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acquire real estate and make improvements to real estate for a <br /> dental office and acquire certain equipment for the facility to <br /> be constructed at the 348 Columbia Street, in the City of South <br /> Bend, Indiana, resulting in the preservation of ten jobs and <br /> the addition of two new jobs added to the Harringtons ' payroll <br /> resulting in an annual payroll of approximately $300 , 000 for <br /> the facility. <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 Four Hundred Thousand and no/100 <br /> Dollars ($400, 000 . 00) of its revenue bonds, which bonds will <br /> not be general obligations of the City but will be payable <br /> solely from the limited sources authorized and permitted by the <br /> 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 />