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of revenue bonds pursuant to the Act and the City is willing, upon <br />compliance with all provisions of Indiana law, to authorize ap- <br />proximately Four Hundred Thousand and no /100 Dollars ($400,000.00) <br />of its revenue bonds, which bonds will not be general obligations <br />of the City but will be payable solely from the limited sources <br />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. The Partnership may proceed with acquisition of <br />the economic development facilities in reliance upon this reso- <br />lution. <br />4. That the liability and obligation of the South <br />Bend Economic Development Commission, the South Bend Common <br />Council and the City of South Bend, Indiana, shall be limited <br />solely to the good faith efforts to consummate such proceedings <br />and issue such Bonds, and the South Bend Economic Development <br />Commission, and the City of South Bend, Indiana, their officers <br />or agents, shall not incur any liability if for any reason the <br />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 ap- <br />proval by the Mayor. <br />Member of the Common Council <br />FILED 11-1 CLE r1'S OFFICE <br />J U L la °`? <br />PRESENTED .7 <br />NOT APPROVED Irene Gammon <br />CITY CLERK, SOWN 8ET10, IND. <br />ADOPTED %- <br />-2- <br />