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<br />REGULAR MEETING FEBRUARY 28, 1983
<br />RESOLUTIONS
<br />RESOLUTION NO. 1029 -83
<br />AN INDUCEMENT RESOLUTION RELATING TO THE FINANCING OF ECONOMIC
<br />DEVELOPMENT FACILITIES FOR A TO- BE- FORMED INDIANA GENERAL
<br />PARTNERSHIP, AS DEVELOPER, AND SDT, INC., AS USER.
<br />WHEREAS, the City of South Bend, Indiana (the "Issuer "), is authorized by I.C.
<br />36- 7 -12., (the "Act "), to issue revenue bonds for the financing of economic development
<br />facilities and to loan the proceeds of said financing to a company or companies to be
<br />used for the acquisition, construction and equippping of said facilites; and,
<br />WHEREAS, a to -be- formed Indiana general partnership, as Developer, and SDT,
<br />Inc., as User, (collectively, the "Applicant "), has advised the South Bend Economic
<br />Development Commission, (the "Commission "), and the Issuer that it proposes that the
<br />Issuer loan proceeds of an economic development financing to the Applicant for the
<br />financing of economic development facilities consisting of a certain machinery and
<br />equipment for the manufacture of industrial abrasives, said machinery and equipment
<br />to be located in a 15,000 square foot leased building, to be located in the Airport
<br />Industrial Park, in South Bend, on an approximate 3 acre tract of land, ( "Project ");
<br />and,
<br />WHEREAS, the diversification of industry and increase in job opportunities (60
<br />new jobs) to be achieved by the Project will be of public benefit to the health,
<br />safety and general welfare of the Issuer and its citizens; and,
<br />WHEREAS, having received the advice of the South Bend Economic Development Commission
<br />it would appear that the financing of the Project would be of public benefit to the
<br />health, safety and general welfare of the Issuer and its citizens;
<br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend,
<br />as follows:
<br />1. The Common Council of th City of South Bend finds, determines, ratifies and
<br />confirms that the promotion of diversification of economic development and job opportuniti
<br />in and near South Bend, Indiana, is desirable to preserve the health, safety and
<br />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
<br />economic development, diversification of industry and promotion of job opportunities
<br />in and near the Issuer.
<br />2. The Common Council of the City of South Bend approves, determines, ratifies
<br />and confirms that the issuance and sale of economic development revenue bonds in an
<br />amount of approximately $5,000,000.00 of the Issuer under the Act for the loan of the
<br />proceeds of the revenue boneds to the Applicant for the acquisition and equipping of
<br />the Project will serve the public purpoes referred to above, in accordance with the
<br />Act.
<br />3. In order to induce the Applicant to proceed with the acquistion and equipping
<br />of the Project, the Common Council of the City of South Bend hereby approves, determines,
<br />ratifies and confirms that (i) it will take or cause to be taken such actions pursuant
<br />to the Act as may be required to implement the aforesaid financing, or as it may deem.
<br />appropriate in pursuance thereof; provided that all of the foregoing shall be mutally
<br />acceptable to the Issuer and the Applicant; and (ii) it will adopt such ordinances
<br />and resolutions and authorize the execution and delivery of such instruments and the
<br />taking of such action as may be necessary and adviseable for the authorization, issuance
<br />and sale of said economic develoment revenue bonds; and (iii) it will use its best
<br />efforts at the request of Applicant to authorize the issuance of additional bonds for
<br />refunding and refinancing the outstanding principal amount of the bonds for completion
<br />of the Project and for additions to the Project, including the costs of issuance
<br />(providing that the financing of such addition or additions to the Project is to fund
<br />to have a public purpose (as defined in I.C. 36- 7 -12 -1) at the time of authorization
<br />of such additional bonds), and that the forementioned purposes comply with the provisions
<br />of I.C. 36 -7 -12.
<br />4. All costs of the Project incurred after the adoption of this Inducement
<br />Resolution, including reimbursement or repayment to the Applicant of moneys expended
<br />by the Applicant for planning, engineering, interest paid during construction and for
<br />one year after completion of construction, underwriting expenses, attorney and bond
<br />counsel fees, acquisition and equipping of the Project will be permitted to be included
<br />as part of the bond issue to finance the Project, and the Issuer will loan the proceeds
<br />from the sale of the bonds to the Applicant for the same purposes. Also, certain
<br />indirect expenses, including but not limited to, planning, architectural work and
<br />engineering incurred prior to this Inducement Resolution will be permitted to be
<br />included as part of the bond issue to finance the Project.
<br />5. The liability and obligation of the South Bend Economic Development Commission,
<br />the South Bend Common Council and the City of South Bend, Indiana, shall be limited
<br />solely to the good faith efforts to consummate such proceedings and issue such bonds
<br />and the South Bend Economic Development Commission, South Bend Common Council and the
<br />City of South Bend, Indiana, their Officers or Agents, shall not incur any liability
<br />if for any reason the proposed issuance of such bonds is not consummated.
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