Approval of the Issuance of Bonds for the Purpose of Providing Certain Economic Development Facilities

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WHEREAS, the issuance and sale of said revenue bonds will not reduce the legal bonding capacity of the City; and WHEREAS, the City shall bear no expense in connection with the issuance and sale of said revenue bonds and all expenses in connection thereto which are incurred by the City shall be reimbursed to the City by the Applicant; and WHEREAS, the principal and interest payable on said bonds are not payable from funds raised by taxation by the City; and WHEREAS, the issuance of said bonds shall not obligate the full faith and credit for the taxing power of the City; and WHEREAS, subject to required approvals, it appears that the financing of the Project would be a public benefit to the health, prosperity, economic stability and general welfare of the City and its inhabitants; NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of South Bend, Indiana, as follows: SECTION 1. The Common Council finds, determines, ratifies and confirms that the creation and retention of opportunities for gainful employment and the creation of business opportunities to be achieved by the Project in the City will be of benefit to the health and general welfare of the citizens of the City; and that it is in the public interest that this Common Council take such action as it lawfully may to encourage diversification of industry and promotion of job opportunities in the City. SECTION 2. The Common Council further finds, determines, ratifies and confirms that the issuance and sale of economic development revenue bonds of the City under the Act in an aggregate principal amount not to exceed $2,200,000.00 for the Project and the loan of the proceeds of the revenue bonds to the Applicant will serve the public purposes referred to above, in accordance with the Act. SECTION 3. In order to induce the Applicant to proceed with the Project, the Common Council hereby finds, determines, ratifies and confirms that: i) It will take or cause to be taken such actions pursuant to the Act as may be reasonably required to implement the aforesaid financing, or as it may deem reasonably appropriate in pursuance thereof; provided that all of the foregoing shall be mutually acceptable to the City and the Applicant; and ii) It will adopt such ordinances and resolution and authorize the execution and delivery of such instruments and the taking of such action as may be reasonably necessary and advisable for the authorization, issuance and sale of said economic development bonds. SECTION 4. All costs of the Project incurred for planning, engineering, interest paid during construction, underwriting expenses, attorney and bond counsel fees, acquisition, 2- SBIMANI I825760