Inducement Resolution Relating to Application by Inland distributing Corporation for Economic Development Revenue Bonds

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RESOLUTION NO. Ia(,5 - $C INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA RELATING TO AN APPLICATION BY INLAND DISTRIBUTING CORPORATION, AN INDIANA CORPORATION FOR CITY OF SOUTH BEND ECONOMIC DEVELOPMENT REVENUE BONDS WHEREAS , at the present time there are insufficient employment opportunities and insufficient diversification of business , commerce and industry in and near the City of South Bend, Indiana, (the "CITY") ; and, WHEREAS , the economic welfare of the City would be benefited by the acquisition of economic development facilities in the corporate limits of the City pursuant to the provisions of Indiana Code 36-7-12 , (the "ACT") ; and, WHEREAS , Inland Distributing Corporation, an Indiana Corporation, ("INLAND") , doing business in the City, proposes to acquire economic development facilities in South Bend, Indiana, as defined in the Act if the City will finance costs of such economic development facilities pursuant to the Act ; and, WHEREAS , the South Bend Economic Development Commission has received an application by Inland for the issuance of City of South Bend Economic Development Revenue Bonds in the approximate principal amount of Eight Hundred and Fifty Thousand ($850 , 000. 00) Dollars , with the terms of repayment at a rate of interest not to exceed ten (10%) percent, and to be amortized over a period not to exceed fifteen (15) years .