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1. The Project constitutes economic development facilities <br /> which shall be financed by the City through the issuance of revenue <br /> bonds pursuant to the Act and the City is willing, upon compliance <br /> with all provisions of Indiana law, to authorize approximately Three <br /> Hundred Fifty Thousand Dollars ($350,000 .00) of its revenue bonds, <br /> which bonds will not be general obligations of the City but will be <br /> payable solely from the limited sources authorized and permitted by <br /> the Act. <br /> 2. The proposed financing will be of benefit to the eco- <br /> nomic welfare of the City and will comply with the purposes and <br /> provisions of the Act. <br /> 3. P.A.I. Properties may proceed with the acquisition and <br /> construction of the economic development facilities in reliance upon <br /> this 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 good <br /> faith efforts to consummate such proceedings and issue such bonds , <br /> and the South Bend Economic Development Commission, South Bend <br /> Common Council and the City of South Bend, Indiana, their officers <br /> or agents, shall not incur any liability if for any reason the pro- <br /> posed issuance of such Bonds is not consummated. <br /> This Inducement Resolution shall be in full force and effect <br /> from and after its adoption by the Common Council and approval by the <br /> Mayor. <br /> \_• r 'I' <br /> •er wf the Common Council <br /> FILED IN CLERK'S OFFICE <br /> RESEW ED / - //- 8'L DEC 2 _ 1981 <br /> NOT APPROVED Irene Gammon <br /> ADOPTED / -1 /- k CITY CLERK,SOUTH BEND,IND. <br /> -2- <br />