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1. The project constitutes economic development fa- <br />cilities which shall be financed by the City through the issuance <br />of revenue bonds pursuant to the Act and the City is willing, <br />upon compliance with all provisions of Indiana law, to authorize <br />approximately Three Hundred Fifty Thousand and no /100 Dollars <br />($350,000.00) of its revenue bonds, which bonds will not be <br />general obligations of the City but will be payable solely from <br />the limited sources authorized and permitted by the Act. <br />2. The proposed financing will be of benefit to the <br />economic welfare of the City and will comply with the purposes <br />and provisions of the Act. <br />3. Universal may proceed with acquisition and con- <br />struction of the economic development facilities in reliance <br />upon this resolution. <br />4. That the liability and obligation of the South <br />Bend Economic Development Commission, the South Bend Common <br />Council, the City of South Bend, Indiana, the St. Joseph County <br />Council and St. Joseph County shall be limited solely to the <br />good faith efforts to consummate such proceedings and issue <br />such Bonds, and the South Bend Economic Development Commission, <br />the City of South Bend, Indiana and St. Joseph County, their <br />officers or agents, shall not incur any liability if for any <br />reason the proposed issuance of such Bonds is not consummated. <br />This Inducement Resolution shall be in full force and <br />effect from and after its adoption by the Common Council and <br />approval by the Mayor. <br />�v <br />Member of the Common Council <br />PRESENTED /0—J;)-S0 <br />NOT APPROVED <br />ADOPTED <br />-2- <br />F g €s "i l rib <br />Irene Gammon <br />CITY CLERK, SOUTH BEND, IND. <br />