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the requirements of the Act and will provide for and promote the <br /> public health, safety, morals and welfare of the inhabitants in and <br /> near the City; <br /> NOW THEREFORE, BE IT RESOLVED by the Common Council of the City <br /> of South Bend, Indiana, as follows: <br /> Section 1 . That approval is hereby given to the application of <br /> the Borrower relating to the acquisition, construction and improvement <br /> of such real estate and the 192-unit rental housing project to be <br /> constructed thereon. <br /> Section 2 . That the City intends to issue its Revenue Bonds <br /> (Maple Lane Associates, Phase VIII Project) (the "Bonds"). in an amount <br /> not to exceed approximately $7, 000 , 000 for the purpose of making a loan <br /> to the Borrower to provide financing for the acquisition, construction <br /> and improvement of the Project. <br /> Section 3 . To induce the Borrower to acquire, construct and im- <br /> prove the Project, the Common Council shall cooperate with and take <br /> such action as may be necessary in the drafting of documents or the <br /> performance of such other acts as will facilitate the issuance of the <br /> Bonds by the City to provide funds to be used toward the payment of <br /> the costs of acquiring, constructing and improving such Project. <br /> Section 4 . Any costs or expenses of the City incurred in <br /> connection with the Project shall be included in the Project costs <br /> and reimbursed either from the proceeds of the Bonds to be issued <br /> with respect thereto or from payments by other parties to the <br /> financing . <br /> Section 5. The Commission has received a fee in connection with <br /> the Project of $1 ,800. 00. <br /> Section 6. The liability and obligation of the City and its <br /> Common Council shallibe limited solely to good-faith efforts to <br /> consummate such proceedings and issue the Bonds, and neither the City <br /> nor its Common Council , nor their officers or agents, shall incur <br /> any liability whatsoever if for any reason the proposed issuance of <br /> the Bonds is not consummated. <br /> Section 7 . This Resolution shall be in full force and effect <br /> -2- <br />