Inducement Resolution Relating to Automatic Molded Plastics, Inc. and Aquarius Tool and Mold Inc. Project

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RESOLUTION NO. I [ ' 4 -84 INDUCEMENT RESOLUTION The City of South Bend, Indiana, Relating to: Automatic Molded Plastics, Inc. and Aquarius Tool and Mold, Inc. Project. WHEREAS, at the present time, there are insufficient employment opportunities and insufficient diversification of business, commerce and industry and insufficient tax base in the City of South Bend, Indiana (the "City") ; and WHEREAS, the economic welfare of the City would be benefited by the acquisition and construction of economic devel- opment facilities, pursuant to the provisions of IND. CODE §36-7-12 (the "Act") ; and WHEREAS, Automatic Molded Plastics, Inc. and Aquarius Tool and Mold, Inc. desire to acquire certain economic develop- ment facilities in South Bend, Indiana, provided that the City will finance a portion of the costs of such facilities, pursuant to the Act, which facilities will constitute economic development facilities, as defined in the Act; and WHEREAS, The South Bend Economic Development Commission has received an application by Automatic Molded Plastics, Inc. and Aquarius Tool and Mold, Inc. for the issuance of City of South Bend Economic Development Revenue Bonds in the amount of One Million Five Hundred Thousand and No/100 Dollars ($1,500 ,000. 00) for a period of ten (10) years, with interest at the fixed rate of ten per cent (10%) for the following economic