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RESOLUTION NO. J3oS-2S' <br /> INDUCEMENT RESOLUTION <br /> OF <br /> THE CITY OF SOUTH BEND, INDIANA <br /> RELATING TO AN APPLICATION BY <br /> INDUSTRIAL FUELS AND RESOURCES, INC. <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, Industrial Fuels and Resources, Inc . , an <br /> Indiana corporation ( "Industrial" ) doing business in the City, <br /> proposes to acquire economic development facilities in South <br /> Bend, Indiana as defined in the Act if the City will finance <br /> costs of such economic development facilities pursuant to the <br /> Act; and <br /> WHEREAS, the South Bend Economic Development Commis- <br /> sion has received an application by Industrial for the issuance <br /> of City of South Bend Economic Development Revenue Bonds in the <br /> approximate principal amount of Two Million and no/100 Dollars <br /> ($2 , 000 , 000 . 00) with the terms of repayment to be determined by <br /> the market rates at the time the bonds are sold and the pro- <br /> ceeds of the bonds will be used to acquire, rehabilitate and <br />