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<br />RESOLUTIONS
<br />RESOLUTION NO. 1408 -86 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH
<br />BEND, INDIANA: RELATING TO STEEL WAREHOUSE CO., INC.
<br />WHEREAS, the City of South Bend, Indiana (the "Issuer ") is authorized by I.C.
<br />36 -7 -11.9 and 12 (the "Act ") to issue revenue bonds for the financing of economic
<br />development facilities, the funds from said financing to be used for the
<br />acquisition, construction and equipping of said facilities, and said facilities to
<br />be either sold or leased to a company or directly owned by a company; and
<br />WHEREAS, Steel Warehouse Co., Inc., an Indiana corporation (the "Applicant ") has
<br />advised the South Bend Economic Development Commission (the "Commission ") and the
<br />Issuer that it proposes that the Issuer either acquire, construct and equip an
<br />economic development facility and sell or lease the same to the Applicant for the
<br />same, said economic development facility to consist of the expansion of the
<br />Applicant's existing steel processing facility, by the acquisition of machinery and
<br />equipment to be used as a continuous pickler system and the expansion of the
<br />existing building in order to house said system, all to be used in the Applicant's
<br />business of cutting and treating flat rolled, low carbon steel, which existing
<br />facility is located at 2722 W. Tucker Drive, in South Bend, Indiana ( "project "); and
<br />WHEREAS, the diversification of industry and increase in job opportunities (7 to
<br />15 new jobs) to be achieved by the acquisition and expansion of the Project will be
<br />of public benefit to the health, safety and general welfare of the Issuer and its.
<br />citizens; and
<br />WHEREAS, having received the advice of the South Bend Economic Development
<br />Commission, it would appear that the financing of the Project would be of public
<br />benefit to the health, safety and general welfare of the Issuer and its citizens;
<br />and
<br />WHEREAS, it is tentatively found that the acquisition and expansion of the
<br />facility will not have an adverse competitive effect on any similar facility already
<br />constructed or operating in South Bend, Indiana;
<br />NOW, THEREFORE, BE IT RESOLVED BY THE Common Council of the City of South Bend,
<br />as follows:
<br />1. The Common Council of the City of South Bend finds, determines, ratifies and
<br />confirms that the promotion of diversification of economic development and job
<br />opportunities in and near South Bend, Indiana, is desirable to preserve the health,
<br />safety and general welfare of the citizens of the Issuer; and that it is in the
<br />public interest that the Commission and the Issuer take such action as they lawfully
<br />may to encourage economic development, diversification of industry and promotion of
<br />job opportunities in and near the Issuer.
<br />2. The Common Council of the City of South Bend approves, determines, ratifies
<br />and confirms that the issuance and sale of economic development revenue bonds in an
<br />amount of $3,000,000 of the Issuer under the Act for the acquisition and expansion
<br />of the Project and the sale or leasing of the Project to the Applicant or the loan
<br />of the proceeds of the revenue bonds to the Applicant, will serve the public
<br />purposes referred to above, in accordance with the Act.
<br />3. In order to induce the Applicant to proceed with the acquisition and
<br />expansion of the Project, the Common Council of the city of South Bend hereby
<br />approves, determines, ratifies and confirms that (i) it will take or cause to be
<br />taken such actions pursuant to the Act as may be required to implement the aforesaid
<br />financing, or as it may deem appropriate in pursuance thereof; provided that all of
<br />the foregoing shall be mutually acceptable to the Issuer and the Applicant; and (ii)
<br />it will adopt such ordinances and resolutions and authorize the execution and
<br />delivery of such instruments and the taking of such action as may be necessary and
<br />advisable for the authorization, issuance and sale of said economic development
<br />revenue bonds; and (iii) it will use its best efforts at the request of Applicant to
<br />authorize the issuance of additional bonds for refunding and refinancing the
<br />outstanding principal amount of the bonds, for completion of the Project and for
<br />additions to the Project, including the costs of issuance (providing that the
<br />financing of such addition or additions to the Project is found to be a public
<br />purpose [as defined in I.C. 36- 7 -12 -1] at the time of authorization of such
<br />additional bonds), and that the aforementioned purposes comply with the provisions
<br />of I.C. 36 -7 -11.9 and 12.
<br />4. All costs of the Project incurred after the adoption of this inducement
<br />resolution, including reimbursement or repayment to the Applicant of moneys expended
<br />by the Applicant for planning, engineering, interest paid during construction,
<br />underwriting expenses, attorney and bond counsel fees, acquisition and equipping of
<br />the Project will be permitted to be included as part of the bond issue to finance
<br />the Project, and the Issuer will sell or lease the same to the Applicant or loan the
<br />proceeds from the sale of the bonds to the Applicant for the same purposes. Also,
<br />certain indirect expenses, including but not limited to, planning, architectural
<br />work and engineering incurred prior to this inducement resolution will be permitted
<br />to be included as part of the bond issue to finance the Project.
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