Inducement Resolution Relating to Teachers Credit Union Project

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Washington Streets, South Bend, Indiana , resulting in the addi- tion of approximately 113 new jobs by the principal users with an increase in their annual payrolls of approximately One Million Five Hundred Sixty Thousand and no/100 Dollars ($1 ,560 ,000 .00) . NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as follows: 1 . The project constitutes economic development facilities which shall be financed by the City through the issuance of revenue bonds pursuant to the Act and the City is willing , upon compliance with all provisions of Indiana law, to authorize approximately Seven Million Nine Hundred Thousand and no/100 Dollars ($7 ,900 ,000 .00) of its revenue bonds , which bonds will not be general obligations of the City but will be payable solely from the limited sources authorized and permit- ted by the Act. 2. The proposed financing will be of benefit to the economic welfare of the City and will comply with the purposes and provisions of the Act. 3. Teacher 's Credit Union may proceed with acquisi- tion and construction of the economic development facilities in reliance upon this resolution. 4. That the liability and obligation of the South Bend Economic Development Commission , the South Bend Common Council and the City of South Bend, Indiana, shall be limited solely to the good faith efforts to consummate such proceedings and issue such Bonds , and the South Bend Economic Development -2-