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remodeling of certain of those facilities and the installment of other <br />such facilities wherein Industrial Revenue Bonds would be issued by <br />the City of South Bend, Indiana for an amount not exceeding Three <br />Hundred Thousand Dollars (:300,000.00), payable with interest thereon <br />at the rate of nine and three - quarters percent (9 -3/4 %) per annum, <br />over a term of twenty (20) years from and after the economic develop- <br />ment facilities are all placed in use by the principal users thereof. <br />2. In order to encourage, induce and solicit such appli- <br />cation by Dunn for such Industrial Revenue Bond issue relating to its <br />acquisition of such Economic Development Facilities and the remodeling <br />of certain of those facilities, the South Bend Common Council shall <br />proceed to cooperate with and take such action as may be necessary in <br />the drafting of documents or the performance of such other acts as <br />will facilitate the issuance of such Industrial Revenue Bonds by the <br />City of South Bend, Indiana, to provide funds to be used toward the <br />payment of the costs of acquisition, remodeling and purchase of equip- <br />ment for an economic development facility. <br />3. Any costs or expenses incurred in connection with the <br />said Dunn project shall be included in the project costs and reim- <br />bursed from the proceeds of the Industrial Revenue Bonds to be issued <br />with respect thereto. <br />4. That the liability and obligation of the Common Council <br />of the City of South Bend and the City of South Bend, Indiana, shall <br />be limited solely to good faith efforts to consummate such pro- <br />ceedings and issue such bonds, and neither the South Bend Common <br />(Council nor the City of South Bend, Indiana, or its officers or <br />agents, shall incur any liability whatsoever if for any reason the <br />proposed issuance of such bonds is not consummated. <br />5. Dunn may proceed with the acquisition of the economic <br />development facilities and with the remodeling of one of such facili- <br />ties in reliance upon this resolution. <br />6. This resolution shall be in full force and effect from <br />and after its passage by the Common Council of the City of South Bend <br />and approval by the Mayor. <br />PRESENTEES 3-�� �� i'dember of the Common Council <br />NOT APPROVER <br />ADOPTED .7- Q %/— f i <br />-2- <br />