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RESOLUTION NO. Ia(og'-$g-- <br /> INDUCEMENT RESOLUTION <br /> OF <br /> THE CITY OF SOUTH BEND, INDIANA <br /> RELATING TO AN APPLICATION BY <br /> THE O' BRIEN CORPORATION, <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, The O' Brien Corporation, an Indiana corpo- <br /> ration ("O' Brien" ) proposes to acquire economic development <br /> facilities in South Bend, Indiana as defined in the Act if the <br /> City will finance a portion of the costs of such economic <br /> development facilities pursuant to the Act; and <br /> WHEREAS, the South Bend Economic Development Commis- <br /> sion has received an application by O'Brien for the issuance of <br /> City of South Bend Economic Development Revenue Bonds in the <br /> approximate principal amount of Two Million and no/100 Dollars <br /> ($2 , 000, 000 . 00) with the terms of repayment to be determined by <br /> the market rates at the time the bonds are sold and the pro- <br /> ceeds of the bonds will be used to acquire equipment and make <br />