Inducement Resolution Relating to Application by Steel Warehouse Co. Inc. for Issuance of Economic Development Revenue Bonds

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approves , determines , ratifies and confirms that (i) it will take or cause to be taken such actions pursuant to the Act as may be required to implement the aforesaid financing, or as it may deem appropriate in pursuance thereof; provided that all of the foregoing shall be mutually acceptable to the Issuer and the Applicant; and (ii) it will adopt such ordinances and resolutions and authorize the execution and delivery of such instruments and the taking of such action as may be necessary and advisable for the authorization, issuance and sale of said economic development revenue bonds ; and (iii) it will use its best efforts at the request of Applicant to authorize the issuance of additional bonds for refunding and refinancing the outstanding principal amount of the bonds for completion of the Project and for additions to the Project, including the cost of issuance (providing that the financing of such addition or additions to the Project is found to have a public purpose (as defined in I. C. 36-7-12-1) at the time or authorization of such additional bonds) and that the aforementioned purposes comply with the provisions of I . C . 36-7-12 , 4. All costs of the Project incurred after the adoption of this inducement resolution, including reimbursement or repayment to the Applicant of moneys expended by the Applicant for planning, engineering, interest paid during construction, underwriting expenses , attorney and bond counsel fees , acquisition, construction and equipping of the Project will be permitted to be included as part of the bond issue to finance the Project, and the Issuer will sell or lease the same to the Applicant or loan the proceeds from the sale of the bonds to the Applicant for the same purposes . Also, certain direct expenses , including but not limited to, - 3 -