Amended Inducement Resolution Relating to Metal Resources Corporation

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NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as follows : 1. Approval is hereby given to the amended application of Metal Resources Corporation relating to the acquisition of such economic development facilities and the building of other such facilities wherein Industrial Revenue Bonds would be issued by the City of South Bend, Indiana for an amount not exceeding Three Million Nine Hundred Thousand Dollars ($3, 900,000.00) , payable with interest thereon at a rate of seventy-five percent (75%) of the prime rate over a period not to exceed fifteen (15) years from and after the date said economic development facilities are placed in use by the users thereof. 2. In order to encourage, induce and solicit such appli- cation by Metal Resources Corporation for such Industrial Revenue Bond issue relating to its acquisition of such Economic Development Facilities and the building of certain facilities, the South Bend Common Council shall proceed to cooperate with and take such action as may be necessary in the drafting of documents or the performance of such other acts as will facilitate the issuance of such Industrial Revenue Bonds by the City of South Bend, Indiana, to provide funds to be used toward the payment of the costs of acquisition and building for an economic development facility. 3. Any costs or expenses incurred in connection with said Metal Resources Corporation project shall be included in the project costs and reimbursed from the proceeds of the Industrial Revenue Bonds to be issued with respect thereto. 4. That the liability and obligation of the Common Council of the City of South Bend and the City of South Bend, Indiana, -2-