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approximately 50 new full-time jobs by the Company with an <br /> increase in their annual payroll of approximately One Million <br /> and no/100 Dollars ($1 , 000, 000. 00) ; and <br /> WHEREAS, it has been discovered by the Company that <br /> an additional amount is necessary for these purposes so that <br /> the total amount of Bonds required shall be Four Million Two <br /> Hundred Thousand and no/100 Dollars ($4 , 200, 000 . 00) . <br /> NOW, THEREFORE, the Common Council of the City of <br /> South Bend, Indiana resolves as follows: <br /> 1 . The project constitutes economic development <br /> facilities which shall be financed by the City through the <br /> issuance of revenue bonds pursuant to the Act and the City is <br /> willing, upon compliance with all provisions of Indiana law, to <br /> authorize approximately Four Million Two Hundred Thousand and <br /> no/100 Dollars ($4, 200, 000. 00) of its revenue bonds, which <br /> bonds will not be general obligations of the City but will be <br /> payable solely from the limited sources authorized and <br /> 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 <br /> construction of the economic development facilities in reliance <br /> upon this resolution. <br /> 4. That the liability and obligation of the South <br /> Bend Economic Development Commission, the South Bend Common <br /> Council and the City of South Bend, Indiana, shall be limited <br /> solely to the good faith efforts to consummate such proceedings <br /> -2- <br />