Inducement Resolution Relating to an Application By Murphy Motor Freight Lines Inc. for Economic Development Revenue Bonds

Home Browse Search

real estate and acquire equipment at Murphy' s freight terminal facility located at 1503 South Olive Street, in the City of South Bend, Indiana, resulting in fifty (50) to sixty ( 60) full-time new jobs added to Murphy' s payroll with an increase in its annual payroll of approximately $2, 000 ,000 to $2.,500 , 000 . 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, to authorize approximately Two Million and no/100 Dollars ($2, 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 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 and issue such Bonds, and the South Bend Economic Development -2-