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1. The project constitutes economic development <br /> facilities which shall be financed by the City through the <br /> issuance of revenue bonds pursuant to the Act and the City <br /> is willing, upon compliance with all provisions of Indiana <br /> law, to authorize approximately Ten Million ($10, 000 , 000 . 00) <br /> Dollars of its revenue bonds, which bonds will not be general <br /> obligations of the City but will be payable solely from the <br /> limited sources 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 <br /> and provisions of the Act. <br /> 3. Brick Road Associates may proceed with financing <br /> efforts for this project in reliance upon this resolution. <br /> 4. That the liability and obligation of the South Bend <br /> Economic Development Commission, the South Bend Common Council <br /> and the City of South Bend, Indiana, shall be limited solely <br /> to the good faith efforts to consummate such proceedings <br /> and issue such Bonds, and the South Bend Economic Development <br /> Commission and the City of South Bend, Indiana, their officers <br /> or agents, shall not incur any liability if for any reason the <br /> proposed issuance of such 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 /> L.41- <br /> Member of the Common Council <br /> FILED IN <br /> -2- CLERK'S OFFICE <br /> PRESENTED <br /> //- 5-5/ NOV 41981 <br /> NOT APPROVED Irene Gammon <br /> ADOPTED /I - —� <br /> COY OINK.SOWN FEND,mo. <br />