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MEMORANDUM OF INTENT <br />THIS MEMORANDUM OF INTENT, made and entered into on <br />1980, by and between the CITY OF SOUTH BEND, INDIANA, a munici- <br />pality in St. Joseph County, Indiana (hereinafter called the <br />"City "), and The University of Notre Dame Credit Union, a coopera- <br />tive, non - profit association incorporated under Indiana Code <br />28 -7 -1 (hereinafter called "Notre Dame Credit Union "); <br />W I T N E S S E T H: <br />WHEREAS, the City recognizes that it is necessary for the <br />general welfare and economy of the area that the City endeavor to <br />provide sufficient employment opportunities, an increase in the <br />tax base, and a diversification of industries; and <br />WHEREAS, the City is authorized under the provisions of In- <br />diana Code, Title 18, Chapter 6, Article 4.5, as amended (the <br />"Act "), to acquire, construct and finance economic development <br />projects for the user thereof, and to provide for the issuance of <br />revenue bonds in conjunction therewith; and <br />WHEREAS, the City, in order to implement the public purposes <br />enumerated in the Act and in furtherance thereof to induce the <br />Notre Dame Credit Union to construct and equip an office building <br />(hereinafter collectively called the "Project "), within the limits <br />of St. Joseph County, Indiana, has indicated its intent to issue <br />its revenue bonds under and pursuant to the provisions of the Act <br />and to apply the proceeds therefrom to the payment of the costs of <br />the Project and expenses incidental thereto; and <br />