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t <br /> • <br /> the City of South Bend, Indiana for an amount not exceeding Four <br /> Million Dollars ($4,000,000.00) , payable with interest thereon at the <br /> rate not to exceed ten and one-half percent (10 1/2%) per annum, over <br /> a term not to exceed fifteen (15) years from and after the economic <br /> development facilities are all placed in use. <br /> 2. In order to encourage,' induce and solicit such applica- <br /> tion by Bremen for such Industrial Revenue Bond issue relating to its <br /> acquisition of such Economic Development Facilities and the remodeling <br /> of certain of those facilities, the South Bend Common Council shall <br /> proceed to cooperate with and take such action as may be necessary in <br /> the drafting of documents or the performance of such other acts as <br /> will facilitate the issuance of such Industrial Revenue Bonds by the <br /> City of South Bend, Indiana, to provide funds to be used toward the <br /> payment of the costs of acquisition, remodeling and purchase of equip- <br /> ment for an economic development facility. <br /> 3. Any costs or expenses incurred in connection with the <br /> said Bremen project shall be included in the project costs and reim- <br /> bursed from the proceeds of the Industrial Revenue Bonds to be issued <br /> with respect thereto. <br /> 4. That the liability and obligation of the Common Council <br /> of the City of South Bend and the City of South Bend, Indiana, shall <br /> be limited solely to good faith efforts to consummate such proceedings <br /> and issue such bonds, and neither the South Bend Common Council nor <br /> the City of South Bend, Indiana, or its officers or agents, shall incur <br /> any liability whatsoever if for any reason the proposed issuance of <br /> such bonds is not consummated. <br /> 5. Bremen may proceed with the acquisition of the economic <br /> development facilities and with the remodeling of such facilities in <br /> reliance upon this resolution. <br /> 6. This resolution shall be in full force and effect from <br /> and after its passage by the Common Council of the City of South Bend <br /> and approval by the Mayor. <br /> MED III CLERK'S OFFIC ra <br /> Member of the Common Council <br /> OCT 6 1980 <br /> PRESENTED /D-/3-az, <br /> NOT APPROVED gene GamEmon -2 CLERK,SOUTH <br /> ADOPTED <br /> net i 3 1980 <br />