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through the issuance of revenue bonds pursuant to the Act and <br />the City is willing, upon compliance with all provisions of <br />Indiana law, to authorize approximately Five Million Two <br />Hundred Fifty Thousand Dollars ($5,250,000.00) of its revenue <br />bohds, which bonds will not be general obligations of the City <br />but will be payable solely from the limited sources authorized <br />and permitted by the Act. <br />Section 2. The proposed financing will be of benefit <br />to the economic health and general welfare of the City and will <br />comply with the purposes and provisions of the Act. <br />Section 3. The Applicant and the City may proceed <br />with the proposed project in reliance upon this resolution. <br />Section 4. That the liability and obligation of the <br />South Bend Economic Development Commission, the South Bend <br />Common Council and the City of South Bend, Indiana, shall be <br />limited solely to the good faith efforts to consummate such <br />proceedings and issue such bonds, and the South Bend Economic <br />Development Commission and the City of South Bend, Indiana, <br />their officers and agents, shall not incur any liability if for <br />any reason the proposed issuance of such bonds is not <br />consummated. <br />This Inducement Resolution shall be in full force and <br />effect from and after its adoption by the Common Council and <br />approval by the Mayor. <br />NOT ;2^ ^ROVED <br />1370K <br />Memb r of the Common Council <br />-2- <br />