Approval of Insurance Bonds for Imagineering Enterprises Inc. Project

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be achieved by the Project in the City of South Bend, Indiana will be of benefit to the health and general welfare of the citizens of the City; and that it is in the public interest that the Common Council take such action as it lawfully may to encourage diversification of industry and promotion of job opportunities in and near said City. SECTION 2. The Common Council further finds, determines, ratifies and confirms that the issuance and sale of economic development revenue bonds of the City under the Act in an amount not to exceed $5,000,000 for the Project and the loan of the proceeds of the revenue bonds to the Applicant will serve the public purposes referred to above, in accordance with the Act. SECTION 3. The proposed economic development facilities will not have an adverse competitive effect on any similar facilities already under construction or in operation in the City. SECTION 4. In order to induce the Applicant to proceed with the Project, the Common Council hereby finds, determines, ratifies and confirms that: (i) It will take or cause to be taken such actions pursuant to the Act as may be reasonably required to implement the aforesaid financing, or as it may deem reasonably appropriate in pursuance thereof; provided that all of the foregoing shall be mutually acceptable to the City and the Applicant; and (ii) It will adopt such ordinances and resolutions and authorize the execution and delivery of such instruments and the taking of such action as may be reasonably necessary and advisable for the authorization, issuance and sale of said economic development bonds. SECTION 5. All costs of the Project incurred for planning, engineering, interest paid during construction, underwriting expenses, attorney and bond counsel fees, acquisition, construction, installation and equipping of the Project will be permitted to be included as part of the Project costs to be financed out of the loan of the proceeds from the sale of the bonds to the extent permitted by the Act and applicable regulations promulgated under the Internal Revenue Code of 1986, as amended. SECTION 6. All action taken and approvals given by the City with regard to the Applicant are based upon the evidence submitted and representations made by the Applicant, its agents and counsel. No independent examination, appraisal or inspection of the Project was made, requested, or is contemplated by the City. SECTION 7. The City does not, by this or any other approval or finding, guarantee, warrant or even suggest that the bonds (if and when issued), coupons or series thereof will be a reasonable investment for any person, firm or corporation. SECTION 8. 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.