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WHEREAS, it appears clear that the Company' s proposed <br /> new plant will increase job opportunities and industrial <br /> diversification in the City resulting in a benefit to the <br /> welfare of the City; <br /> NOW THEREFORE, BE IT RESOLVED that the South Bend De- <br /> velopment Commission approves of the proposal of American <br /> Chain & Cable Company, Inc. , to establish operations in South <br /> Bend at an estimated project cost of approximately $4,000, 000. <br /> BE IT FURTHER RESOLVED that to induce the establishment <br /> of operations in the City, the Commission will proceed to take <br /> such action as may be necessary to prepare a loan agreement, a <br /> trust indenture and such other documents. as may be necessary <br /> to issue the City's Economic Development Revenue Bonds to pro- <br /> vide funds to pay for said project, <br /> th <br /> BE IT FURTHER RESOLVED that any expenses incurred in con- <br /> nection with said proceedings and the project shall be included <br /> in the project costs and reimbursed from the proceeds of said <br /> bonds. <br /> BE IT FURTHER RESOLVED that the liability and obligation <br /> of the Commission and the City shall be limited solely to the <br /> good faith efforts to consummate said proceedings and issue <br /> the bonds , and neither the Commission, the City, its officers <br /> or agents shall incur any liability whatsoever if for any rea- <br /> son the proposed issuance of the bonds is not consummated. <br /> 2 - <br />