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X. The failure of the City to pay the principal of and interest on the bonds due to the <br />insufficiency of the Tax Increment shall not constitute a default by the City with respect to the <br />Bonds. <br />XI. This resolution does not constitute a binding obligation of the Commission or the City <br />to issue the bonds, but instead, is a commitment by the City to proceed with negotiations for the <br />financing described herein with the Company and is subject to the adoption of a bond ordinance by <br />the City in accordance with the provision of the Act. <br />XII. This Resolution shall be in full force and effect from and after its passage by the <br />Common Council and approval by the Mayor. <br />PRESENTED —7 —21'^03 <br />NOT APPROVED <br />TDOPTE0" %- 24'—Q3 <br />SBIMANI 156691vl <br />COMMON COUNCIL OF THE CITY <br />OF SOUTH BEND, INDIANA <br />By: <br />Member of the Common Co ncil <br />Filed in Jerk's 0111CO <br />JUL 23 B93 <br />LcLETrdSO. SEND, 1W <br />-4- cITYCLEdaK, _ <br />