue and sell the negotiable bonds of the
<br />Redevelopment District, which Bonds shall be issued in the name of the City, for and on behalf
<br />of the Redevelopment District and which shall be designated "City of South Bend, Indiana,
<br />Redevelopment District Tax Increment Revenue Bonds of 2007" in an aggregate principal
<br />amount not to exceed One Million Three Hundred Thousand and 00/100 Dollars
<br />($1,300,000.00), and which amount (together with investment earnings thereon in the estimated
<br />amount of Thirty-two Thousand Five Hundred and 00/100 Dollars ($32,500.00) does not exceed
<br />the cost, as estimated by the Commission, of redevelopment and economic development in or
<br />serving the Allocation Area, including, without limitation, the Project, together with a sum
<br />sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the
<br />redevelopment and economic development in or serving the Allocation Area, including the total
<br />cost of all reasonable and necessary architectural, engineering, legal, financing, accounting,
<br />advertising, bond discount and supervisory expenses, capitalized interest and a debt service
<br />reserve for the Bonds as provided herein, together with the expenses in connection with or on
<br />account of the issuance of the Bonds therefor.
<br />The Bonds shall not constitute a corporate obligation or indebtedness of the City,
<br />but shall constitute an obligation of the Redevelopment District. The Bonds, together with
<br />interest thereon, shall be payable out of the Tax Increment and such other revenues that may be
<br />available to the Commission for such purpose.
<br />The Bonds shall be issued in fully registered form in the denomination of Five
<br />Thousand Dollars ($5,000) or an integral multiple thereof (the "Authorized Denomination") not
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