HomeMy WebLinkAboutInducement Resolution Relating to the Financing of Economic Development Facilities for Allied Products Corp. RESOLUTION
NO. 1089-83
Passed by the Common Council of the City of South Bend, Indiana,
September 26 , 19 83 .
Attest: l 4J City Clerk
Attest: �/ - President of Common Council.
, Presented by me to the Mayor of the City of South Bend, Indiana
September 27, 19 83 .
_l` AT City Clerk
Approved and signed by me .40, /tot ts. ' l 19 8.3.
u Mayor
Resolution No. ,/ij,Fi3
INDUCEMENT RESOLUTION Relating to the Financing
of Economic Development Facilities for Allied
Products Corporation.
At the present time there are insufficient employment
opportunities and insufficient diversification of business, commerce
and industry in and near the City of South Bend , Indiana (the
"City") ; and
The economic welfare of the City would be benefitted by
the acquisition, construction and installation of economic development
facilities pursuant to the provisions of Indiana Code 36-7-12 (the
"Act") ; and
Allied Products Corporation ( the "Company" ) , proposes to
acquire, construct and install economic development facilities as
defined in the Act if the City will finance costs of such economic
development facilities pursuant to the Act; and
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 not to exceed
$6,500, 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 acquisition, construction
and installation of the economic development facilities in
reliance upon this resolution.
4. Any expenses incurred in connection with these
proceedings shall be included in the Project Costs and
reimbursed from the proceeds of said Bonds.
5. The liability and obligation of the Commission and
the City shall be limited solely to the good faith efforts
to consummate said proceedings and issue the Bonds and
neither the Commission, the City, its officers or agents
shall incur any liability whatsoever if, for any reason,
the proposed issuance of the Bonds is not consummated.
6. This Inducement Resolution shall be in full force
and effect from and after its adoption by the Common Counc 1.
o t—' ' men Council
FILED M CLEF;('S OFFICE
C !'; 983
PRESENTEd �.
NOT APPROVED Irene Gammon
ADOPTED 9-.PG-8.3 CITY CLERK,SOUTH BEND,IND,