Authorizing issuance of bonds to evidence a loan form the IDEM Browns-fields cleanup revolving loan fund

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The St. Joseph County Income Tax Council has imposed a county option income tax ("COIT") pursuant to IC 6-3.5-6 on the adjusted gross income of the County taxpayers. The City shall repay the Loan from then current revenues of the City (the "City Revenues") annually appropriated by the Common Council of the City (the "Common Council") for the purpose of making such Loan payments, and, to the extent available, COIT revenues (the "COIT Revenues ") allocated to the City (the COIT Revenues, together with the City Revenues shall be referred to as the "Available Revenues"), it being the expectation of the City that any such COIT Revenues shall be used by the .City to offset any necessary appropriation of the City Revenues. The bonds which shall evidence the Loan shall constitute a limited obligation of the City payable solely from Available Revenues, and neither the full faith and credit nor the taxing power of the City is pledged to the payment of the principal of and the interest on the bonds. NOW THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA AS FOLLOWS: Section 1. The Common Council hereby authorizes revenue bonds of the City (the "Bonds") to be issued upon the terms and conditions set forth herein in the form of the Loan pursuant to I.C. 36-4-6-19 (the "Act") for the purpose of financing all or a portion of the Project. The City shall use the proceeds of the Loan in accordance with the terms to be set forth in the Loan, Servicing and Disbursement Agreement (the "Program Agreement") for purposes of the Project. Section 2. The Bonds to be issued by the City and evidenced by the Loan shall be payable from the Available Revenues, and the Bonds shall constitute a limited obligation of the City payable solely from the Available Revenues and neither the full faith and credit or the 2