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

Home Browse Search

and install the Project and the Applicant would make payments sufficient to pay the principal of, premium, if any, and interest on said bonds; and WHEREAS, since the adoption of the Inducement Resolution, the cost of the Project has increased and the Applicant has determined the need exists to increase the expected aggregate principal amount of the bonds to be issued for the Project as set forth in the Inducement Resolution to an amount not to exceed $50,000,000; and WHEREAS, the Commission 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; and WHEREAS, the Commission has considered a form of amending resolution with respect to the Project (the "Common Council Amending Resolution ") and has considered recommending that the Common Council of the City (the "Common Council ") adopt a resolution in substantially such form; NOW, THEREFORE BE IT RESOLVED, by the South Bend Economic Development Commission, based upon the evidence submitted and representations made by the Applicant, as required by the Act, that; 1. The Commission confirms the creation 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 it is in the public interest that this Commission take such action as it lawfully may to encourage diversification of industry and promotion of job opportunities in the City. 2. The Commission amends the Inducement Resolution to increase the 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 and that the loan of the proceeds of the economic development revenue bonds to the Applicant will serve the public purposes referred to above, in accordance with the Act. 3. 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 Commission to proceed with negotiations for the financing described herein with the Applicant and is subject to the adoption of a bond ordinance by the fiscal body of the City in accordance with the provisions of the Act. 4. The Commission hereby approves the fonn of the Common Council Amending Resolution and recommends that it be adopted by the Common Council in substantially the same form as a resolution, and the Commission hereby directs that copies of this resolution, and the form of the Common Council Amending Resolution be transmitted to the Clerk of the City for presentation to the Common Council with the recommendation that the Common Council Amending Resolution be adopted as a resolution. -2- US.56424951.01