Authorizing the execution and delivery of a memorandum of agreement between the City and Diversified Group, and Indiana Partnership

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3. That the financing of the acquisition and con- struction of the Project by the City is for a proper public corporate purpose and that the financing thereof for Diver- sified is necessary to implement the public purposes enumerated in the Act. B. Diversified represents and intends: 1. That the acquisition and construction of the Project will result in increased employment in the City. 2. That if the proposed revenue bonds (including the rate of interest thereon) of the City are satisfactory to Diversified, it will enter into financing agreements with the City upon terms which will be sufficient to pay the cost of acquiring and constructing the Project as evidenced by such revenue bonds to be issued for the account of the Project, and will enter into such appropriate financing agreements with the City with regard to the fore- going prior to the issuance and delivery of any such revenue bonds by the City. 3. That Diversified intends during the term of any such financing agreements to cause the Project to be used or occupied primarily for use as an industrial building. C. It is further recognized and intended between the parties ties hereto as follows: 1. That the revenue bonds to be issued by the City shall never constitute an indebtedness of the City or a loan of the credit thereof within the meaning of any con- stitutional or statutory provision, and such fact shall be plainly stated on the face of each of said bonds. No holder of any of said bonds shall ever have the right to compel any exercise of the taxing power of the City to pay said bonds or the interest thereon. The principal, or premium, if any, and interest on such revenue bonds to be issued to finance the cost of acquiring and constructing the Project shall be secured by a pledge to a trustee acting under an indenture - 3 -