Inducement Resolution of the Common Council of South Bend relating to the Lock Joint Tube Company, Inc. Project

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Resolution No. 840 -80 INDUCEMENT RESOLUTION OF THE COMMON COUNCIL OF SOUTH BEND, INDIANA, RELATING TO THE LOCK JOINT TUBE COMPANY, INC. PROJECT WHEREAS, there are insufficient employment opportunities and insufficient diversification of business, commerce and indus- try in the City of South Bend, Indiana; and WHEREAS, the economic welfare of the City of South Bend, Indiana, would be benefited and additional job opportunities and commercial diversification would result within the City of South Bend, Indiana, by the approval of a financing agreement which should be effected with Lock Joint Tube Company, Inc. relating to a project to be known as the "Lock Joint Tube Company, Inc. Pro- ject"; and WHEREAS, said Lock Joint Tube Company, Inc. desires to acquire or have acquired for its use a tube mill and related equipment for use in the manufacturing of welded carbon steel tubing at its existing plant located at 1400 Riverside Drive, South Bend, Indiana 46616, which tube mill and related equipment will constitute economic development facilities; and WHEREAS, the South Bend Economic Development Commission has heretofore received, investigated, studied, and approved an application of Lock Joint Tube Company, Inc., an Indiana corpora- tion, relating to such Lock Joint Tube Company, Inc. Project in order that Industrial Development Bonds may be issued to acquire such economic development facilities in an amount not exceeding Eight Hundred Thousand Dollars ($800,000.00) payable with interest thereon at a rate which is seventy five percent (755) of the prime rate recognized by First Bank and Trust Company of South Bend, South Bend, Indiana, adjusted on a quarter annual basis with the principal and interest on such Bonds being paid on a quarter annual basis over a period of eight (8) years after the issuance thereof. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: