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NOW THEREFORE, BE IT RESOLVED by the South Bend Advisory Commission on <br />Industrial Development as follows: <br />Section 1. The Commission hereby confirms, ratifies and approves the Financing <br />Agreement between the City and HUD providing for the pledge of various revenues, including <br />available CRED Revenues for the payment of the Section 108 Loan. <br />Section 2. The Commission hereby pledges available CRED Revenues received by <br />the City from the Agency for the District for the payment of the Section 108 Loan for the <br />Project. The pledge of CRED Revenues shall continue during the period the Section 108 Loan is <br />outstanding or until the District expires in accordance with Act in the event the Section 108 Loan <br />remains outstanding upon such expiration; provided, however, such pledge may be released in <br />the event the City identifies other revenues to pay the amounts required under the Section 108 <br />Loan. <br />Section 3. The foregoing pledge shall continue irr'evocabIy during the period the <br />Section 108 Loan remains outstanding, subject to the provisions of the preceding paragraph. <br />Section 4.. Upon the Common Council's adoption of the Ordinance, this Resolution <br />and the Ordinance shall constitute a written agreement between the Commission and the City to <br />provide for the Project and the financing thereof, pursuant to Indiana Code § 36-7-13-21. <br />Section 5. This Resolution shall be effec±ive upor. its adontinr; ,~z, the ColiilliSSioit. <br />r ~ <br />ADOPTED AND APPROVED at a meeting of the South Bend Advisory Coi~~mission on <br />Industrial Development held on the 8th day of November, 2005. <br />SOUTH BEND ADVISORY COMMISSION <br />ON INDUSTRIAL DEVELOPMENT <br />ATTEST: <br />Secretary <br />B • i ~ ~ ~ Z~ ~_ . <br />Y~ -~- ~ ' lLr%~c. <br />~: <br />,. <br />Its: ' ~' ;,r~<f;,.; <br />a~~eoi aziaso~~i _ 2 _ <br />