Authorizing the execution of an agreement with ABS Industries, Inc., or any subsidiary thereof, relating to the aquisition, construction and installation of economic development facilities

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RESOLUTION 140. L 16. 7 y' A RESOLUTION AUTHORIZI14G THE EXECUTION OF AN AGREEMENT WITH ABS INDUSTRIES, INC., OR ANY SUBSIDIARY THEREOF, RELATING TO THE ACQUISITION, CONSTRUCTION AND INSTALLATION OF ECONO- MIC DEVELOPMENT FACILITIES TO BE USED AS A HOT FORGING PRESS FACILITY WITHIN THE BOUNDARIES OF THE CITY OF SOUTH BEND, INDIANA WHEREAS, the City of South Bend, Indiana (the "Issuer "), by virtue of the laws of the State of Indiana, including the Municipal Economic Development Act of 1965, as amended, Indiana Code of 1971, Title 18, Article 6, Chapter 4.5 (the "Act "), is authorized and em- powered, among other things, (a) to provide funds to pay costs of economic development facilities within the boundaries of the Issuer, to be owned and used by ABS Industries, Inc. or any subsidiary thereof (the "Company "), (b) to issue economic development revenue bonds for the purpose of paying the costs of such acquisition, construction and financing costs (c) to secure such economic development revenue bonds by an indenture, including the pledge and assignment of revenues de- rived from such economic development facilities to the payment of said revenue bonds and the granting of a mortgage on such facilities for the benefit of the bondholders, and (d) to enter into a loan agreement hereinafter mentioned; and WHEREAS, the Company is a corporation duly organized under the laws of the State of Ohio and desires to locate economic develop- ment facilities within the Issuer to be used as a hot forging press facility (the "Facility "); and WHEREAS, it is the desire of the members of the Common Council of the Issuer that the additional jobs and employment oppor- tunities resulting from the Facility be provided at the earliest pos- sible moment and that the economic improvement produced by the opera- tion of the Facility within the Issuer occur at the earliest possible time; and WHEREAS, under the provisions of the Act it will be neces- sary for the South Bend Economic Development Commission (the "Commis- sion") and the Common Council of the Issuer to undertake certain pro- ceedings and adopt certain legislation prior to the issuance of any