HomeMy WebLinkAboutInducement resolution relating to the financing of pollution control facilities for Waste Management Inc.Resolution No. 110 L.II
INDUCEMENT RESOLUTION RELATING TO THE FINANCING OF POLLUTION
CONTROL FACILITIES FOR WASTE MANAGEMENT, INC.
Statement of Purpose and Intent:
At the present time there is insufficient abatement or
control of pollution in and near the -City of South Bend, Indi-
ana (the "City "). The health and general welfare of the per-
sons residing in and near the City would be benefitted by the
acquisition and construction of pollution control facilities
pursuant to the provisions of Indiana Code 18 -6 -4.5 (the "Act ").
Waste Management, Inc. (the "Company ") proposes to acquire and
construct pollution control facilities, as defined in the Act,
if the City will finance costs of such pollution control facil-
ities pursuant to the Act.
NOW, THEREFORE, BE IT RESOLVED, by the Common Council
of the City of South Bend, Indiana, as follows:
Section 1. The proposed project constitutes pollution
control 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 $6,000,000 (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 pro-
visions of the Act.
Section 3. The Company may proceed with acquisition
and construction of the pollution control facilities in reli-
ance upon this resolution.
Section 4. This inducement resolution shall be in full
force and effect.from and after its passage by the Common Coun-
cil and its approval by the Mayor,
VMember of the Common Coun
FILED ID CLEf�,jr OFFICE
1981
Irene Gammon
CITY CLERK, SOUTH BEND, IND.
PRESENTED • S -1 0 -
NOT APPROVW
ADOPTED