Preliminary Approval of the Issuance of Bonds for the Purpose of Providing certain Economic Development Facilities for Noble Americas South Bend Ethanol LLC

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agents or counsel, to the Commission and the City. No independent examination, appraisal or inspection of the Project was made, requested, or is contemplated by the City. SECTION VI. The City does not, by this or any other approval or funding, guarantee, warrant or even suggest that the bonds, coupons or series thereof will be a reasonable investment for any person, firm or corporation. SECTION VII. 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 VIII. The City does not warrant, guarantee or even suggest that interest to be paid to or income to be received by the holders of any bond, coupon, or series thereof is exempt from taxation by any local, state or federal government. SECTION IX. 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 X. 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 Applicant and is subject to the adoption of a bond ordinance by this Common Council in accordance with the provision of the Act. SECTION XI. This resolution shall be in full force and effect upon adoption by the Common Council and compliance with the procedures required by Indiana Code 36 -4 -6. FXLt 'NiW 1-(J( � —(� NOT APPRO.VM ` l/ dms.us.53706150.01 COMMON COUNCIL OF THE CITY OF SOUTH BEND, NA e3&a�j Au� Miiemo& of the Common Council -3- - -- f ..- h s f CLERK, R6tj n, .rt ::