Inducement Resolution Relating to Mechanics Laundry & Supply, Inc. Project

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(iii) it will use its best efforts, at the request of Applicant, to authorize the issuance of additional bonds for refunding and refinancing the outstanding principal amount of the bonds for completion of the Project and for additions to the Project , including the costs of issuance (providing that the financing of such addition or additions to the Project is found to have a public Purpose [as defined in IC 36-7-12-1] at the time of authorization of such additional bonds) , and that the aforementioned purposes comply with the provisions of IC 36-7-12 . 4. All costs of the Project incurred after the adoption of this Inducement Resolution, including reimbursement or repayment to the Applicant of moneys expended by the Applicant for planning, engineering, interest paid during construction, underwriting expenses , attorney and bond counsel fees, acquisition and equipping of the Project will be permitted to be included as part of the bond issue to finance the Project , and the Issuer will sell or lease the same to the Applicant or loan the proceeds from the sale of the bonds to the Applicant for the same purposes . Also , certain indirect expenses , including, but not limited to , planning , architectural work and engineering incurred prior to this Inducement Resolution, will be permitted to be included as part of the bond issue to finance the Project . 5 . The liability and obligation of the City of South Bend, Indiana, shall be limited solely to the good faith efforts to consummate such Mechanics Laundry & Supply, Inc . Project and the issuance of such bonds , and that neither the City of South Bend, Indiana, nor its officers or agents shall incur any personal liability by virtue of the issuance of any such Economic Development Revenue Bonds or the undertaking of such Mechanics Laundry & Supply, Inc . Project . THIS INDUCEMENT RESOLUTION SHALL BE IN FULL FORCE AND EFFECT FROM AND AFTER ITS ADOPTION BY THE COMMON COUNCIL AND APPROVAL BY THE MAYOR. FILED IN CLERK'S OFFICE PRESENTED //-5-Yl Member NOT APPROVED Nov 41981 Common Council ,City of South Bend,IN ADOPTED IL"9- Irene Gammon - 3 - K SOUTH WEMM,M.