Inducement Resolution relating to Financing of Economic Development Facilities for To-Be-Formed Indiana General Partnership & SDT, Inc.

Home Browse Search

NOW, THEREFORE , BE IT RESOLVED by the Common Council of the City of South Bend , as follows : 1 . The Common Council of the City of South Bend finds , determines , ratifies and confirms that the promotion of diversification of economic development and iob opportunities in and near South Bend , Indiana , is desirable to preserve the health, safety and general welfare of the citizens of the Issuer ; and that it is in the public interest that the Commission and the Issuer take such action as they lawfully may to encourage economic development , diversification of industry and promotion of job opportunities in and near the Issuer . 2 . The Common Council of the City of South Bend approves , determines , ratifies and confirms that the issuance and sale of economic development revenue bonds in an amount of approximately $5 , 000 , 000 . 00 of the Issuer under the Act for the loan of the proceeds of the revenue bonds to the Applicant for the acquisition and equipping of the Project will serve the public purposes referred to above , in accordance with the Act . 3 . In order to induce the Applicant to proceed with the acquisition and equipping of the Project , the Common Council of the City of South Bend hereby approves , determines , ratifies and confirms that (i) it will take or cause to be taken such actions pursuant to the Act as may be required to implement the aforesaid financing, or as it may deem appropriate in pursuance thereof ; provided that all of the foregoing shall be mutually acceptable to the Issuer and the Applicant ; and (ii) it will adopt such ordinances and