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RESOLUTION NO. 004-7 C <br /> INDUCEMENT RESOLUTION <br /> OF <br /> THE CITY OF SOUTH BEND, INDIANA <br /> RELATING TO AN APPLICATION BY <br /> CONTAINER SERVICE CORPORATION AND <br /> HARRISON MANAGEMENT COMPANY <br /> FOR THE ISSUANCE OF <br /> CITY OF SOUTH BEND ECONOMIC DEVELOPMENT REVENUE BONDS <br /> WHEREAS, at the present time there are insufficient <br /> employment opportunities and insufficient diversification of <br /> business , commerce and industry in and near the City of South <br /> Bend, Indiana (the "City" ) ; and <br /> WHEREAS, the economic welfare of the City would be <br /> benefited by the acquisition of economic development facilities <br /> within the corporate limits of the City pursuant to the provi- <br /> sions of Indiana Code 36-7-12 (the "Act") ; and <br /> WHEREAS, Container Service Corporation, a Michigan <br /> corporation and Harrison Management Company, an Indiana part- <br /> nership (hereinafter collectively referred to as "Applicants" ) <br /> propose to acquire economic development facilities in South <br /> Bend, Indiana as defined in the Act if the City will finance <br /> costs of such economic development facilities pursuant to the <br /> Act; and <br /> WHEREAS, the South Bend Economic Development Commis- <br /> sion has received an application by Applicants for the issuance <br /> of City of South Bend Economic Development Revenue Bonds in the <br /> approximate principal amount of One Million Five Hundred Thou- <br /> sand and no/100 Dollars ($1, 500, 000 . 00) with the terms of <br />