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REGULAR MEETING
<br />JULY 8, 1985
<br />Be it remembered that the Common Council of the City of South Bend met in the
<br />Council Chambers of the County -City Building on Monday, July 8, 1985, at 7:00 p.m.
<br />The meeting was called to order and the Pledge to the Flag was given.
<br />ROLL CALL Present: Council Members Serge, Braboy, Puzzello,
<br />Taylor, Zakrzewski, Crone, Paszek, Voorde and
<br />Beck
<br />Absent: None
<br />REPORT FROM THE SUB - COMMITTEE ON MINUTES
<br />To the Common Council of the City of South Bend:
<br />Your sub - committee on the inspection and supervision of the minutes would
<br />respectfully report that it has inspected the minutes of the June 24, 1985, meeting
<br />of the Council and found them correct.
<br />The sub - committee, therefore, recommends that the same be approved.
<br />Beverlie J. Beck
<br />Ann Puzzello
<br />Thomas Zakrzewski
<br />Council Member Serge made a motion that the minutes of the June 24, meeting of the
<br />Council be accepted and placed on file, seconded by Council Member Zakrzewski. The
<br />motion carried.
<br />SPECIAL BUSINESS
<br />Council Member Taylor made a motion to suspend the rules and have public hearing on
<br />Resolutions C, D, and E on the Agenda, seconded by Council Member Puzzello. The
<br />motion carried on a roll call vote of nine ayes.
<br />RESOLUTION NO. 1305
<br />AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND,
<br />INDIANA, RELATING TO AN APPLICATION BY INDUSTRIAL FUELS
<br />AND RESOURCES, INC., FOR THE ISSUANCE OF CITY OF SOUTH
<br />BEND ECONOMIC DEVELOPMENT REVENUE BONDS.
<br />WHEREAS, at the present time there are insufficient employment opportunities and
<br />insufficient diversification of business, commerce and industry in and near the City
<br />of South Bend, Indiana (the "City "); and
<br />WHEREAS, the economic welfare of the City would be benefited by the acquisition
<br />of economic development facilities in the corporate limits of the City pursuant to
<br />the provisions of Indiana Code 36 -7 -12 (the "Act "); and
<br />WHEREAS, Industrial Fuels and Resources, Inc., an Indiana corporation
<br />( "Industrial ") doing business in the City, proposes to acquire economic development
<br />facilities in South Bend, Indiana as defined in the Act if the City will finance
<br />costs of such economic development facilities pursuant to the Act; and
<br />WHEREAS, the South Bend Economic Development Commission has received an
<br />application by Industrial for the issuance of City of South Bend Economic
<br />Development Revenue Bonds in the approximate amount of Two Million and no /100
<br />Dollars ($2,000,000.00) with the terms of repayment to be determined by the market
<br />rates at the time the bonds are sold and the proceeds of the bonds will be used to
<br />acquire, rehabilitate and equip improvements to real estate at 604 South Scott
<br />Street, in the City of South Bend, Indiana, for a petroleum processing and
<br />distribution facility resulting in nineteen (19) full -time new jobs added to
<br />Industrial's payroll with an increase in its annual payroll of approximately
<br />$416,000 per year.
<br />NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves
<br />as follows:
<br />1. The project constitutes economic development facilities which shall be
<br />financed by the City through the issuance of revenue bonds pursuant to the Act and
<br />the City is willing, upon compliance with all provisions of Indiana law, to
<br />authorize approximately Two Million and no /100 Dollars ($2,000,000.00) of its
<br />revenue bonds, which bonds will not be general obligations of the City but will be
<br />payable solely from the limited sources authorized and permitted by the Act.
<br />2. The proposed financing will be of benefit to the economic welfare of the
<br />City and will comply with the purposes and provisions of the Act.
<br />3. The Company may proceed with acquisition and rehabilitation of the economic
<br />development facility in reliance upon this resolution.
<br />4. That the liability and obligation of the South Bend Economic Development
<br />Commission, the South Bend Common Council and the City of South Bend, Indiana, shall
<br />be limited solely to the good faith efforts to consummate such proceedings and issue
<br />such Bonds, and the South Bend Economic Development Commission and the City of South
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