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RESOLUTION NO. ` 9 3-2a <br /> INDUCEMENT RESOLUTION <br /> OF <br /> THE CITY OF SOUTH BEND, INDIANA <br /> Relating to: AMW, Inc . , Project <br /> WHEREAS, at the present time there are insufficient employ- <br /> ment opportunities and insufficient diversification of business , com- <br /> merce and industry in and near the City of South Bend, Indiana (the <br /> "City") ; and <br /> WHEREAS, the economic welfare of the City would be benefited <br /> by the acquisition of economic development facilities in the City pur- <br /> suant to the provisions of Indiana Code 18-6-4 .5 (the "Act") ; and <br /> WHEREAS, AMW, Inc. , a Delaware corporation, ("AMW, Inc . ") <br /> proposes to acquire economic development facilities in the City of <br /> South Bend as defined in the Act if the City will finance the costs <br /> of such economic development facilities pursuant to the Act; and <br /> WHEREAS, the South Bend Economic Development Commission has <br /> received an application by AMW, Inc . for the issuance of City of <br /> South Bend Economic Development Bonds in an approximate amount of <br /> Three Million Five Hundred Thousand and no/100 Dollars ($3 ,500,000 .00) <br /> repayable upon terms governed by existing market rates at the time <br /> such bonds are issued in order to acquire manufacturing equipment and <br /> fixtures for the purpose of the corporation conducting the business <br /> of manufacturing automobiles in the City resulting in improving and <br /> promoting job opportunities and commercial diversification in the <br /> City of South Bend, Indiana. <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 shall be financed by the City through the issuance of revenue <br /> bonds pursuant to the Act and the City is willing, upon compliance <br /> with all provisions of Indiana law, to authorize approximately Three <br /> Million Five Hundred Thousand and no/100 Dollars ($3 ,500 ,000 .00) of <br /> its revenue bonds, which bonds will not be general obligations of the <br /> City but will be payable solely from the limited sources authorized <br /> and permitted by the Act. <br /> i <br />