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Inducement Resolution relating to Financing of Economic Development Facilities for To-Be-Formed Indiana General Partnership & SDT, Inc.
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Inducement Resolution relating to Financing of Economic Development Facilities for To-Be-Formed Indiana General Partnership & SDT, Inc.
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12/3/2015 2:03:49 PM
Creation date
12/3/2015 2:03:46 PM
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City Council - City Clerk
City Council - Document Type
Resolutions
City Counci - Date
2/28/1983
Ord-Res Number
1029-83
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and advisable for the authorization, issuance and sale of <br /> said economic development revenue bonds ; and (iii) it will <br /> use its best efforts at the request of Applicant to authorize <br /> the issuance of additional bonds for refunding and <br /> refinancing the outstanding principal amount of the bonds <br /> for completion of the Project and for additions to the <br /> Project , including the costs of issuance (providing that <br /> the financing of such addition or additions to the Project <br /> is found to have a public prupose [as defined in I . C . 36-7-12-1] <br /> at the time of authorization of such additional bonds) , and <br /> that the aforementioned purposes comply with the provisions <br /> of I . C . 36-7-12 . <br /> 4 . All costs of the Project incurred after the adoption <br /> of this Inducement Resolution , including reimbursement or <br /> repayment to the Applicant of moneys expended by the Applicant <br /> for planning , engineering , interest paid during construction <br /> and for one year after completion of construction , underwriting <br /> expenses , attorney and bond counsel fees , acquisition and <br /> equipping of the Project will be permitted to be included as <br /> part of the bond issue to finance the Project , and the <br /> Issuer will loan the proceeds from the sale of the bonds to <br /> the Applicant for the same purposes . Also , certain indirect <br /> expenses , including but not limited to , planning, architectural <br /> work and engineering incurred prior to this Inducement <br /> Resolution will be permitted to be included as part of the <br /> bond issue to finance the Project . <br /> 5 . The liability and obligation of the South Bend <br /> Economic Development Commission , the South Bend Common Council <br /> and the City of South Bend, Indiana , shall be limited solely <br />
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