Approving the finding of the South Bend Economic Development Commission with respect to the issuance of revenue bonds not exceeding $1 million

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RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND A PROPOSAL FOR A GENERAL RESOLUTION approving the finding of the South Bend Economic Development Commission with respect to the issuance of revenue bonds in an amount not exceeding One Million Dollars ($1,000,000.00) for financing of certain economic development facilities to be undertaken by Express Freight Lines, Inc., and authorizing and committing the City to proceed with such project, subject to final action by this Council with respect to the terms and conditions of such financing and the obtaining of all approvals as may be required under IC 18- 6 -4.5. GENERAL RESOLUTION NO.711-71 August 13, 1979 WHEREAS, the City of South Bend, Indiana ( "City "), is authorized by IC 18 -6 -4.5 ( "Act ") to issue revenue bonds for the purpose of financing the acquisition, installation, and construction of economic development .facilities; WHEREAS, the City has been advised that there is under consideration a proposal of EXPRESS FREIGHT LINES, INC., a Wisconsin corporation (the "Company "), to construct in St. Joseph County, Indiana, a truck terminal and related facilities (the "Project ") described in Exhibit A hereto; WHEREAS, the Company has proposed that the City issue its revenue bonds under the Act to finance the acquisition, installation and construction of the Project under a financing agreement whereby the proceeds of such bonds would be utilized to acquire, inst?11 and construct 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 accent such a proposal for financing the Project will constitute a substantial