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REGULAR MEETING <br />APRIL 14, 2014 <br />agents or counsel, to the Commission and the City. No independent examination, appraisal or <br />inspection of the Project was made, requested, or is contemplated by the City. <br />SECTION VI. The City does not, by this or any other approval or funding, <br />guarantee, warrant or even suggest that the bonds, coupons or series thereof will be a reasonable <br />investment for any person, firm or corporation. <br />SECTION VII. The City shall not be obligated, directly or indirectly, to see to the <br />application or use of the proceeds from the sale of the bonds or to see that the contemplated <br />improvements, if any, are constructed. The City is in no way responsible to the holders of any bonds <br />for any payment obligation created by the bonds. <br />SECTION VIII. The City does not warrant, guarantee or even suggest that interest to <br />be paid to or income to be received by the holders of any bond, coupon, or series thereof is exempt <br />from taxation by any local, state or federal government. <br />SECTION IX. The bonds shall be limited, special obligations of the City payable <br />solely from the funds provided therefor as described in the indenture authorizing the bonds, and shall <br />not constitute an indebtedness of the Commission or the City or a loan of the credit thereof within the <br />meaning of any constitutional or statutory provisions. <br />SECTION X. This resolution does not constitute a binding obligation of the <br />Commission or the City to issue the bonds, but instead, is a commitment by the City to proceed with <br />negotiations for the financing described herein with the Applicant and is subject to the adoption of a <br />bond ordinance by this Common Council in accordance with the provision of the Act. <br />SECTION XL This resolution shall be in full force and effect upon adoption by the <br />Common Council and compliance with the procedures required by Indiana Code 364-6. <br />NOT. APPRO-YE9 <br />zoaar . <br />d � -1NaY <br />.wsazosiso.oi <br />COMMON COUNCIL OF THE CITY <br />OF SO[JTH BEND, VIII$ NA <br />Men of the Common Council <br />-3- <br />�f1 �alra °ES °�13F.. <br />i £E?YCLERIt, Stun4 tiEnily, !? <br />Councilmember Gavin Ferlic, Chairperson, Community Investments met and sends bill 14 -32 to <br />the full Council favorably. <br />Presenter - Rich Hill- Law Firm- 1400 Piedmont Road- we have before you a grant the approval <br />of deputy bonds for the correctional facility for the employment process on a preliminary basis. <br />22 <br />