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NOW, THEREFORE, the Common Council of the City of South Bend, <br />Indiana resolves as follows: <br />1. Approval is hereby given to the application of Michiana <br />relating to the acquisition of such economic development facili- <br />ties, and the installment of other such facilities wherein <br />Industrial Revenue Bonds would be issued by the City of South <br />Bend, Indiana for an amount not exceeding Three Million Dollars <br />($3,000,000.00), payable with interest thereon at a rate or <br />rates to be determined prior to sale of said bonds over a term <br />not to exceed twenty -five (25) years from and after the economic <br />development facilities are all placed in use. <br />2. In order to encourage, induce and solicit such applica- <br />tion by Michiana for such Industrial Revenue Bond issue relating <br />to its acquisition and installation of such Economic Development <br />j Facilities, the South Bend Common Council shall proceed to <br />cooperate with and take such action as may be necessary to <br />cause such Industrial Revenue Bonds to be issued including the <br />drafting of documents or the performance of such other acts as <br />will facilitate the issuance of such Industrial Revenue Bonds <br />by the City of South Bend, Indiana, to provide funds to be used <br />toward the payment of the costs of the purchase and building for <br />an economic development facility. <br />3. Any costs or expenses incurred in connection with the <br />said Michiana project shall be included in the project costs <br />and reimbursed from the proceeds of the Industrial Revenue Bonds <br />to be issued with respect thereto. <br />4. That the liability and obligation of the Common Council <br />of the City of South Bend and the City of South Bend, Indiana, <br />shall be limited solely to good faith efforts to consummate <br />such proceedings and issue such bonds, and neither the South <br />Bend Common Council nor the City of South Bend, Indiana, or its <br />officers or agents, shall incur any liability whatsoever if for <br />any other reason the proposed issuance of such bonds is not <br />consummated. <br />- 2 - <br />