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1. That the expansion of existing facilities and ac- <br /> quisition of the equipment relating to such Lock Joint Tube <br /> Company, Inc. 1983 Project constitutes economic development <br /> facilities which should be financed by the City of South Bend, <br /> Indiana, through the issuance of Industrial Development Bonds <br /> pursuant to the provisions of Indiana Code Section 36-7-12-1 et <br /> seq. , hereinafter referred to as the "Act, " which Bonds will <br /> not be general obligation Bonds of the City of South Bend, <br /> Indiana , but will be payable solely from the sources authorized <br /> and permitted by the Act. <br /> 2. That it is hereby determined that the issuance of <br /> such Industrial Development Bonds to pay a portion of the costs <br /> for the expansion of existing facilities and acquisition of <br /> equipment relating to such Lock Joint Tube Company, Inc . 1983 <br /> Project is determined to be in the best interests of the City <br /> of South Bend, Indiana, and the Common Council of South Bend , <br /> Indiana hereby declares its intention to issue such Industrial <br /> Development Bonds and hereby approves the application relating <br /> to such Lock Joint Tube Company, Inc. Project . <br /> 3. That it is hereby determined that the economic <br /> development facilities relating to such Lock Joint Tube Com- <br /> pany, Inc . 1983 Project will be of benefit to the economic wel- <br /> fare of the City of South Bend, Indiana, and will comply with <br /> the purposes and provisions of the Act . <br /> 4. That this Bond issue will not have adverse compe- <br /> titive effects as the nearest competitor to Lock Joint Tube <br /> Company, Inc. is located in Ohio. <br /> 5. That the South Bend Economic Development Commis- <br /> sion be and it hereby is authorized and directed to pursue the <br /> completion of such Lock Joint Tube Company, Inc . 1983 Project <br /> as referred to in said application of Lock Joint Tube Company, <br /> Inc . and as approved by this Inducement Resolution. <br /> 6. That the liability and obligation of the City of <br /> South Bend, Indiana, shall be limited solely to the good faith <br /> efforts to consummate such Lock Joint Tube Company, Inc. 1983 <br /> Project , and the issuance of such bonds , and neither the City <br /> -2- <br />