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Ms. Irene Gammon <br /> September 4, 1984 <br /> Page 2 <br /> 2. Applicant desires that the bonds be issued in the <br /> total principal amount of $990, 000, payable at approximately <br /> 9. 25 percent interest over approximately four years and nine <br /> months. <br /> 3. The proceeds of the bond will be utilized to pay <br /> the costs of acquiring 16 to 17 new tractors (power units) to <br /> be based and located within the City of South Bend, Indiana. <br /> 4. Applicant needs to commence commitment to and <br /> acquisition of the project forthwith. <br /> 5. There are no contracts, covenants or prohibitions <br /> to the knowledge of applicant which would preclude the issuance <br /> of such economic development revenue bonds and the acquisition <br /> of the project. <br /> 6. It is anticipated that the economic development <br /> facility will result in the generation of 20 new employment <br /> opportunities within the City of South Bend, Indiana, and will <br /> increase the existing payroll of the company by approximately <br /> $600, 000. <br /> We would deeply appreciate your placing this matter <br /> on the agenda of the City Council for its next regularly <br /> scheduled meeting. <br /> Thank you for your kind cooperation and assistance. <br /> Sincerely yours, <br /> BARNES & THORNBURG <br /> Ernest J. Szarwark <br /> EJS:kav <br /> Enclosure <br /> cc: Kenneth Fedder, Esq. <br /> Warren E. McGill, Esq. <br /> BARNES $ THORNBURG <br />