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

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1. That the acquisition of the tube mill and related equipment relating to such Lock Joint Tube Company, Inc. Project constitutes economic development facilities which should be financed by the City of South Bend, Indiana, through the issuance of Industrial Development Bonds pursuant to the provisions of IC 18- 6 -4.5 -1 through IC 18- 6- 4.5 -30, hereinafter referred to as the "Act ", which Bonds will not be general obligation Bonds of the City of South Bend, Indiana, but will be payable solely from the sources authorized and permitted by the Act. 2. That it is hereby determined that the issuance of such Industrial Development Bonds to pay a portion of the costs for the acquisition of the tube mill and related equipment rela- ting to such Lock Joint Tube Company, Inc. Project is determined to be in the best interests of the City of South Bend, Indiana, and the Common Council of South Bend, Indiana hereby declares its intention to issue such Industrial Development Bonds and hereby approves the application relating to such Lock Joint Tube Company, Inc. Project. 3. That it is hereby determined that the economic development facilities relating to such Lock Joint Tube Company, Inc. Project will be of benefit to the economic welfare of the City of South Bend, Indiana, and will comply with the purposes and provisions of the Act. 4. That the South Bend Economic Development Commission be and it hereby is authorized and directed to pursue the comple- tion of such Lock Joint Tube Company, Inc. Project as referred to in said application of Lock Joint Tube Company, Inc. and as approved by this Inducement Resolution. 5. That the liability and obligation of the City of South Bend, Indiana, shall be limited solely to the good faith efforts to consummate such Lock Joint Tube Company, Inc. Project, and the issuance of such bonds and neither the City of South Bend, Indiana, nor its officers or agents, shall incur any per- sonal liability by virtue of the suanc of any uch ds. FILED E�� CiE�'S OFFO , r -�' �° Membe f Common Coun PRESENTED DEC LI 1980 `T APPROVE@ :PTEO ��' Irene Gammon CITY CLERK, SOU11i BEND, IND.