Issue Economic Development Revenue Bonds Synthetic Diamond Technology Inc

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BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA THAT: Section 1. On the 28th day of February, the Common Council adopted an inducement resolution inducing a to -be- formed Indiana general partnership, as developer, and SDT, Inc., as user, as co- applicants to acquire machinery and equipment to be used by SDT, Inc. in the manufacture of synthetic industrial diamonds as described in Section 2 hereof. The Common Council now finds that for business and tax purposes, the sole applicant is to be SDT, Inc. in its proper corporate name Synthetic Diamond Tech- nology, Inc. and such change in the designation of the applicant should be and is hereby approved and all prior action by the Common Council with respect to the proposed economic develop- ment facilities is hereby ratified. Section 2. The proposed economic development facilities will consist of the acquisition and installation of equipment to be used in connection with the manufacturing of synthetic industrial diamonds, which equipment will be installed in a 15,000 square foot building located on an approximate 3 acre tract of land, located on one of the lots in the South Bend Airport Industrial Park. Section 3. It is hereby found that the financing of the economic development facilities referred to in the Loan and Security Agreement approved by the South Bend Economic Develop- ment Commission and presented to this Common Council, the issuance and sale of revenue bonds, the loan of the proceeds of the revenue bonds to Synthetic Diamond Technology, Inc. for the - 2 -