Inducement resolution relating to the financing of pollution control facilities for Waste Management Inc.

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Resolution No. 110 L.II INDUCEMENT RESOLUTION RELATING TO THE FINANCING OF POLLUTION CONTROL FACILITIES FOR WASTE MANAGEMENT, INC. Statement of Purpose and Intent: At the present time there is insufficient abatement or control of pollution in and near the -City of South Bend, Indi- ana (the "City "). The health and general welfare of the per- sons residing in and near the City would be benefitted by the acquisition and construction of pollution control facilities pursuant to the provisions of Indiana Code 18 -6 -4.5 (the "Act "). Waste Management, Inc. (the "Company ") proposes to acquire and construct pollution control facilities, as defined in the Act, if the City will finance costs of such pollution control facil- ities pursuant to the Act. NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of South Bend, Indiana, as follows: Section 1. The proposed project constitutes pollution control 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 $6,000,000 (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 pro- visions of the Act. Section 3. The Company may proceed with acquisition and construction of the pollution control facilities in reli- ance upon this resolution.