Approval of Bonds for Economic Development Facilities at 4404 William Richardson Ct

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SECTION 8. The City does not warant 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 9. The bonds shall be special, limited 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. SECTION 10. 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 the City in accordance with the provisions of the Act. SECTION 11. This resolution shall be in full force and effect upon adoption and compliance with I.C. 364-6 et seq. The foregoing was passed by the Common Council this ' d y of 1996. PRESENTED / cZ2 6 NOT APPROVED ADOPTED 7-022 --%6 A5 ,qM6' 0ED UMM 105M.1 Member, Common Council City of South Bend, Indiana -3- Filed in Clerk's Office L L 1 6 1496 LORETTA 4, WOA.,.� CITY CLERK, 9C, SEND, IN.