HomeMy WebLinkAboutInducement Resolution relating to the Financing of Economic Development Facilities for South Bend Medical Foundation, Inc.Attest:
RESOLUTION
Passed by the Common Council of the City of South Bend, Indiana,
September 15, 19 80 .
If'
Clerk
Attest: C. President of Common Council.
Presented by me to the Mayor of the City of South Bend, Ind
U04711 107�.
°`►�- ¢--- -� /,— City Clerk
Approved and signed by me 19 (�
Mayor
RESOLUTION NO. /4 -,
INDUCEMENT RESOLUTION Relating to the Financing
of Economic Development Facilities for South Bend
Medical Foundation, Inc.
WHEREAS, at the present time there are insufficient
employment opportunities and insufficient diversification of
economic development facilities in and near the City of South
Bend, Indiana (the "City "); and
WHEREAS, the economic welfare of the City would be
benefited by the acquisition and construction of economic develop-
meet facilities pursuant to the provisions of Indiana Code 18 -6 -4.5
(the "Act "); and
WHEREAS, South Bend Medical Foundation, Inc. (the
"Company "), proposes to acquire and construct economic development
facilities as defined in the Act if the City will finance costs
of such economic development facilities pursuant to the Act; and
WHEREAS, the South Bend Economic Development Commission
has adopted a resolution making certain findings with respect to
such proposed economic development facilities (the "Project "),
and has forwarded such resolution to this Common Council;
NOW, THEREFORE, the Common Council of the City of
South Bend, Indiana resolves as follows:
1. The Project 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$2,150,000, 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.
2. The proposed financing will be of benefit to
the economic welfare of the City and will comply with
the purposes and provisions of the Act.
3. The Company may proceed with the acquisition and
construction of the economic development facilities in
reliance upon this resolution.
4. That the liability and obligation of the South
Bend Economic Development Commission, the South Bend Common
Council and the City of South Bend, Indiana, shall be limited
solely to the good faith efforts to consummate such proceedings
and issue such Bonds, and the South Bend Economic Development
Commission, and the City of South Bend, Indiana, their officers
or agents, shall not incur any liability if for any reason
the proposed issuance of such bonds is not consummated.
This Inducement Resolution shall be in -Full force and effect from and
after its adoption by the Common Counc' and approval by the Mayor.
PRESENTED %= / 3 =�D ` ��� s E •:�� ..� �� . ���'a °: CIL
NOT APPROVED Me . er o the Common Council
ADOPTED
Irmo Gammon