08-25 Authorizing the City to Issue One or More Series of its Taxable Economic Development Tax Increment Revenue Bonds and Approving and Authorizing Other Actions in Respec Thereto in Connection With the J. C. Hart Development Project

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ARTICLE III. APPLICATION OF THE BOND PROCEEDS Section 3.1. Deposit of Bond Funds. The Issuer shall deposit$ received from the sale of the Bonds in a separate fund to be known as the "City of South Bend, Indiana-2025 J.C. Hart Development Project Fund" (the "Project Fund"). Disbursements from the Project Fund will be used to pay for costs of the Project and costs of issuing the Bonds, and are to be made in accordance with the provisions of Article IV of this Indenture. Section 3.2. Capitalized Interest. The Issuer shall be deemed to have received $ of the proceeds of the Bonds in order to pay the Capitalized Interest Costs. However, the Issuer and the Trustee acknowledge that such amount shall be retained by the Purchaser and applied to pay Capitalized Interest Costs of the Bonds in accordance with the following schedule: (1) $ on 1, 202_; (2) $ on 1, 202 ; and (3) $ on 1, 202 . (End of Article III) 17