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acquire and remodel a warehouse and distribution facility <br /> located at 917 South Chapin Street , in the City of South Bend, <br /> Indiana, for lease to Mid West Sales and Service, Inc . result- <br /> ing in the preservation of fifteen ( 15) full-time and three (3) <br /> part-time jobs and the addition of three (3 ) full-time and one <br /> ( 1) part-time jobs added to the payroll of Mid West Sales and <br /> Service, Inc . resulting in an annual payroll of approximately <br /> $600 , 000 for 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 Dol- <br /> lars ($400, 000 . 00) of its revenue bonds , which bonds will not <br /> be general obligations of the City but will be payable solely <br /> from the limited sources authorized and permitted 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 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 />