Preliminary Approval of the Issuance of Bonds for Noble Americas South Bend Ethanol, LLC

Home Browse Search

WHEREAS, the Common Council desires to amend the Inducement Resolution to increase the aggregate principal amount of economic development revenue bonds which may be issued for the Project to an amount not to exceed $50,000,000; NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council confirms its findings, determinations, ratifications and confirmations in the Inducement Resolution 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 II. The Common Council further finds, determines, ratifies and confirms that the Inducement Resolution (No. 4339 -14) is amended to increase the aggregate principal amount of economic development revenue bonds which may be issued by the City under the Act for the Project to an amount not to exceed $50,000,000.00 and that the loan of the proceeds of such economic development revenue bonds to the Applicant will serve the public purposes referred to above, in accordance with the Act. SECTION III. This Resolution does not constitute a binding obligation of the Commission or the City to issue the bonds, but instead, is a commitment by the City to proceed with negotiations for the financing described herein with the Applicant and is subject to the adoption of a bond ordinance by this Common Council in accordance with the provision of the Act. SECTION IV. The Common Council hereby acknowledges that the remaining terms and provisions of the Inducement Resolution (No. 4339 -14) remain in full force and effect. SECTION V. This Resolution shall be in full force and effect upon adoption by the Common Council and compliance with the procedures required by Indiana Code 36 -4 -6. BEINT E D APPROY €t tr,D � -Le -lS US.56412924.01 COMMON COUNCIL OF THE CITY 777!5 NA Member of the Common Council -2- Filed in a- Office :y 2 Q 211;15 JC1ti �s CITY CLERK, SOUTH BEND,IN