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NOW, THEREFORE, the Common Council of the City of South <br /> Bend, Indiana resolves as follows: <br /> 1 . The project constitutes economic development facil- <br /> ities which shall be financed by the City through the issuance of <br /> revenue bonds pursuant to the Act and the City is willing, upon <br /> compliance with all provisions of Indiana law, to authorize approx- <br /> imately Seven Hundred Thousand and no/100 Dollars ($700, 000. 00) of <br /> its revenue bonds, which bonds will not be general obligations of <br /> the City but will be payable solely from the limited sources <br /> authorized and permitted by the Act. <br /> 2 . The proposed financing will be of benefit to the <br /> economic welfare of the City and will comply with the purposes and <br /> provisions of the Act. <br /> 3 . The Company may proceed with construction and equip- <br /> ping of the economic development facility in reliance upon this <br /> resolution. <br /> 4 . That the liability and obligation of the South Bend <br /> Economic Development Commission, the South Bend Common Council and <br /> the City of South Bend, Indiana, shall be limited solely to the <br /> good faith efforts to consummate such proceedings and issue such <br /> Bonds, and the South Bend Economic Development Commission and the <br /> City of South Bend, Indiana, their officers and agents, shall not <br /> incur any liability if for any reason the proposed issuance of such <br /> Bonds is not 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 /> PRESENTED 7-8-gs <br /> NOT APPROVED <br /> FILED IN CLERK's uff,ut —�� .� i � �/ <br /> ADOPTED 7-F- eiS' <br /> M ber of the Co on Council <br /> JUL 2 1985 <br /> Dated July 8, 1985.p IRENE GAMMON <br /> E <br /> CITY CLERK, SO. BEND, IN <br />