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RESOLUTION NO.' <br />AN INDUCEMENT RESOLUTION OF THE SOUTH BEND COMMON <br />COUNCIL AUTHORIZING THE EXECUTION OF AN AGREEMENT <br />WITH STEEL WAREHOUSE OF INDIANA, INC. RELATING TO <br />THE CONSTRUCTION AND INSTALLATION OF ECONOMIC <br />DEVELOPMENT FACILITIES TO BE USED IN THE BUSINESS <br />OF PROCESSING STEEL, WITHIN THE BOUNDARIES OF THE <br />CITY OF SOUTH BEND, INDIANA <br />WHEREAS, the City of South Bend, Indiana (the "Issuer ", by <br />virtue of the laws of the State of Indiana, including the Municipal <br />Economic Development Act of 1965, as amended, Indiana Code of 1971, <br />Title 18, Article 6, Chapter 4.5 (the "Act "), is authorized and <br />empowered, among other things, (a) to provide funds to pay costs <br />of economic development facilities within the boundaries of the <br />Issuer, to be owned and used by Steel Warehouse of Indiana, Inc., or <br />any subsidiary thereof (the "Company "), (b) to issue economic <br />development revenue bonds for the purpose of paying for the costs <br />of such construction and financing costs, (c) to secure such economic <br />development revenue bonds by an indenture, including the pledge and <br />assignment of title to the real estate, application of revenues <br />derived from such economic development facilities to the payment of <br />said revenue bonds and the granting of a mortgage on such facilities <br />for the benefit of the bondholders; and <br />WHEREAS, the Company is a corporation duly organized under <br />the laws of the State of Indiana and desires to construct economic <br />development facilities within the Issuer to be used in the business <br />of processing steel (the "Facility "); and <br />WHEREAS, it is the desire of the members of the Common <br />Council of the Issuer that the additional jobs and employment oppor- <br />tunities resulting from the Facility be provided at the earliest <br />possible moment and that the economic improvement produced by the <br />operation of the Facility within the Issue occur at the earliest <br />possible time; and <br />WHEREAS, under the provisions of the Act it will be necessary <br />for the South Bend Economic Development Commission (the "Commission ") <br />-1- <br />