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and the Common Council of the Issuer to undertake certain proceed- <br />ings and adopt certain legislation prior to the issuance of any <br />economic development revenue bonds to provide funds for the <br />construction and installation of such Facility and prior to the <br />execution of any Lease and Trust Indenture therefor; and <br />WHEREAS, this Common Council desires to initiate certain <br />formal steps necessary to secure the commitment of the Company <br />to construct and use the Facility and to provide for other matters <br />incidental thereto; <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the <br />City of South Bend, Indiana that: <br />SECTION 1. It does hereby approve a finding and deter- <br />mination by the Commission that: <br />a. The real and personal property to be included in <br />the Facility will be an "economic development facility" <br />within the meaning of those terms in the Act. <br />b. That the utilization of such real and personal <br />property in the creation and location of the Facility <br />would be economically sound and will benefit the health, <br />prosperity, economic stability and general welfare of <br />the Issuer and that because of existing insufficient <br />employment opportunities and insufficient diversifi- <br />cation of industry within the Issuer, the economic <br />welfare of the Issuer would be benefited by the <br />construction and use of the Facility by the Company. <br />SECTION 2. In order to overcome insufficient employment <br />opportunities and insufficient diversification of industry which <br />the Common Council of the Issuer has heretofore found to exist in <br />the Issuer, this Common Council determines to commence negotia- <br />tions with the Company concerning the terms of a bond issue and <br />desires to initiate certain formal steps to secure the commitment <br />of the Company to construct and use the Facility and to provide for <br />-2- <br />