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Sw V <br />-RE-GUJAR-BUTING - - -.. __. -- - _. __- - -. - - ■ i <br />1. The project constitutes economic development facilities which shall be fin- <br />anced by the City through the issuance of revenue bonds pursuant to the Act and the <br />City is willing, upon compliance with all provisions of Indiana law, to authorize <br />approximately Eight Hundred thousand and no /100 Dollars ($800,000.00) of its revenue <br />bonds, which bonds will not be general obligations of the City but will be payable <br />solely from the limited sources authorized and permitted by the Act. <br />2. The proposed financing will be of benefit to the economic welfare of the <br />City and will comply with the purposes and provisions of the Act. <br />3. X -Ray Equipment may proceed with acquisition of the economic development <br />facilities in reliance with this resolution. <br />4. That the liability and obligation of the South Bend Economic Development <br />Commission, the South Bend Common Council and the City of South Bend, Indiana, shall <br />be limited solely to the good faith efforts to consummate such proceedings and issue <br />such Bonds, and the South Bend Economic Development Commission and the City of South <br />Bend, Indiana, their officers or agents, shall not incur any liability if for any <br />reason the proposed issuance of such Bonds is not consummated. <br />This Inducement Resolution shall be in full force and effet from and after its <br />adoption by the Common Council and approval by the Mayor. <br />/ s / Lewis A. McGann <br />Member of the Common Council <br />A public hearing was held on the resolution at this time. Richard Morgan, attorney, <br />indicated this was an inducement resolution, and would come back to Council in the <br />form of an ordinance, for an $800,000 bond issue. He indicated X -Ray Equipment Inc., <br />proposed to purchase a Cat -Scan machine to be located in Memorial Hospital. He said <br />seven new jobs would be created. Council Member Serge made a motion to adopt this <br />resolution, seconded by Council Member Szymkowiak. The resoltuion was adopted by a <br />roll call vote of nine ayes. <br />