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WHEREAS, the principal of and interest payable on said revenue bonds shall not <br />be payable from any revenues of the City and shall not obligate the full faith and credit of the <br />City but shall be payable solely from funds of the Applicant; and <br />WHEREAS, the Applicant has further advised the City that the determination by <br />the City to agree preliminarily to accept such a request for financing the Project will constitute a <br />substantial inducement to the Applicant to proceed with the Project; and <br />WHEREAS, it appears from the application submitted to the Commission that the <br />creation of opportunities for gainful employment and the creation of business opportunities to be <br />achieved by the Project will serve a public purpose and will be of benefit to the health and <br />general welfare of the City; and <br />WHEREAS, the Commission has considered a form of inducement resolution <br />with respect to the Project (the "Common Council Resolution ") and has considered <br />recommending that the Common Council of the City (the "Common Council ") adopt a resolution <br />in substantially such form; <br />NOW, THEREFORE BE IT RESOLVED, by the South Bend Economic <br />Development Commission, based upon the evidence submitted and representations made by the <br />Applicant, as required by the Act, that; <br />1. The creation of opportunities for gainful employment and the creation of <br />business opportunities to be achieved by the Project in the City will be of benefit to the health <br />and general welfare of the citizens of the City, and it is in the public interest that this <br />Commission take such action as it lawfully may to encourage diversification of industry and <br />promotion of job opportunities in the City. <br />2. The issuance and sale of economic development revenue bonds of the City <br />under the Act in an amount not to exceed $25,000,000 for the Project and the loan of the <br />proceeds of the economic development revenue bonds to the Applicant will serve the public <br />purposes referred to above, in accordance with the Act. <br />3. In order to induce the Applicant to proceed with negotiations for the <br />Project, the Commission hereby determines that: <br />(i) It will take or cause to be taken such actions pursuant to the Act as may be <br />reasonably required to implement the aforesaid financing, or as it may <br />deem reasonably appropriate in pursuance thereof, provided that all of the <br />foregoing shall be as authorized by law and is mutually acceptable to the <br />City and the Applicant; and <br />(ii) It will adopt such resolutions and authorize the execution and delivery of <br />such instruments and the taking of such action as may be reasonably <br />necessary and advisable for the authorization, issuance and sale of said <br />economic development revenue bonds; provided that all of the foregoing <br />shall be as authorized by law and is mutually acceptable to the City and <br />the Applicant. <br />-2- <br />dms.us.53705739.01 <br />