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RESOLUTION NO. I I - : 7 <br /> INDUCEMENT RESOLUTION <br /> of <br /> THE CITY OF SOUTH BEND, INDIANA <br /> KOKOKU WIRE INDUSTRIES CORPORATION, <br /> A DELAWARE CORPORATION <br /> WHEREAS, at the present time there are insufficient <br /> employment opportunities and insufficient diversification of <br /> industry in and near the City of South Bend, Indiana (the <br /> "City" ) ; and <br /> WHEREAS, the economic welfare of the City would be <br /> benefited by the acquisition and rehabilitation of economic <br /> development facilities in the corporate limits of the City <br /> pursuant to the provisions of Indiana Code 36-7-12 (the "Act" ) ; <br /> and <br /> WHEREAS, Kokoku Wire Industries Corporation, a <br /> Delaware corporation ( "Company" ) , proposes to acquire and <br /> rehabilitate economic development facilities in South Bend, <br /> Indiana as defined in the Act if the City will finance costs of <br /> such economic development facilities pursuant to the Act ; and <br /> WHEREAS, the South Bend Economic Development <br /> Commission has received an application by the Company for the <br /> issuance of City of South Bend Economic Development Bonds in <br /> the approximate principal amount of Three Million Two Hundred <br /> Thousand no/100 Dollars ($3 , 200, 000 . 00) with the terms of <br /> repayment to be determined by market conditions at the time the <br /> bonds are sold; and <br />