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The City has submitted an application to IDFA (the "Application"), which Application <br />sets forth the request for the Loan and the details of the Project. <br />On November 6, 2002 the Common Council gave preliminary approval to the City <br />obtaining the Loan from IDFA by Ordinance No. 9361-02. <br />On November 19, 2002 IDFA approved making the Loan to the City in Resolution G37- <br />2002 (the "IDFA Resolution"), upon the terms and conditions set forth in the IDFA Resolution <br />and in a Loan, Servicing and Disbursement Agreement to be entered in to between IDFA and the <br />City, substantially in the form of the agreement that has been submitted to the Common Council <br />(the "Loan Agreement"). <br />The St. Joseph County Income Tax Council has imposed a county option income tax <br />("COIT") pursuant to IC 6-3.5-6 on the adjusted gross income of the County taxpayers. <br />The City shall repay the Loan from then current revenues of the City (the "City <br />Revenues") annually appropriated by the Common Council of the City (the "Common Council") <br />for the purpose of making such Loan payments, and, to the extent available, COIT revenues (the <br />"COIT Revenues ") allocated to the City (the COLT Revenues, together with the City Revenues <br />shall be referred to as the "Available Revenues"), it being the expectation of the City that any <br />such COIT Revenues shall be used by the City to offset any necessary appropriation of the City <br />Revenues. <br />The bonds which shall evidence the Loan shall constitute a limited obligation of the City <br />payable solely from Available Revenues, and neither the full faith and credit nor the taxing <br />power of the City is pledged to the payment of the principal of and the interest on the bonds. <br />2 <br />