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economic development revenue bonds to provide funds for the acquisi- <br />tion, construction and installation of such Facility and prior to the <br />execution of any loan agreement therefor; and <br />WHEREAS, this Common Council desires to initiate certain <br />formal steps necessary to secure the commitment of the Company to ac- <br />quire and use the Facility and to provide for other matters incidental <br />thereto; <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of <br />the City of South Bend, Indiana, that: <br />SECION 1. It does hereby approve a finding and determi- <br />nation by the Commission that: <br />a. The real and personal property to be included in <br />the Facility will be an "economic development facili- <br />ty" 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 <br />health, prosperity, economic stability and general <br />welfare of the Issuer and that because of existing <br />insufficient employment opportunities and insuffi- <br />cient diversification of industry within the Issuer, <br />the economic welfare of the Issuer would be benefited <br />by the acquisition and use of the Facility by the <br />Company. <br />SECTION 2. In order to overcome insufficient employment <br />opportunities and insufficient diversifications of industry <br />which the Common Council of the Issuer has heretofore found <br />to exist in the Issuer, this Common Council determines to <br />commence negotiations with the Company concerning the terms <br />of a loan agreement and desires to initiate certain formal <br />steps to secure the commitment of the Company to acquire and <br />use the Facility and to provide for other matters incidental <br />thereto. <br />-2- <br />