HomeMy WebLinkAboutInducement Resolution of City of South Bend Relating to AMW, Inc. RESOLUTION
NO. 993-82
Passed by the Common Council of the City of South Bend, Indiana.
September 27 , r9 82
Attest.. 1/41L-L-c-e- City Clerk
Attest: i r " \ ( President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
September 28 , z9 82
\'4p e. City Clerk
•Approved and signed by my ' % i9_
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RESOLUTION NO. ` 9 3-2a
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
Relating to: AMW, Inc . , Project
WHEREAS, at the present time there are insufficient employ-
ment opportunities and insufficient diversification of business , com-
merce 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 of economic development facilities in the City pur-
suant to the provisions of Indiana Code 18-6-4 .5 (the "Act") ; and
WHEREAS, AMW, Inc. , a Delaware corporation, ("AMW, Inc . ")
proposes to acquire economic development facilities in the City of
South Bend as defined in the Act if the City will finance the costs
of such economic development facilities pursuant to the Act; and
WHEREAS, the South Bend Economic Development Commission has
received an application by AMW, Inc . for the issuance of City of
South Bend Economic Development Bonds in an approximate amount of
Three Million Five Hundred Thousand and no/100 Dollars ($3 ,500,000 .00)
repayable upon terms governed by existing market rates at the time
such bonds are issued in order to acquire manufacturing equipment and
fixtures for the purpose of the corporation conducting the business
of manufacturing automobiles in the City resulting in improving and
promoting job opportunities and commercial diversification in the
City of South Bend, Indiana.
NOW, THEREFORE, the Common Council of the City of South
Bend, Indiana resolves as follows:
1. The Project constitutes economic development facilities
which shall 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 approximately Three
Million Five Hundred Thousand and no/100 Dollars ($3 ,500 ,000 .00) of
its revenue bonds, 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.
i
2. The proposed financing will be of benefit to the eco-
nomic welfare of the City and will comply with the purposes and pro-
visions of the Act.
3 . AMW, Inc. may proceed with the acquisition 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, 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 pro-
posed 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.
£ _ ± : 11I , Z
- .er of the Ciron Council
,
mED !D::2 ur &H E
PRESENTED 9 -a/7-tea SEl0:::NOT APPROVED 6renamrn®
ADOPTED 9-.7-42. CITY CLERK,SOUTH BEND,IND.
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