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<br /> <br /> <br />5 <br />Development Commission if such changes do not affect terms set forth in Sections 27(a)(1) <br />through and including (a)(10) of the Act. <br />SECTION VI. Binding Effect. The provisions of this Ordinance and the Financing <br />Documents securing the Bonds of a series shall constitute a contract binding between the City and <br />the holders of the Bonds of such series, and after the issuance of the Bonds, this Ordinance shall <br />not be repealed or amended in any respect which would adversely affect the rights of such holders <br />so long as the Bonds or the interest thereon remains unpaid. <br />SECTION VII. Findings Relating to Project. The Common Council hereby finds <br />that (a) the Project and the related financing assistance for the Project provided in the Financing <br />Documents are consistent with the economic development plan for the Area and the Riverwalk <br />Allocation Area; (b) the Developer would not undertake the Project without the financing <br />assistance provided in Financing Documents; and (c) the Project furthers the economic <br />development of the Riverwalk Allocation Area and the Area generally. <br />SECTION VIII. Pledge of Riverwalk Allocation Area TIF Revenues. This Common <br />Council does hereby acknowledge and approve the pledge of the Riverwalk Allocation Area TIF <br />Revenues, including any future tax increment revenues generated as a result of the redesignation <br />of the Riverwalk Allocation Area, to the payment of the Bonds pursuant to the Indenture. Pursuant <br />to Indiana Code 5-1-14-4, the pledge of the Riverwalk Allocation Area TIF Revenues pursuant to <br />the Indenture is intended to be binding from the time the pledge is made, with such Riverwalk <br />Allocation Area TIF Revenues so pledged and thereafter received by the City to be immediately <br />subject to the lien of the pledge without any further act, and the lien of such pledge to be binding <br />against all parties having claims of any kind, in tort, contract, or otherwise against the City, <br />regardless of whether the parties have notice of any such lien. <br />SECTION IX. No Liability. No stipulation, obligation or agreement herein <br />contained or contained in the Financing Documents, the Bonds or in any other agreement or <br />document executed on behalf of the City shall be deemed to be a stipulation, obligation or <br />agreement of any member of the Common Council, or any officer, agent or employee of the City <br />in his or her individual capacity, and no such member of the Common Council, officer, agent or <br />employee shall be personally liable on the Bonds or be subject to personal liability or <br />accountability by reason of the issuance thereof. <br />SECTION X. Severability. If any section, paragraph or provision of this Ordinance shall <br />be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such <br />section, paragraph or provision shall not affect any of the remaining provisions of this Ordinance. <br />SECTION XI. Open Meetings. It is hereby determined that all formal actions of <br />the Common Council relating to the adoption of this Ordinance were taken in one or more open <br />meetings of the Common Council, that all deliberations of the Common Council and of its <br />committees, if any, which resulted in formal action, were in meetings open to the public, and that <br />all such meetings were convened, held and conducted in compliance with applicable legal <br />requirements, including Indiana Code 5-14-1.5, as amended.