Inducement Resolution Relating to the Financing of Economic Development Facilities for Allied Products Corp.

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Resolution No. ,/ij,Fi3 INDUCEMENT RESOLUTION Relating to the Financing of Economic Development Facilities for Allied Products Corporation. At the present time there are insufficient employment opportunities and insufficient diversification of business, commerce and industry in and near the City of South Bend , Indiana (the "City") ; and The economic welfare of the City would be benefitted by the acquisition, construction and installation of economic development facilities pursuant to the provisions of Indiana Code 36-7-12 (the "Act") ; and Allied Products Corporation ( the "Company" ) , proposes to acquire, construct and install economic development facilities as defined in the Act if the City will finance costs of such economic development facilities pursuant to the Act; and The South Bend Economic Development Commission has adopted a resolution making certain findings with respect to such proposed economic development facilities (the "Project" ) , and has forwarded such resolution to this Common Council; 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 not to exceed $6,500, 000, 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 purposes and provisions of the Act . 3. The Company may proceed with acquisition, construction and installation of the economic development facilities in reliance upon this resolution. 4. Any expenses incurred in connection with these proceedings shall be included in the Project Costs and reimbursed from the proceeds of said Bonds. 5. The liability and obligation of the Commission and the City shall be limited solely to the good faith efforts to consummate said proceedings and issue the Bonds and neither the Commission, the City, its officers or agents shall incur any liability whatsoever if, for any reason, the proposed issuance of the Bonds is not consummated. 6. This Inducement Resolution shall be in full force and effect from and after its adoption by the Common Counc 1. o t—' ' men Council FILED M CLEF;('S OFFICE C !'; 983 PRESENTEd �. NOT APPROVED Irene Gammon ADOPTED 9-.PG-8.3 CITY CLERK,SOUTH BEND,IND,