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RESOLUTION NO. %,)� - <br />A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY <br />OF A MEMORANDUM OF INTENT BETWEEN THE CITY OF SOUTH <br />BEND, INDIANA, AND THE UNIVERSITY OF NOTRE DAME <br />CREDIT UNION, A COOPERATIVE, NON - PROFIT ASSOCIATION <br />INCORPORATED UNDER INDIANA CODE 28 -7 -1, AS AMENDED, <br />PROVIDING FOR THE ISSUANCE BY SAID CITY OF ITS ECO- <br />NOMIC DEVELOPMENT REVENUE BONDS PURSUANT TO THE PRO- <br />VISIONS OF INDIANA CODE, TITLE 18, ARTICLE 6, CHAPTER <br />4.5, AS AMENDED. <br />The area still has insufficient employment opportunities and <br />insufficient diversification of industries, which conditions are <br />harmful to the economic stability and general welfare of the area <br />and, if not remedied, will be detrimental to the development of <br />such area. <br />The City of South Bend, Indiana (the "City ") is authorized <br />under the provisions of Indiana Code, Title 18, Article 6, Chapter <br />4.5, as amended (the "Act "), to acquire, construct and finance <br />economic development projects for the users thereof and to provide <br />for the issuance of revenue bonds in conjunction therewith. <br />The City, in order to implement the public purposes enumera- <br />ted in the Act and in furtherance thereof to induce The University <br />of Notre Dame Credit Union, a cooperative, non - profit associa- <br />tion incorporated under Indiana Code 28 -7 -1, as amended (the <br />"Borrower ") to construct and equip an office building (hereinafter <br />collectively called the "Project ") within the limits of St. Joseph <br />County, Indiana, has indicated its intent to issue its revenue <br />bonds under and pursuant to the provisions of the Act and to apply <br />the proceeds therefrom to the payment of the costs of the <br />Project. <br />The Borrower, after considering a number of possible loca- <br />tions within and outside of the State of Indiana, and in reliance <br />upon the intent of the City to finance the Project through the <br />issuance of revenue bonds under the provisions of the Act, has <br />determined to construct the Project within the limits of St. <br />Joseph County, Indiana. <br />It is now deemed advisable to authorize the execution and <br />delivery by the City of a Memorandum of Intent expressing formally <br />and in writing the understanding heretofore formally agreed upon <br />by the City and the Borrower. <br />NOW, THEREFORE, be it resolved by the Common Council of the <br />City of South Bend, Indiana, as follows: <br />SECTION 1. The Mayor is hereby authorized and directed to <br />execute a Memorandum of Intent by and between the City and the <br />Borrower and the City Clerk is hereby authorized and directed to <br />affix the seal of the City thereto and to attest the same; and <br />said Mayor and City Clerk are hereby authorized and directed to <br />cause said Memorandum of Intent to be delivered to, accepted, and <br />executed by the Borrower, said Memorandum of Intent, which is <br />hereby approved and incorporated by reference and made a part of <br />this authorizing resolution, to be in substantially the form at- <br />tached hereto. <br />SECTION 2. <br />from and after <br />the Mayor. <br />PRESENTED <br />NOT APPROVED <br />This resolution shall <br />its adoption by the Con <br />FILED G1 CLF-: l's <br />4 <br />, kIR 9 19'80 <br />ADOPTED `� /�G� Irene Gammon <br />CIYY CLERK, SOUTH BEND,IND, <br />in full force and effect <br />Council and approved by <br />J <br />Member of the Common Council <br />