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It is possible for a portion of the Loan will be forgivable by IDFA (the "Forgivable <br />Portion") if the City achieves certain economic development goals set forth in the Loan <br />Agreement which evidences the Loan. <br />NOW THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA AS FOLLOWS: <br />Section I. The Common Council hereby authorizes revenue bonds of the City (the <br />"Bonds") to be issued upon the terms and conditions set forth herein in the form of the Loan <br />pursuant to I.C. 36-4-6-19 (the "Act") for the purpose of financing all or a portion of the Project. <br />The City shall use the proceeds of the Loan in accordance with the terms to be set forth in the <br />Loan Agreement for purposes of the Project. <br />Section 2. The Bonds to be issued by the City and evidenced by the Loan shall be <br />payable from the Available Revenues, and the Bonds shall constitute a limited obligation of the <br />City payable solely from the Available Revenues and neither the full faith and credit or the <br />taxing power of the City is pledged to the payment of and interest on the Bonds. Furthermore, <br />the Available Revenues shall be subject to annual appropriation by the Common Council. <br />Section 3. The Common Council hereby authorizes the issuance of the Bonds in the <br />form of the Loan in an aggregate principal amount not to exceed the amount of the Loan, all in <br />accordance with the Act and the Loan Agreement. The Bonds shall be designated as the "City of <br />South Bend, Indiana Taxable Revenue Bonds of 2003 (Environmental Remediation Project), <br />Series _" (with the blank to be completed with the letter which shall correspond to the <br />applicable series of the Bonds). As contemplated in the Loan Agreement, the initial amount of <br />the Loan (the "Initial Loan Amount") may be for less than S 1 million, however, the amount of <br />the Loan may be increased, from time to time, up to a maximum aggregate principal amount of <br />3 <br />