Inducement Resolution Relating to The Lock Jount Tube Company, Inc. 1983 Project

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Resolution No. log q -es INDUCEMENT RESOLUTION OF THE COMMON COUNCIL OF SOUTH BEND, INDIANA, RELATING TO THE LOCK JOINT TUBE COMPANY, INC. 1983 PROJECT WHEREAS, there are insufficient employment opportuni- ties and insufficent diversification of business , commerce and industry in the City of South Bend, Indiana; and WHEREAS, the economic welfare of the City of South Bend, Indiana, would be benefited and additional job opportuni- ties and commercial diversification would result within the City of South Bend, Indiana, by the approval of a financing agreement which should be effected with Lock Joint Tube Com- pany, Inc . relating to a project to be known as the "Lock Joint Tube Company, Inc. 1983 Project" ; and WHEREAS, said Lock Joint Tube Company, Inc . desires to expand its existing facilities and to acquire equipment for use in the manufacturing of steel tubing at its plant located at 1400 Riverside Drive, South Bend, Indiana 46616 , which expan- sion and equipment will constitute economic development facili- ties; and WHEREAS, the South Bend Economic Development Commis- sion has heretofore received, investigated , studied , and ap- proved an application of Lock Joint Tube Company, Inc. , an Indiana corporation , relating to such Lock Joint Tube Company, Inc. 1983 Project in order that Industrial Development Bonds may be issued to acquire such economic development facilities in an amount not exceeding One Million Two Hundred Fifty Thou- sand Dollars ($1, 250 ,000 . 00) payable with interest thereon at a rate which does not exceed the prime rate recognized by South Bend, Indiana, financial institutions adjusted on a periodic basis with the principal and interest on such Bonds being paid on a periodic basis over a period of not exceeding twelve (12) years after the issuance thereof. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana , as follows: