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RESOLUTION NO. 1(1j. V <br /> INDUCEMENT RESOLUTION <br /> OF <br /> THE CITY OF SOUTH BEND, INDIANA <br /> Relating to Alro Steel Corporation Project <br /> WHEREAS, at the present time there are insufficient <br /> employment opportunities and insufficienet diversification of <br /> business, commerece and industry in and near the City of South <br /> Bend, Indiana (the "City") ; and <br /> WHEREAS, the economic welfare of the City would be <br /> benefited by the acquisition of economic development facilities in <br /> the corporate limits of the City pursuant to the provisions of <br /> Indiana Code 36-7-12 (the "Act" ) ; and <br /> WHEREAS, Alro Steel Corporation, a Michigan corporation <br /> (the "Company") proposes to acquire economic development <br /> facilities in South Bend, Indiana as defined in the Act if the <br /> City will finance costs of such economic development facilities <br /> pursuant to the Act; and <br /> WHEREAS, the South Bend Economic Development Commission <br /> has received an application from the Company for the issuance of <br /> City of South Bend Economic Development Bonds in the approximate <br /> principal amount of Two Million Eight Hundred Thousand and no/100 <br /> Dollars ($2,800, 000. 00) with the terms of repayment to be <br /> determined by the market rates at the time the bonds are sold and <br /> the proceeds of the bonds will be used to acquire land and <br />