Relating to Schafer Gear Works, Inc. Project

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WHEREAS, under date of August 14, 1981, the Commission adopted and enacted an Inducement Resolution approving such Schafer Gear Works, Inc. Project and recommending the issuance of Economic Development Bonds in accordance with the application of the Applicant; and WHEREAS, it is apparent that the financing of the Schafer Gear Works, Inc. Project is of public benefit to the health, safety and general welfare of the Issuer and its citizens, together with the citizens of St. Joseph County, Indiana; and WHEREAS, the construction and installation of such economic development facilities will not have an adverse competitive effect on any similar facility already installed or operating in St. Joseph County, Indiana. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: 1. The Common Council of the City of South Bend, Indiana, finds, determines, ratifies and confirms that the promotion of diversification of economic development and job opportunities in or near South Bend, Indiana and in St. Joseph County, 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 South Bend Economic Development Commission and said Issuer take such action as they lawfully may take to encourage diversification of industry and promotion of job opportunities in and near said Issuer. 2. The Common Council of the City of.South Bend, Indiana, hereby finds, determines, ratifies and confirms that the issuance and sale of Economic Development Revenue Bonds in an amount of Two Hundred Fifty Thousand Dollars ($250,000.00) under the Act for the construction and installation of the economic development facilities constituting the Schafer Gear Works, Inc. Project will serve the public purpose in accordance with the Act. 3. In order to induce the Applicant and the Commission to Proceed with the construction and installation of such economic development facilities, the Common Council of the City of South Bend, Indiana, hereby finds, 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 which may be deemed appropriate with respect thereto, in order that Economic Development Revenue Bonds may be issued in accordance with the terms mutually acceptable to the Issuer and the Applicant;