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RESOLUTION NO. I h I,Sj -RA <br /> INDUCEMENT RESOLUTION RELATING TO THE FINANCING <br /> OF ECONOMIC DEVELOPMENT FACILITIES FOR BEATRICE <br /> FOODS CO . <br /> WHEREAS , at the present time there are insufficient <br /> employment opportunities and insufficient diversification of <br /> business , commerce and industry in and near the City of South <br /> Bend, Indiana (the "City") ; and <br /> WHEREAS , the economic welfare of the City would be <br /> benefited by the acquisition and construction of economic <br /> development facilities pursuant to the provisions of Indiana <br /> Code 36-7-12 (the "Act") ; and <br /> WHEREAS, Beatrice Foods Co . (the "Company") , proposes to <br /> acquire and construct economic development facilities as <br /> defined in the Act if the City will finance costs of such <br /> economic development facilities pursuant to the Act ; <br /> NOW, THEREFORE , the Common Council of the City of South <br /> Bend, Indiana, resolves as follows : <br /> 1 . The Project constitutes economic development facilities <br /> which may be financed by the City through the issuance of <br /> revenue bonds pursuant to the Act, and the City is willing <br /> upon compliance with all provisions of Indiana law to authorize <br /> the issuance of its revenue bonds in an amount of approximately <br /> $2 , 500, 000 . 00 (or such lesser amount as may be agreed upon) , <br /> which bonds will not be general obligations of the City but will <br /> be payable solely from the limited sources authorized and <br /> permitted by the Act . <br /> 2 . The proposed financing will be of benefit to the <br /> economic welfare of the City and will comply with the purposes <br /> and provisions of the Act . <br /> 3 . The Company may proceed with acquisition and <br /> construction of the economic development facilities in reliance <br /> upon this resolution. <br /> 4 . The liability and obligation of the South Bend Economic <br /> Development Commission, the South Bend Common Council and the <br /> City of South Bend, Indiana , shall be limited solely to the good <br /> faith efforts to consummate such proceedings and issue such <br /> bonds , and the South Bend Economic Development Commission, South <br /> Bend Common Council and the City of South Bend, Indiana, their <br /> officers or agents , shall not incur any liability if for any <br /> reason the proposed issuance of such bonds is not consummated. <br /> This Inducement Resolution shall be in full force and <br /> effect from and after its adoption by the Common Council and <br /> approval by the Mayor . <br /> Member of the Common Council <br /> FILED IN CLERK'S OFFICE <br /> DEC <br /> /� 1 1982 <br /> PRESENTED /..?-‘-42 Irene Gammon <br /> NOT APPROVED COY CLERK,SOUTH BEND,IND. <br /> ADOPTED 1 a- 6 -ta <br />