25-28 Resolution Approving the Issuance of Tax Increment Revenue Bonds for Improvements that Support Residential Housing Developments and All Matters Related Thereto

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WHEREAS, the Commission may enter into a Residential Housing Infrastructure Financial Assistance Agreement with the Indiana Finance Authority (the "IFA Program") as part of its residential housing infrastructure assistance program, established and existing pursuant to Indiana Code 5-1.2-15.5,which would then permit the Commission to sell the Bonds to the Indiana Finance Authority under the IFA Program; and WHEREAS, Section 25.1 of the Act requires the approval of the legislative body of the City before the Bonds may be issued and the Common Council as the legislative body of the City now desires to approve the issuance of the Bonds; and NOW,THEREFORE,BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION 1. All of the stated"WHEREAS"clauses are incorporated herein by reference. SECTION 2. The Common Council hereby approves the issuance of the Bonds to apply to the costs of the Project,the funding of a debt service reserve to secure the payment of the Bonds, if necessary, and the incidental expenses in connection therewith and the issuance of the Bonds, upon the following conditions: (a) the maximum aggregate principal amount of the Bonds shall not exceed $2,570,000; (b)the final maturity of the Bonds shall not be later than twenty(20)years from the date of issuance; (c) the maximum interest rate on the Bonds shall not exceed five and one-half percent (5.5%) per annum; (d) the Bonds may be made redeemable at the option of the Commission,in whole or in part, in any order of maturities selected by the Commission and by lot within a maturity, on dates and with premiums, if any, and other terms as determined by the Commission with the advice of the Commission's municipal advisor, and (e) payment of interest on the Bonds will not be capitalized. The Bonds are, as to both principal thereof and interest thereon,obligations of the District, as a special taxing district,payable solely out of Tax Increment pledged therefor, on parity with the 2020 Obligation and senior to the payment of the Junior Obligations, and any legally available revenues of the Commission as described in the Bond Resolution. SECTION 3. The proper officers of the City are hereby authorized and directed, for and on behalf of the City, to execute and deliver any contract, agreement, certificate, instrument or other document and to take any action as such person determines to be necessary or appropriate to accomplish the purposes of this Resolution, such determination to be conclusively evidenced by such person's execution of such contract, agreement, certificate, instrument or other document or such person's taking of such action. SECTION 4. This Resolution shall be in full force and effect from and after its adoption by the Common Council and upon compliance with the procedures required by law. [SIGNATURE PAGE FOLLOWS]