Authorizing the Execution and Delivery of a Memorandum of Intent between the City of South Bend and the University of Notre Dame Credit Union

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WHEREAS, Notre Dame Credit Union after considering a number of possible locations within and outside the State of Indiana, and in reliance upon the intent of the City to finance the acquisition and construction of the Project through the issuance of its reve- nue bonds under the provisions of the Act, has determined to lo- cate the Project within the limits of St. Joseph County, Indiana; and WHEREAS, it is now deemed advisable to express formally and in writing the understanding heretofore informally discussed by the parties hereto, NOW THEREFORE, in consideration of the premises and of the mutual undertakings herein expressed, the parties hereto recognize and intend as follows: A. The City represents and intends: 1. That the City is authorized by the provisions of the Act to finance the Project and for the purpose of paying the cost of the Project, including expenses incidental thereto, is authorized as aforesaid to issue its revenue bonds payable from the revenues and income derived by the City from the Project. 2. That the City intends, subject in all respects to the provisions and requirements of the Act and to a sale of the bonds on terms satisfactory to Notre Dame Credit Union, to authorize, issue, sell and deliver its revenue bonds, to be issued in one or more series (in an aggregate principal amount of approximately $1,250,000.00, which amount will be - 2 -