Inducement Resolution Relating to Financing of Economic Development Facilities for Clark Equipment Realty Corporation

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Resolution No . IIaQ °P1 INDUCEMENT RESOLUTION Relating to the Financing of Economic Development Facilities for Clark Equipment Realty Corporation. WHEREAS at the present time there are insufficient employ- ment opportunities and insufficient diversification of business , commerce and industry in and near 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 development facilities pursuant to the provisions of Indiana Code 36-7-12 (the "Act" ) ; and WHEREAS Clark Equipment Realty Corporation (the "Company" ) , proposes to acquire and construct economic development facilities as defined in the Act if the City will finance costs of such economic development facilities pursuant to the Act ; NOW, THEREFORE, The Common Council of the City of South Bend, Indiana resolves as follows : 1 . The Project constitutes economic development facilities which may 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 the issuance of its revenue bonds in an amount of approximately $1 , 550, 000 (or such lesser amount as may be agreed upon) , which bonds will not be general obligations of the City but will be payable solely from the limited sources authorized and permitted by the Act. 2. The proposed financing will be of benefit to the economic welfare of the City and will comply with the pur- poses and provisions of the Act . 3. The Company may proceed with acquisition and con- struction of the economic development facilities in reliance upon this resolution. 4. 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 Commission, South Bend Common Council and the City of South Bend, Indiana, their officers or agents, shall not incur any liability if for any reason the proposed issuance of such bonds is not consummated.