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determined by the market rates at the time the bonds are sold, <br /> and the proceeds of the bonds will be used to finance cost <br /> overruns related to the Project, which Project consists of <br /> acquisition of real estate, construction of improvements to <br /> real estate and acquisition of equipment to be used as a <br /> medical facility located on the South side of LaSalle Street <br /> immediately east of the St. Joseph River in South Bend, <br /> Indiana, resulting in a minumum of three (3) full-time jobs at <br /> the facility following completion of the project with an annual <br /> payroll of approximately $60, 000 .00 . <br /> NOW, THEREFORE, the Common Council of the City of <br /> South Bend, Indiana resolves as follows: <br /> 1. The project constitutes economic development <br /> facilities which shall be financed by the City through the <br /> issuance of revenue bonds pursuant to the Act and the City is <br /> willing, upon compliance with all provisions of Indiana law to <br /> authorize approximately Seven Hundred Thousand and no/100 <br /> Dollars ($700,000. 00) of its revenue bonds, which bonds will <br /> not be general obligations of the City but will be payable <br /> solely from the limited sources authorized and permitted by the <br /> Act . <br /> 2 . The proposed financing will be of benefit to the <br /> economic welfare of the City and will comply with the purposes <br /> and provisions of the Act. <br /> 3 . The Applicant may proceed with acquisition and <br /> construction of the economic development facilities in reliance <br /> upon this resolution. <br /> -2- <br />