Inducement Resolution relating to the issuance of Economic Development Revenue Bonds to the Rait Corporation

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a rate not i.n excess of eleven (11 %) percent per annum over a period of twenty (20) years after the issue date for the construction of such economic develop- ment facilities, the City of South Bend shall proceed to cooperate with and take any action as may be necessary in drafting of documents or the performance of such other acts as will facilitate the issuance of such Industrial Development Bonds by the City of South Bend, Indiana, to provide funds to be used toward the payment of the costs for the acqui.siti.on and constructi.on of such economic deve- lopment facilities; and BE IT FURTHER RESOLVED, that any costs or expenses incurred in connec- tion with such Raitt Corporation Project shall be included in the project costs and reimbursed from the proceeds of the Industrial Development Bonds to be issued with respect thereto; and BE IT FURTHER RESOLVED, that the liabi.lity and obligation of the South Bend Economic Development Commission 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 neither the South Bend Economic Development Commission nor the City of South Bend, Indi.ana, or its officers or agents, shall incur any liability if for any reason the proposed issuance of such Bonds is not consum- mated. This Inducement Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. PRESENTED % _V - / 7- 2 NOT APPROVED ADOPTED / J..i7 -7� Member fif the Common Council D E C 12 1919 ': r , ,.-, ^i -StQE, Cite; .._,.._ BEND,1�,