Authorizing the Memorandum between City of South Bend and Columbine Carriers, Inc.

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The Borrower, after considering a number of possible loca- tions within and outside the State of Indiana, and in reliance upon the intent of the City to finance the Project through the issuance of revenue bonds under the provisions of the Act above referred to, has determined to construct the Project within the limits of the City of South Bend, Indiana. It is now deemed advisable to authorize the execution and delivery by the City of a memorandum of intent expressing formally and in writing the understanding heretofore formally agreed upon by the City and Columbine Carriers , Inc. , a Delaware corporation authorized to do business in the State of Indiana, the Borrower. NOW, THEREFORE, be it resolved by the Common Council of the City of South Bend, Indiana, as follows : SECTION 1. The Mayor is hereby authorized and directed to execute a Memorandum of Intent by and between the City and Columbine Carriers, Inc. , a Delaware corporation authorized to do business in the State of Indiana, the Borrower, and the City Clerk is hereby authorized and directed to affix the seal of the City thereto and to attest the same; and said Mayor and City Clerk are hereby authorized and directed to cause said Memorandum of Intent to be delivered to, accepted, and executed by Columbine Carriers, Inc. , said Memorandum of Intent, which is hereby approved and incorporated by reference and made a part of this authorizing resolution, to be in substantially the form attached hereto. SECTION 2 . The obligation of the City of South Bend, and any of its Commissions, officers and employees and agents shall be limited solely to good faith efforts to consummate said proceedings and issue the bonds and neither the South Bend Economic Development Commission, the Mayor, the Common Council, the City, its officers or agents, shall incur any liability whatsoever if for any reason the proposed issuance of the bonds is not consummated. -2-