HomeMy WebLinkAboutInducement Resolution Relating to the Financing of Economic Development Facilities for Interlinx Corporation RESOLUTION
NO. 922-81
Passed by the Common Council of the City of South Bend, Indiana,
November 9, 19 81 .
Attest: A."-: 4"""""° ^t City Clerk
Attest: President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
November 10, 19 81 .
4^^-Q-.- '41-../ --^^^-a-,---- City Clerk
Approved and signed by me Y-)(%Z.t ---t ( 19 g'/ .
// a r ,? Z/ V Mayor
RESOLUTION NO. s'( aa -Ff
INDUCEMENT RESOLUTION RELATING TO THE FINANCING OF ECONOMIC
DEVELOPMENT FACILITIES FOR INTERLINX CORP, PURSUANT TO THE
PROVISIONS OF INDIANA CODE 18-6-4. 5 , AS AMENDED.
Statement of Purpose and Intent:
At the present time there are insufficient employment op-
portunities and insufficient diversification of industries,
which conditions are harmful to the economic stability and general
welfare of the area and, if not remedied, will be detrimental
to the development of such area. The City of South Bend, Indiana
(the "City" ) is authorized under provisions of Indiana Code
18-6-4. 5 , as amended (the "Act") , to acquire construct and fin-
ance economic development projects for the users thereof and to
provide for the issuance of revenue bonds in conjunction there-
with.
The City, in order to implement the public purposes enum-
erated in the Act and in furtherance thereof to induce interLinx
Corp, an Indiana corporation (the "Borrower") to purchase land,
improvements , equipment, furnishings and fixtures which will con-
stitute an economic development facility (the "facility" ) within
the limits of South Bend, Indiana, has indicated its intent to
issue its revenue bonds under and pursuant to the provisions of
the Act and to apply the proceeds therefrom to the payment of
the costs of the facility.
The Borrower, in reliance upon the intent of the City to
finance the facility thru the issuance of revenue bonds under the
provisions of the Act, has determined to acquire and maintain the
facility within the limits of South Bend, Indiana.
It is now deemed advisable for the City to express by this
Resolution its intent to finance the facility thru the issuance
of revenue bonds under the provisions of the Act.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the
City of South Bend, Indiana as follows:
Section 1.
The proposed facility 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
Nine Million Dollars ($9 ,000 ,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.
Section 2 .
The proposed financing will be of benefit to the health
and general welfare of the persons residing in and near the City
and will comply with the purposes and provisions of the Act.
Section 3 .
The Borrower may proceed with the acquisition and construction
of the facility in reliance upon this Resolution.
Section 4 .
This Inducement Resolution shall be in full force and effect
from and after its passage by the Common Council and its approval
by the Mayor.
Member of the Common Counci
FILED IN CLERK'S OFFICE
Nov 4 1981
PRESENTED , �- 9 - t i Irene Gammon
CM CLERK,.BOUM BEND,MD.
NOT APPROVED
ADOPTED /1— 9 - g� .