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Inducement Resolution relating to Derby, Inc. Project
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Inducement Resolution relating to Derby, Inc. Project
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City Council - City Clerk
City Council - Document Type
Resolutions
City Counci - Date
5/14/1979
Ord-Res Number
699-79
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Dollars, repayable with interest thereon over a period of time and <br />with a maturity date which does not extend beyond twenty years and <br />six months (20 years and 6 months) after the issue date; and <br />BE IT FURTHER RESOLVED, that in order to encourage, <br />induce and solicit such application by DERBY, INC. for such <br />Industrial Development Bond issue, the South Bend Common Council <br />shall proceed to cooperate with and take such action as may be <br />necessary in the drafting of documents or the performance of <br />such other acts as will facilitate the issuance of such Industrial <br />Development Bonds by the City of South Bend, Indiana, to provide <br />funds to be used toward the payment of the costs for the purchase <br />of real estate and the construction of an economic development <br />facility; and <br />BE IT FURTHER RESOLVED, that any costs or expenses incurred <br />in connection with said DERBY, INC. PROJECT shall be included in <br />the project costs and reimbursed from the proceeds of the <br />Industrial Development Bonds to be issued with respect thereto; and <br />BE IT FURTHER RESOLVED, that the liability and obligation <br />of the South Bend. Economic Development Commission and the City of <br />South Bend, Indiana, shall be limited solely to the good faith <br />efforts to consummate such proceedings and issue such Bonds, and <br />neither the South Bend Economic Development Commission nor the City <br />of South Bend, Indiana, or its officers or agents, shall incur any <br />liability if for any reason the proposed issuance of such Bonds <br />is not consummated. <br />Dated this <br />PRESENTED / �• i <br />NOT APPROVED <br />ADOPTED <br />day of May, 1979. <br />SOUTH BEND COMMON COUNCIL <br />Member of the Common Council <br />- - -2 - -- <br />MAY <br />CiiY CLERK, SOUTH GEDiD, W. <br />
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