4788-19 Economic Development Revenue Bonds 2018 (Cedar Glen)

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Project, including the costs of issuing additional bonds (provided that the financing of such addition or additions to the Project is found to have a public purpose (as defined in the Act) at the time of the authorization of such additional bonds), and that the aforementioned purposes comply with the provisions of the Act. Section 4. All costs of the Project incurred after the date permitted by applicable federal tax and state laws, including reimbursement or repayment to the Company of moneys expended by the Company for application fees, planning, engineering, a portion of the interest paid during acquisition, construction and equipping of the Project, underwriting expenses, attorney and bond counsel fees, and acquisition, design, construction and equipping of the Project will be permitted to be included as part of the bond issue to finance the Project, and the City will lend the proceeds from the sale of the bonds to the Company for the same purposes. Also, certain indirect expenses, including but not limited to, planning, architectural work and engineering incurred prior to this inducement resolution will be permitted to be included as part of the bond issue to finance the Project. This resolution shall constitute "official action" for purposes of compliance pursuant to Treas. Reg. §1.150-2 and IC 5-1-14-6(c) requiring governmental action as authorization for future reimbursement from the proceeds of bonds. Section 5. The City does not, by this or any other approval or funding, guarantee, warrant or even suggest that the Bonds will be a reasonable investment for any person, firm or corporation. Section 6. The City shall not be obligated, directly or indirectly, to see to the application or use of the proceeds from the sale of the Bonds or to see that the contemplated improvements, if any, are constructed. The City is in no way responsible to the holders of any Bonds for any payment obligation created by the Bonds. Section 7. The Bonds shall be limited, special obligations of the City payable solely from the funds provided therefor as described in the indenture authorizing the Bonds, and shall not constitute an indebtedness of the Commission or the City or a loan of the credit thereof within the meaning of any constitutional or statutory provisions. Section 8. This resolution does not constitute a binding obligation of the Commission or the City to issue the Bonds, but instead, is a commitment by the City to proceed with negotiations for the financing described herein with the Company and is subject to the adoption of a bond ordinance by this Common Council in accordance with the provisions of the Act. Section 9. This resolution shall be in full force and effect upon adoption and compliance with IC 36-4-6. NkbA Tim Scott, Council President South Bend Common Council US.122725183.03 � T 5Ic3I2011 7 r- APPROV 1 - 3 - a 511312017