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and job opportunities in and near the City of South Bend, Indiana, is desirable to preserve the
<br /> health, safety and general welfare of the citizens of the Issuer; and that it is in the public interest
<br /> that the Commission and the Issuer take such action as they lawfully may to encourage economic
<br /> development, diversification of industry and promotion of job opportunities in and near the
<br /> Issuer.
<br /> SECTION II. The Common Council of the City of South Bend, Indiana, approves,
<br /> determines, ratifies and confirms that the issuance and sale of economic development revenue
<br /> bonds in an amount not to exceed $14,000,000 of the Issuer under the Act for the lending of the
<br /> proceeds of the revenue bonds to the Applicant, for the acquisition, construction, rehabilitation,
<br /> improvement and equipping of the Project will serve the public purposes referred to above, in
<br /> accordance with the Act.
<br /> SECTION III. In order to induce the Applicant to proceed with the acquisition,
<br /> construction, rehabilitation, improvement and equipping of the Project, and subject to the further
<br /> final approval of the Common Council of the City of South Bend, Indiana, the Common Council
<br /> of the City of South Bend, Indiana, hereby approves, determines, ratifies and confirms that (i) it
<br /> will take or cause to be taken such actions pursuant to the Act as may be required to implement
<br /> the aforesaid financing, or as it may deem appropriate in pursuance thereof; and (ii) it will adopt
<br /> such ordinances and resolutions and authorize the execution and delivery of such instruments
<br /> and the taking of such action as may be necessary and advisable for the authorization, issuance
<br /> and sale of said economic development revenue bonds; and that the aforementioned purposes
<br /> comply with the provisions of the Act; and (iii) it will use its best efforts at the request of
<br /> Applicant to authorize the issuance of additional bonds for refunding and refinancing the
<br /> outstanding principal amount of the bonds, for completion of the Project and for additions to the
<br /> Project, including the costs of issuance (providing that the financing of such addition or additions
<br /> to the Project is found to have a public purpose at the time of authorization of such additional
<br /> bonds), and that the aforementioned purposes comply with the provisions of the Act; provided
<br /> that all of the foregoing shall be mutually acceptable to the Issuer and the Applicant.
<br /> SECTION IV. All costs of the Project incurred after the date permitted by applicable
<br /> federal tax and state laws, including reimbursement or repayment to the Applicant of moneys
<br /> expended by the Applicant for planning, engineering, a portion of the interest paid during
<br /> acquisition, construction, rehabilitation, improvement and equipping, underwriting expenses,
<br /> attorney and bond counsel fees, acquisition, construction, rehabilitation, improvement and
<br /> equipping of the Project will be permitted to be included as part of the bond issue to finance the
<br /> Project, and the Issuer will lend the proceeds from the sale of the bonds to the Applicant for the
<br /> same purposes. Also, certain indirect expenses, including but not limited to, planning,
<br /> architectural work and engineering incurred prior to this inducement resolution will be permitted
<br /> to be included as part of the bond issue to finance the Project.
<br /> SECTION V. This resolution shall constitute "official action" for purposes of
<br /> compliance with federal and state laws requiring governmental action as authorization for future
<br /> reimbursement from the proceeds of bonds, particularly Treas. Reg. 1.150-2.
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