Steel Warehouse Co. Inc. Issue Revenue Bonds for Financing of Economic Development

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( X70 - g a RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA (STEEL WAREHOUSE CO. , INC. ) WHEREAS, the City of South Bend, Indiana (the "Issuer") is authorized by IC 36-7-12 (the "Act") to issue revenue bonds for the financing of economic development facilities, the funds from said financing to be used for the acquisition, construction and equipping of said facilities, and said facilities to be either sold or leased to a company or directly owned by a company; and WHEREAS , Steel Warehouse Co. , Inc. , an Indiana corporation (the "Applicant") has advised the South Bend Economic Develop- ment Commission (the "Commission") and the Issuer that it proposes that the Issuer either acquire, construct and equip an economic development facility and sell or lease the same to the Applicant or loan proceeds of an economic development financing to the Applicant for the same, said economic development facility to consist of the construction of a 10 ,400 square foot addition to the Applicant ' s existing steel manufacturing facility and the acquisition of a temper mill and other machinery and equipment to be installed therein, so that the Applicant may expand its business in the area of heavy gauge, low carbon, hot rolled steel, said existing facility being located at 2722 Tucker Drive, in the City of South Bend, on an approximate 22 acre tract of land ( "Project") ; and WHEREAS, the diversification of industry and increase in job opportunities (6 to 12 new jobs) to be achieved by the construction and equipping of the Project will be of public benefit to the health, safety and general welfare of the Issuer and its citizens; and WHEREAS , having received the advice of the South Bend Economic Development Commission, it would appear that the financing of the Project would be of public benefit to the