03-26-01 Council Meeting Minutes

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REGULAR MEETING MARCH 26.2001 SECTION 2. The Common Council further finds, determines, ratifies and confirms that the issuance and sale of economic development revenue bonds of the City under the Act in an amount not to exceed $5,000,000 for the Project and the loan of the proceeds of the revenue bonds to the Applicant will serve the public purposes referred to above, in accordance with the Act. SECTION 3. The proposed economic development facilities will not have an adverse competitive effect on any similar facilities already under construction or in operation in the City. SECTION 4. In order to induce the Applicant to proceed with the Project, the Common Council hereby finds, determines, ratifies and confirms that: (i) It will take or cause to be taken such actions pursuant to the Act as may be reasonably required to implement the aforesaid financing, or as it may deem reasonably appropriate in pursuance thereof; provided that all of the foregoing shall be mutually acceptable to the City and the Applicant; and (ii) It will adopt such ordinances and resolutions and authorize the execution and delivery of such instruments and the taking of such action as may be reasonably necessary and advisable for the authorization, issuance and sale of said economic development bonds. SECTION 5. All costs of the Proj ect incurred for planning, engineering, interest paid during construction, underwriting expenses, attorney and bond counsel fees, acquisition, construction, installation and equipping of the Project will be permitted to be included as part of the Project costs to be financed out of the loan of the proceeds from the sale of the bonds to th extent permitted by the Act and applicable regulations promulgated under the Internal Revenue Code of 1986, as amended. SECTION 6. All action taken and approvals given by the City with regard to the Applicant are based upon the evidence submitted and representations made by the Applicant, its agents and counsel. No independent examination, appraisal or inspection of the Project was made, requested, or is contemplated by the City. SECTION 7. The City does not, by this or any other approval or finding, guarantee, warrant or even suggest that the bonds (if and when issued), coupons or series thereof will be a reasonable investment for any person, firm or corporation. SECTION 8. The City shall not be obligated, directly or indirectly, to see to the application or use of the proceeds from the sale of the bonds or to see that the contemplated improvements, if any, are constructed. The City is in no way responsible to the holders of any bonds for any payment obligation created by the bonds. SECTION 9. The City does not warrant, guarantee or even suggest that interest to be paid to or income to be received by the holders of any bond, coupon, or series thereof is exempt from taxation by any local, state or federal government. SECTION 10. The bonds, if and when issued, shall be special, limited obligations of the City payable solely from the funds provided therefor as described in the indenture authorizing the bonds, and shall not constitute an indebtedness of the Commission or the City or a loan of the credit thereof. SECTION 11. This resolution does not constitute a binding obligation of the Commission or the City to issue the bonds, but instead, is a commitment by the City to proceed with negotiations for the financing described herein with the Applicant and is subject to the adoption of a bond ordinance by the City in accordance with the provisions of the Act. SECTION 12. This resolution shall be in full force and effect upon adoption and compliance with I.C. 36 -4 -6 et. se q.