Inducement Resolution of the City of South Bend Relating to: Automatic Molded Plastics, Inc. and Aquarius Plastics Finishers, Inc.

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revenue bonds pursuant to the Act, and the City is willing, upon compliance with all provisions of Indiana law, to authorize ap- proximately Three Million and No/100 Dollars ($3,000, 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 permitted 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 proposed financing of the Project by the City for Automatic Molded Plastics, Inc. and Aquarius Plastic Finishers, Inc. is hereby found to comply with the purposes and provisions of the Act and Automatic Molded Plastics, Inc. and Aquarius Plastic Finishers, Inc. may proceed with the Project in reliance upon this resolution. 4. The South Bend Economic Development Commission shall take such action as is necessary to facilitate the issuance of In- dustrial Development Revenue Bonds (the "Bonds") by the City of South Bend, Indiana, for the Project, but that all costs and ex- penses incurred in the issuance shall be Project costs to be dis- bursed from the proceeds of the Bonds. 5. The South Bend Economic Development Commission, the South Bend Common Council and the City shall not be liable if the issuance of the Bonds is not consummated. This Inducement Resolution shall be in full force and effect from and after its adoption by the Common Council and approved by the Mayor. /Member of the Common Council FILED IN CLERK'S OFFICE PRESENTED 9- 9- 116 SEP 4 1985 Wit APPROVED ?ADOPTED 9- ?- 8a" IRENE GAMMON CITY CLERK, SO. BEND, IN 3 .