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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, construct improvements to real estate and <br /> acquire equipment to be used as a medical facility located on <br /> the South side of LaSalle immediately east of the St. Joseph <br /> River in South Bend, Indiana, resulting in a minumum of three <br /> (3) full-time jobs at the facility following completion of the <br /> project with an annual 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 One Million Two Hundred Thousand and <br /> no/100 Dollars ($1,200, 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 Applicant may proceed with acquisition and <br /> construction of the economic development facility in reliance <br /> upon this resolution. <br /> 4. That the liability and obligation of the South <br /> Bend Economic Development Commission, the South Bend Common <br /> -2- <br />