Laserfiche WebLink
prior to this inducement resolution will be permitted to be included as part of the bond issue to <br /> finance the Project. This resolution shall constitute "official action" for purposes of compliance <br /> pursuant to Treas. Reg. §1.150-2 and IC 5-1-14-6(c) requiring governmental action as <br /> authorization for future reimbursement from the proceeds of bonds. <br /> Section 5. The City does not, by this or any other approval or funding, guarantee, <br /> warrant or even suggest that the Bonds will be a reasonable investment for any person, firm or <br /> corporation. <br /> Section 6. The City shall not be obligated, directly or indirectly, to see to the application <br /> or use of the proceeds from the sale of the Bonds or to see that the contemplated improvements, <br /> if any, are constructed. The City is in no way responsible to the holders of any Bonds for any <br /> payment obligation created by the Bonds. <br /> Section 7. The Bonds shall be limited, special obligations of the City payable solely from <br /> the funds provided therefor as described in the indenture authorizing the Bonds, and shall not <br /> constitute an indebtedness of the Commission or the City or a loan of the credit thereof within <br /> the meaning of any constitutional or statutory provisions. <br /> Section 8. This resolution does not constitute a binding obligation of the Commission or <br /> 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 Company and is subject to the adoption <br /> of a bond ordinance by this Common Council in accordance with the provisions of the Act. <br /> Section 9. This resolution shall be in full force and effect upon adoption and compliance <br /> with IC 36-4-6. <br /> Tim Scott, Council President <br /> South Bend Common Council <br /> - 4 - <br /> US.122725183.03 <br />