Authorizing the execution and delivery of a memorandum of agreement between the City and Crowe, Chizek and Company, and Indiana Partnership

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in reliance upon the intent of the City to finance the acquisi- tion and construction of the Project through the issuance of its revenue bonds under the provisions of the Act, has determined to locate the Project within the corporate limits of the City; 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 acquisition and construction of the Project and for the purpose of paying the cost of such acquisition and construction, 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 Crowe, Chizek, to author- ize, issue, sell and deliver its revenue bonds, to be issued in one or more series (in an aggregate principal amount of approximately $3,200,000, which amount will be fixed by resolution or ordinance of the City at a later date and agreed to by Crowe, Chizek, but not to exceed the cost of acquiring and constructing the Project and expenses inci- dental thereto as estimated at the time of the issuance of the bonds) and apply the proceeds therefrom to the payment of the cost of acquiring and constructing the Project, provided that prior to the issuance and delivery of such revenue bonds there shall have been entered into between Crowe, Chizek and the City appropriate financing agreements -2-