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WHEREAS, the principal and interest payable on said bonds are payable solely from <br />the payments made by the Company to the City pursuant to a loan agreement, and are not payable <br />from funds raised by taxation by the City; and <br />WHEREAS, the issuance of said bonds shall not obligate the full faith and credit for <br />the taxing power of the City; and <br />WHEREAS, subject to required approvals, it appears that the financing of the Project <br />will be of public benefit to the health, prosperity, economic stability and general welfare of the City <br />and its inhabitants; <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of <br />South Bend, Indiana: <br />Section 1. This Common Council hereby finds, determines, ratifies and confirms that <br />the Project is desirable to better the health, prosperity, economic stability and general welfare of the <br />City and its inhabitants, that the Project complies with the purposes and provisions of the Act, and <br />that it is in the best interest of the City that it take such action as it lawfully may to encourage the <br />Company to construct the Project. <br />Section 2. This Common Council hereby further finds, determines, ratifies and <br />confirms that the issuance and sale of revenue bonds of the City under the Act, and the use of the net <br />proceeds derived therefrom to finance the construction of the Project, will enable the Project to be <br />constructed and thereby serve the public purposes referred to above in accordance with the Act. <br />Section 3. In order to induce the Company to proceed with the construction of the <br />Project, this Common Council hereby undertakes that: <br />::ODMATCDOCS\SBDOCS 1\805 1 0\2 -3- <br />