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<br />REGULAR MEETING NQVEMBERt -7-9 , 19 81
<br />2. The Common Cuncil 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 approximately $800,000.00 of the Issuer under the Act for the acquisition
<br />and equipping of the Project and the sale or leasing of the Project bonds to the
<br />Applicant, will serve the public purposes referred to above, in accordance with the
<br />Act.
<br />3. In order to induce the applicant to proceed with the acquisition and equipping
<br />of the Project, the Common Council of the City of South Bend hereby approves, determines,
<br />ratifies and confirms that:
<br />(i) it will take, or casue to be taken, such actions
<br />pursuant to the Act as may be required to implement the
<br />aforesaid financing, or as it may deem appropriate in
<br />pursuance thereof; providing that all of the foregoing shall
<br />be mutually acceptable to the Issuer and the Applicant; and
<br />(ii) it will adopt such ordinances and resolutions and
<br />authorize the execution and delivery of such instruments and
<br />the taking of such action as may be necessary and advisable
<br />for the authorization, issuance and sale of said economic
<br />development bonds; and,
<br />(iii) it will use its best efforts, at the request of
<br />Appliant, to authorize the issuance of additional, bonds for
<br />refunding and refinancing the outstanding principal amount
<br />of bonds for completion of the Project and for additions to
<br />the Project, including the costs of issuance (providing that
<br />the financing of such addition or additions to the Project
<br />is found to have a public purpose [as defined in IC 36 -7 -12-
<br />1] at the time of authoriziation of such additional bonds),
<br />and that the aforementioned purposes comply with the providions
<br />of IC 36 -7 -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, underwriti
<br />expenses, attorney and bond counsel fees, acquisition and equipping of the Project
<br />will be permitted to be included as part of the bond issue to finance the Project,
<br />and the Issuer will sell or lease the same to the Applicant or loan the proceeds
<br />fromn the sale of the bonds to the Applicant for the same purposes. Also, certain
<br />indirect expenses, including, but not limited to, planning, architectural work and
<br />engineering incurred prior to this Inducement Resolution, will be permitted to be
<br />included as part of the bond issue to finance the Project.
<br />5. The liability and obligation of the Cityof South Bend, Indiana, shall be
<br />limited solely to good faith efforts to consummate such Mechanics Laundry & Supply,
<br />Inc. Project and the issuance of such bonds, and that neither the City of South Bend,
<br />Indiana, nor its officers or agents shall incur any personal liability by virtue of
<br />the issuance of any such Economic Development Revenue Bonds or the undertaking of
<br />such Mechanics Landry & Supply Inc. Project.
<br />This inducement resolution shall be in full force and effect from 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. Kenneth Fedder, attorney for the Economic
<br />Development Commission, indicated this bond issue would be used to finance and purchase
<br />eal estate and a building located at 835 Prairie. He indicated it was hoped that
<br />seven existing jobs would be retained and approximately 20 plant personnel jobs would
<br />be created. Bob Klimek, 2621 Corby, representing Means Service, Jerry Hogan, 15429
<br />Kerlin, Bob Schultz, 2121 Rockne, Leslie Doty, 1125 Lincoln Way West, spoke against
<br />this resolution. Council Member Serge made a motion to recommend this bill to the
<br />Council favorable, seconded by Council Member Domblrowski. The resolution was adopted
<br />by a roll call vote of nine ayes.
<br />RESOLUTION NO. 922 -$1 AN INDUCEMENT RESOLUTION RELATING TO THE FINANCING OF
<br />ECONOMIC DEVELOPMENT FACILITIES FOR INTERLINX CORP.,
<br />PURSUANT TO THE PROVISIONS OF INDIANA CODE 18- 6 -4.5, AS
<br />AMENDED.
<br />At the present time there are insufficient employment opportunities and insufficient
<br />diversification of industries, which conditions are harmful to the economic stablility
<br />and general welfare of the area and, if not remedied, will be detrimental to the
<br />development of the area. The City of South Bend, Indiana (the "City ") is authorized
<br />under provisions of Indiana Code 18- 6 -4.5, as amended "(the "Act "), to acquire construct
<br />and finance economic development projects for the users thereof and to provide for
<br />the issuance of revenue bonds in conjuntion therewith.
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