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RESOLUTION NO. IZ E-K] <br /> INDUCEMENT RESOLUTION <br /> OF <br /> THE CITY OF SOUTH BEND, INDIANA <br /> RELATING TO AN APPLICATION BY <br /> JOHN F. HARRINGTON AND TRACEY S. HARRINGTON, <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 /> in the corporate limits of the City pursuant to the provisions <br /> of Indiana Code 36-7-12 (the "Act" ) ; and <br /> WHEREAS, John F. Harrington and Tracey S. Harrington <br /> (the "Harringtons" ) propose to acquire economic development <br /> facilities in South Bend, Indiana as defined in the Act if the <br /> City will finance costs of such economic development facilities <br /> pursuant to the Act; and <br /> WHEREAS, the South Bend Economic Development Commis- <br /> sion has received an application by the Harringtons for the <br /> issuance of City of South Bend Economic Development Revenue <br /> Bonds in the approximate principal amount of Four Hundred <br /> Thousand and no/100 Dollars ($400,000 .00) with the terms of <br /> 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 />