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the Act and applicable regulations promulgated under the Internal Revenue Code of 1986, as <br /> amended. <br /> SECTION V. All action taken and approvals given by the City with regard to the <br /> Applicant are based upon the evidence submitted and representations made by the Applicant, its <br /> agents or counsel to the Commission and the City. No independent examination, appraisal or <br /> inspection of the Project was made, requested, or is contemplated by the City. <br /> SECTION VI. The City does not, by this or any other approval or finding, guarantee, <br /> warrant or even suggest that the Bonds, coupons or series thereof will be a reasonable investment <br /> for any person, firm or corporation. <br /> SECTION VII. The City shall not be obligated, directly or indirectly, to see to the <br /> application or use of the proceeds from the sale of the Bonds or to see that the contemplated <br /> improvements, if any, are constructed. The City is in no way responsible to the holders of any <br /> Bonds for any payment obligation created by the Bonds. <br /> SECTION VIII. The City does not warrant, guarantee or even suggest that interest to be <br /> paid to or income to be received by the holders of any Bond, coupon, or series thereof is exempt <br /> from taxation by any local, state or federal government. <br /> SECTION IX. The Bonds shall be special, limited obligations of the City payable solely <br /> from the funds provided therefor as described'in the indenture authorizing the Bonds, and shall <br /> not constitute an indebtedness of the Commission or the City or a loan of the credit thereof. <br /> SECTION X. This resolution does not constitute a binding obligation of the Commission <br /> or the City to issue the Bonds, but instead, is a commitment by the City to proceed with <br /> negotiations for the financing described herein with the Applicant and is subject to the adoption <br /> of a bond ordinance by the City in accordance with the provisions of the Act. <br /> SECTION XI. This resolution shall be in full force and effect upon adoption and <br /> compliance with I.C. 36-4-6 et seq. <br /> 4 <br /> Member of the Common Counci <br /> � 4 <br /> eq•A:� <br /> ---,.. <br /> cops adore on Vps WSW- lade <br /> t ILI;IJ <br /> C c <br /> -3- <br /> BDDB016888526v2 <br />