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05-26-15 Agenda, Packet & Committee Meeting Notice
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05-26-15 Agenda, Packet & Committee Meeting Notice
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City Council - City Clerk
City Council - Document Type
Agendas
City Counci - Date
5/26/2015
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WHEREAS, the Common Council desires to amend the Inducement Resolution to <br />increase the aggregate principal amount of economic development revenue bonds which may be issued <br />for the Project to an amount not to exceed $50,000,000; <br />NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of <br />South Bend, Indiana, as follows: <br />SECTION I. The Common Council confirms its findings, determinations, <br />ratifications and confirmations in the Inducement Resolution that the creation and retention of <br />opportunities for gainful employment and the creation of business opportunities to be achieved by <br />the Project in the City will be of benefit to the health and general welfare of the citizens of the <br />City; and that it is in the public interest that this Common Council take such action as it lawfully <br />may to encourage diversification of industry and promotion of job opportunities in the City. <br />SECTION II. The Common Council further finds, determines, ratifies and <br />confirms that the Inducement Resolution (No. 4339 -14) is amended to increase the aggregate <br />principal amount of economic development revenue bonds which may be issued by the City under <br />the Act for the Project to an amount not to exceed $50,000,000.00 and that the loan of the proceeds <br />of such economic development revenue bonds to the Applicant will serve the public purposes <br />referred to above, in accordance with the Act. <br />SECTION III. This Resolution does not constitute a binding obligation of the <br />Commission or the City to issue the bonds, but instead, is a commitment by the City to proceed with <br />negotiations for the financing described herein with the Applicant and is subject to the adoption of a <br />bond ordinance by this Common Council in accordance with the provision of the Act. <br />SECTION IV. The Common Council hereby acknowledges that the remaining terms <br />and provisions of the Inducement Resolution (No. 4339 -14) remain in full force and effect. <br />SECTION V. This Resolution shall be in full force and effect upon adoption by the <br />Common Council and compliance with the procedures required by Indiana Code 36 -4 -6. <br />•set�r;r <br />`( APPM lh <br />tEG <br />US.56412924.01 <br />COMMON COUNCIL OF THE CITY <br />OF SOUTH BEND, INDIANA <br />Member of the Common Council <br />-2- <br />Filed in Office <br />F: <br />20 X515 <br />CITY CLERK, :3C7UfH BEND, IN <br />
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