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repayment to be determined by the market rates at the time the <br /> bonds are sold and the proceeds of the bonds will be used to <br /> acquire real estate, make improvements to real estate and <br /> acquire equipment to be used as a manufacturing facility <br /> located in the Airport Industrial Park in South Bend, Indiana, <br /> resulting in a minumum of forty (40) full-time jobs at the <br /> facility following completion of the project with an annual <br /> payroll of approximately one million dollars per year . <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 One Million Five Hundred Thousand and <br /> no/100 Dollars ($1, 500 , 000 . 00) of its revenue bonds, which <br /> bonds will not be general obligations of the City but will be <br /> payable solely from the limited sources authorized and permit- <br /> ted by the 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 Company may proceed with acquisition and con- <br /> struction of the economic development facility in reliance upon <br /> this resolution. <br /> 4 . That the liability and obligation of the South <br /> Bend Economic Development Commission, the South Bend Common <br /> -2- <br />