Inducement Resolution Relating to Application by Griffith Laboratories U.S.A. Inc. for Issuance of Revenue Bonds

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improvements to real estate and acquire equipment to be used as a manufacturing and distribution facility in St . Joseph County, Indiana, resulting in a minumum, of fifty (50) , full-time new jobs added to Griffith' s payroll within three (3) years of completion of the project with an annual payroll of approxi- mately one million dollars per year. NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as follows : 1 . The project constitutes economic development facilities which shall be financed by the City through the issuance of revenue bonds pursuant to the Act and the City is willing, upon compliance with all provisions of Indiana law, including consent of the St . Joseph County Council, to autho- rize approximately Ten Million no/100 Dollars ($10 , 000, 000 . 00) of its revenue bonds, which bonds will not be general obliga- tions 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 Company may proceed with acquisition and con- struction of the economic development facility in reliance upon this resolution. 4 . That the liability and obligation of the South Bend Economic Development Commission, the South Bend Common Council and the City of South Bend, Indiana, shall be limited solely to the good faith efforts to consummate such proceedings -2-