Inducement Resolution Relating to the Financing of Economic Development Facilities for Interlinx Corporation

Home Browse Search

The Borrower, in reliance upon the intent of the City to finance the facility thru the issuance of revenue bonds under the provisions of the Act, has determined to acquire and maintain the facility within the limits of South Bend, Indiana. It is now deemed advisable for the City to express by this Resolution its intent to finance the facility thru the issuance of revenue bonds under the provisions of the Act. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana as follows: Section 1. The proposed facility constitutes economic development facilities which may be financed by the City through the issuance of revenue bonds pursuant to the Act, and the City is willing, upon compliance with all provisions of Indiana law, to authorize the issuance of its revenue bonds in an amount of approximately Nine Million Dollars ($9 ,000 ,000) (or such lesser amount as may be agreed upon) , which bonds will not be general obligations of the City, but will be payable solely from the limited sources authorized and permitted by the Act. Section 2 . The proposed financing will be of benefit to the health and general welfare of the persons residing in and near the City and will comply with the purposes and provisions of the Act. Section 3 . The Borrower may proceed with the acquisition and construction of the facility in reliance upon this Resolution.