Inducement Resolution relating to Bremen Iron & Metal Co., Inc.

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the City of South Bend, Indiana for an amount not exceeding Four Million Dollars ($4,000,000.00), payable with interest thereon at the rate not to exceed ten and one -half percent (10 1/2%) per annum, over a term not to exceed fifteen (15) years from and after the economic development facilities are all placed in use. 2. In order to encourage, induce and solicit such applica- tion by Bremen for such Industrial Revenue Bond issue relating to its acquisition of such Economic Development Facilities and the remodeling of certain of those facilities, the South Bend Common Council shall proceed to cooperate with and take such action as may be necessary in the drafting of documents or the performance of such other acts as will facilitate the issuance of such Industrial Revenue Bonds by the City of South Bend, Indiana, to provide funds to be used toward the payment of the costs of acquisition, remodeling and purchase of equip- ment for an economic development facility. 3. Any costs or expenses incurred in connection with the said Bremen project shall be included in the project costs and reim- bursed from the proceeds of the Industrial Revenue Bonds to be issued with respect thereto. 4. That the liability and obligation of the Common Council of the City of South Bend and the City of South Bend, Indiana, shall be limited solely to good faith efforts to consummate such proceedings and issue such bonds, and neither the South Bend Common Council nor the City of South Bend, Indiana, or its officers or agents, shall incur any liability whatsoever if for any reason the proposed issuance of such bonds is not consummated. 5. Bremen may proceed with the acquisition of the economic development facilities and with the remodeling of such facilities in reliance upon this resolution. 6. This resolution shall be in full force and effect from and after its passage by the Common Council of the City of South Bend and approval by the Mayor. PRESENTED 16 /3 _,�j NOT APPROVED ADOPTED 1*0 FILED IN CLERK'S OFFICEM OCT 6 16.980 Irene Gammon -2- CITI CLERK, SOUTH BEND, IND. of the Common Council