Approving the finding of the South Bend Economic Development Commission with respect to the issuance of revenue bonds in amount not exceeding Five Hundred Thousand Dollars ($500,000)

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WHEREAS, the Company has proposed that the City issue its revenue bonds under the Act to finance the increased costs of the acquisition, installation and construction of the Project under a financing agreement whereby the proceeds of such bonds would be utilized to pay the increased costs of the Project and the Company would make payments sufficient to pay the principal of, premium, if any, and interest on such bonds; the Company has further advised the City that a determination by the City to accept such a proposal for financing the increased costs of the Project will constitute a substantial inducement to the Company to proceed with the Project; and the Company has agreed to pay the costs of the City whether or not such revenue bonds are issued and the financing agreement consummated; WHEREAS, the South Bend Economic Development Commission has rendered a Report of the South Bend Economic Development Commission Concerning the Proposed Financing of the Increased Costs of Certain Economic Development Facilities for Express Freight Lines, Inc., and the executive director of the Area Plan Commission of St. Joseph County has been given an opportunity to comment thereon; WHEREAS, the South Bend Economic Development Commission on December 7, 1979, adopted a resolution giving its approval to such financing of the increased costs of the Project and recommending that the Common Council and the St. Joseph County Council also approve such financing, on the basis that the Project will cause additional employment opportunities in the City of South Bend and St. Joseph County, will comply with the purposes and provisions of the Act and will be of public benefit to the health, prosperity, economic stability and general welfare of the City of South Bend and St. Joseph County and their inhabitants; and -2-