Inducement Resolution Relating to Mittler Supply, Inc. Project

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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 One Million Eight Hundred Thousand and no/100 Dollars ($1,800,000. 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 permit- ted 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 . Mittler Supply, Inc. may proceed with acquisition and construction of the economic development facilities 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 Commission and the City of South Bend, Indiana, their officers and agents, shall not incur any liability if for any reason the proposed issuance of such Bonds is not consummated. 5. The Mayor is hereby authorized to execute, upon the request by Mittler Supply, Inc. , a "Notice of Inducement" -2-