Inducement Resolution of City of South Bend to STC Recycling, Inc. Project

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1. The project constitutes economic development facili- ties which shall 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 approxi- mately One Million Two Hundred Thousand Dollars ($1,200,000 .00) of its revenue bonds, 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. Copelco and STC Recycling may proceed with acquisi- tion and construction of the economic development facilities in reliance upon this resolution. 4 . That 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 and the City of South Bend, Indiana, their officers and agents , shall not incur any liability if for any reason the proposed issuance of such Bonds is not consummated. This Inducement Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. / I 7 i 1SJA //dried . N teL. of/'he Common Ctu ii .ED PI CLEM'S CFElCE "RESENIEJ q'..` //`J3 Pr lcE3 P�(2� APPROR""'s OPTED `71-N-63 Irene Gammon COY affix,SDUM BEND,IND. -2-