Inducement Resolution relating to the Financing of Economic Development Facilities for South Bend Medical Foundation, Inc.

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RESOLUTION NO. /4 -, INDUCEMENT RESOLUTION Relating to the Financing of Economic Development Facilities for South Bend Medical Foundation, Inc. WHEREAS, at the present time there are insufficient employment opportunities and insufficient diversification of economic development facilities in and near the City of South Bend, Indiana (the "City "); and WHEREAS, the economic welfare of the City would be benefited by the acquisition and construction of economic develop- meet facilities pursuant to the provisions of Indiana Code 18 -6 -4.5 (the "Act "); and WHEREAS, South Bend Medical Foundation, Inc. (the "Company "), proposes to acquire and construct economic development facilities as defined in the Act if the City will finance costs of such economic development facilities pursuant to the Act; and WHEREAS, the South Bend Economic Development Commission has adopted a resolution making certain findings with respect to such proposed economic development facilities (the "Project "), and has forwarded such resolution to this Common Council; NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as follows: 1. The Project constitutes economic development facilities which may be financed by the City through the issuance of revenue bonds pursuant to the Act, and the City is willing upon compliance with all provisions of Indiana law to authorize the issuance of its revenue bonds in an amount of approximately$2,150,000, which bonds will not be general obligations of the City but will be payable solely from the limited sources authorized and permitted by the Act. 2. The proposed financing will be of benefit to the economic welfare of the City and will comply with the purposes and provisions of the Act. 3. The Company may proceed with the acquisition and construction of the economic development facilities in reliance upon this resolution. 4. That the liability and obligation of the South Bend Economic Development Commission, the South Bend Common Council and the City of South Bend, Indiana, shall be limited solely to the good faith efforts to consummate such proceedings and issue such Bonds, and the South Bend Economic Development Commission, and the City of South Bend, Indiana, their officers or agents, shall not incur any liability if for any reason the proposed issuance of such bonds is not consummated. This Inducement Resolution shall be in -Full force and effect from and after its adoption by the Common Counc' and approval by the Mayor. PRESENTED %= / 3 =�D ` �� s E •:�� ..� �� . ��'a °: CIL NOT APPROVED Me . er o the Common Council ADOPTED Irmo Gammon