No. 1118 authorizing issuance of bonds on parity with COSB redevelopment district tax increment revenue bonds of 1985, 1986, 1988 for the purpose of raising money for redevelopment in the SBCAA

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(c) The remaining proceeds from the sale of the Series 1992 Bonds shall be deposited in the special fund designated as the "Redevelopment District (South Bend Central Development Allocation Area) 1992 Capital Fund." SECTION 8. Proceeds of the Redevelopment District (South Bend Central Development Allocation Area) 1992 Capital Fund shall be deposited with a legally qualified depository or depositories for funds of the City as now provided by law and shall be segregated and kept separate and apart from all other funds of the City and may be invested as permitted by law. The proceeds in the Redevelopment District (South Bend Central Development Allocation Area) 1992 Capital Fund shall be expended only for the purpose of paying the cost of redevelopment in the Allocation Area related to the Project, together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with redevelopment in the Allocation Area, including the total cost of all necessary architectural, engineering, legal, accounting, advertising, bond discount and supervisory expenses, together with the expenses in connection with the issuance of the Series 1992 Bonds. Any balance or balances remaining in the Redevelopment District (South Bend Central Development Allocation Area) 1992 Capital Fund after the completion of redevelopment in the Allocation Area which are not required to meet unpaid obligations incurred in connection with the redevelopment in the Allocation Area and issuance of the Series 1992 Bonds, shall be deposited into the Bond Principal and Interest Account and used solely for the purposes of that account. SECTION 9. As soon as can be done after the adoption of this Series 1992 Bond Resolution, the President and the Secretary of the Commission are hereby directed to deliver on behalf of the Commission a certified copy of this Series 1992 Bond Resolution to the Controller. SECTION 10. The Bonds shall be sold by private negotiated sale, as provided by IC 36- 7- 14- 25.1(g), to the purchaser or purchasers at a price of par in accordance with the Purchase Agreement. The President of the Commission is hereby authorized to execute and deliver the Purchase Agreement substantially in the form attached hereto as Exhibit E, together with such changes and modifications as may be approved by the President (with execution by the President to be conclusive evidence of such approval), based upon the recommendation of the financial advisor to the Commission with respect to the interest rate on the Bonds and other matters contained therein. The President is further authorized to carry out, on behalf of the City and Commission, the terms and conditions set forth in the Purchase Agreement consistent with the provisions of this Resolution. 27