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Inducement Resolution Authorizing & Approving between City of South Bend and Curtis Products Inc.
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Inducement Resolution Authorizing & Approving between City of South Bend and Curtis Products Inc.
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12/10/2015 3:36:27 PM
Creation date
12/10/2015 3:36:25 PM
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City Council - City Clerk
City Council - Document Type
Resolutions
City Counci - Date
6/14/1982
Ord-Res Number
964-82
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WHEREAS, the said Curtis Products, Inc. , after considering <br /> a number of possible locations within and outside the State of <br /> Indiana and the City of South Bend, and in reliance upon the intent <br /> of the City to finance the project through the issuance of revenue <br /> bonds under the provisions of the Act above referred to, has de- <br /> termined to construct the project within the limits of the City <br /> of South Bend, Indiana. <br /> NOW, THEREFORE, be it resolved by the Common Council of <br /> the City of South Bend, Indiana, as follows: <br /> 1. The project constitutes economic development facilities <br /> which shall be financed by the City of South Bend through the is- <br /> suance of revenue bonds pursuant to the Act and the City of South <br /> Bend is willing, upon compliance with all provisions of Indiana <br /> law, to authorize a bond issue not to exceed One Million Two Hun- <br /> dred Thousand ($1, 200, 000 . 00) Dollars of its revenue bonds, which <br /> bonds will not be general obligations of the City of South Bend <br /> but will be payable solely from the limited sources authorized <br /> and 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. Curtis Products, Inc. may proceed with the acquisi- <br /> tion and construction of the economic development facilities in <br /> reliance upon this resolution as an inducement to enter into the <br /> purchase of real estate and enter into contracts for the equip- <br /> ment and building of the said facility. <br /> 4 . That the liability and obligation of the South Bend <br /> Economic Development Commission, the South Bend Common Council, <br /> the City of South Bend, Indiana, its officers, employees and agents, <br /> shall be limited solely to the good faith efforts to consummate said <br /> proceedings and issue the bonds and neither the South Bend Economic <br /> Development Commission, the Mayor, the Common Council of the City <br /> -2- <br />
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