Inducement Resolution Relating to Mechanics Laundry & Supply, Inc. Project

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NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend as follows : 1 . The Common Council of the City of South Bend finds , determines, ratifies and confirms that the promotion of diversification of economic development and job opportunities in and near South Bend, Indiana , is desirable to preserve the health, safety and general welfare of the citizens of the Issuer ; and that it is in the public interest that the Commission and the Issuer take such action as they lawfully may to encourage economic development , diversification of industry and promotion of job opportunities in and near the Issuer . 2 . The Common Council of the City of South Bend approves , determines , ratifies and confirms that the issuance and sale of economic development revenue bonds in an amount of approximately $800, 000. 00 of the Issuer under the Act for the acquisition and equipping of the Project and the sale or leasing of the Project bonds to the Applicant , will serve the public purposes referred to above, in accordance with the Act . 3 . In order to induce the Applicant to proceed with the acquisition and equipping of the Project , the Common Council of the City of South Bend hereby approves , determines , ratifies and confirms that : (i) it will take, or cause to be taken, such actions pursuant to the Act as may be required to implement the aforesaid financing , or as it may deem appropriate in pursuance thereof ; provided that all of the foregoing shall be mutually acceptable to the Issuer and the Applicant; and, (ii) it will adopt such ordinances and resolutions and authorize the execution and delivery of such instruments and the taking of such action as may be necessary and advisable for the authorization, issuance and sale of said economic development bonds ; and, - 2 -