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The proceeds of the bonds will be used to acquire, <br /> remodel , expand and equip manufacturing and office facilities <br /> for use by Inland Distributing Corporation, located at 1145 <br /> Prairie Avenue, South Bend, Indiana, resulting in approximately <br /> five (5) new full time jobs added to Inland' s payroll with an <br /> increase in its annual payroll of approximately One Hundred <br /> Thousand ($100, 000 . 00) Dollars . <br /> NOW, THEREFORE, the Couuuon Council of the City of South <br /> Bend, Indiana , resolves as follows : <br /> 1 . The project constitutes economic development facilities <br /> which shall be financed by the City through the issuance of <br /> revenue bonds pursuant to the Act and the City is willing, upon <br /> compliance with all provisions of Indiana law, to authorize <br /> approximately Eight Hundred and Fifty Thousand ($850, 000 . 00) <br /> Dollars of its revenue bonds , which bonds will not be general <br /> obligations of the City but will be payable solely from the <br /> limited sources authorized and permitted by the Act . <br /> 2 . The proposed financing will be of benefit to the <br /> economic welfare of the City and will comply with the purposes <br /> and provisions of the Act . <br /> 3 . The Company may proceed with acquisition and construction <br /> of the economic development facility in reliance upon this <br /> resolution. <br /> 4, That the liability and obligation of the South Bend <br /> Economic Development Commission, the South Bend Common Council <br /> - 2 - <br />