HomeMy WebLinkAboutInducement Resolution Relating to Financing of Economic Development Facilities for Clark Equipment Realty Corporation RESOLUTION
NO. 1120-84
Passed by the Common Council of the City of South Bend, Indiana,
February 27, 19 84 .
Attest: City Clerk
Attest: A, i / / -sident of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
February 27, 19 84
City Clerk
Approved and signed by me � pti,,� �' 19 8y
`2 �, q /
C�'1ai' V v Mayor
Resolution No . IIaQ °P1
INDUCEMENT RESOLUTION Relating to the Financing
of Economic Development Facilities for Clark Equipment Realty
Corporation.
WHEREAS at the present time there are insufficient employ-
ment opportunities and insufficient diversification of business ,
commerce and industry 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 development facilities
pursuant to the provisions of Indiana Code 36-7-12 (the "Act" ) ; and
WHEREAS Clark Equipment Realty Corporation (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 ;
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 $1 , 550, 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.
2. The proposed financing will be of benefit to the
economic welfare of the City and will comply with the pur-
poses and provisions of the Act .
3. The Company may proceed with acquisition and con-
struction of the economic development facilities in reliance
upon this resolution.
4. 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, South Bend Common Council 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 Council and
approval by the Mayor.
Member of the Common Council
FRED ! CLERK'S OFHCE
PRESENTED S4
NOT APPROVED
Irene Gammon
ADOPTED o°1- oZ 7- a' `4 Cliv CLERK,SOUTH 9Eiw, IND.
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