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RESOLUTION NO. 150A -1N <br /> INDUCEMENT RESOLUTION <br /> OF <br /> THE CITY OF SOUTH BEND, INDIANA <br /> Relating to: Whiteford NationaLease, Inc. Project <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 and construction of economic <br /> development facilities in the corporate limits of the City pur- <br /> suant to the provisions of Indiana Code 36-7-12 (the "Act") ; and <br /> WHEREAS, Whiteford NationaLease, Inc. , which is an <br /> Indiana corporation, proposes to acquire and construct economic <br /> development facilities in South Bend, Indiana as defined in the <br /> Act if the City will finance costs of such economic development <br /> facilities pursuant to the Act; and <br /> WHEREAS, the South Bend Economic Development Commis- <br /> sion has received an application by Whiteford NationaLease, <br /> Inc. , for the issuance of City of South Bend Industrial De- <br /> velopment Revenue Bonds in the approximate principal amount of <br /> Nine Hundred Ninety-Nine Thousand and no/100 Dollars <br /> ($999,000.00) , to be repaid with approximately 9.25% interest <br /> over approximately four years and nine months, with the pro- <br /> ceeds of the bonds being used to acquire economic development <br /> facilities to be based and located in South Bend, Indiana, <br />