Relating to an Application by O'Brien Corporpation of Issuance of Revenue Bonds

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improvements to real estate to be used in the manufacturing facility of O' Brien at 2001 West Washington Street, South Bend, Indiana, resulting in a minumum of nineteen (19) full-time new jobs added to O ' Brien' s payroll following completion of the project with an increase in the company' s local annual payroll of approximately three hundred and thirty-five thousand dollars per year . NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as follows : 1. The project constitutes economic development facilities which shall be financed by the City through the issuance of economic development revenue bonds pursuant to the Act and the City is willing, upon compliance with all provi- sions of Indiana law to authorize approximately Two Million no/100 Dollars ($2 , 000, 000 . 00) of its revenue bonds , which bonds will not be general obligations of the City but will be payable solely from the limited sources authorized and permit- ted by the Act . 2 . The proposed financing will be of benefit to the economic welfare of the City and will comply with the purposes and provisions of the Act . 3 . The Company may proceed with acquisition and con- struction of the economic development facility in reliance upon this resolution. 4 . That the liability and obligation of the South Bend Economic Development Commission, the South Bend Common -2-