HomeMy WebLinkAboutInducement Resolution Relating to Financing of Economic Development Facilities for Beatrice Foods Co. RESOLUTION
NO. 1019-82
Passed by the Common Council of the City of South Bend, Indiana.
December 6 , 1982
Attest: City Clerk
Attest: \4 - 'C President of Common Council
Presented by me to the Mayor of the City of South Bend, Indian"
December 7 , X982
e- `°"' City Clerk
Approved and signed by me / 19
Z
7/7 6,Lt 0 Mayor
RESOLUTION NO. I h I,Sj -RA
INDUCEMENT RESOLUTION RELATING TO THE FINANCING
OF ECONOMIC DEVELOPMENT FACILITIES FOR BEATRICE
FOODS CO .
WHEREAS , 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
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, Beatrice Foods Co . (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
$2 , 500, 000 . 00 (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 purposes
and provisions of the Act .
3 . The Company may proceed with acquisition and
construction 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
FILED IN CLERK'S OFFICE
DEC
/� 1 1982
PRESENTED /..?-‘-42 Irene Gammon
NOT APPROVED COY CLERK,SOUTH BEND,IND.
ADOPTED 1 a- 6 -ta