9593-05 Authorizing to issue its "Economic Development Revenue Bonds, Series 2005 (MDC South Bend, LLC Project)

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Proposed Financing of Economic Development Facilities for MDC South Bend, LLC regarding the proposed financing of the costs of the Project. After a duly noticed public hearing conducted on Apri129, 2005, the Commission adopted a resolution (the "Resolution"), which Resolution has been previously transmitted to the Clerk of the City, finding that the financing of the Project, as described in the application submitted by the Company to the Commission, complies with the purposes and provisions of the Act, and will be of benefit to the health and welfare of the City and its citizens, and will not have an adverse competitive impact on other facilities of the same or similar kind already construed or operating in the City. No public works or services not already existing or available, or for which provision has not been made, will be necessary or desirable on account of the Project as such facilities will be provided either by the Borrower, private utilities, or existing public facilities. Pursuant to the Resolution, the Commission has approved the proposed financing and has approved in substantially final form, subject to subsequent changes by the Mayor of the City (the "Mayor") and the Clerk of the City (the "Clerk"), the Loan Agreement and the form of the City of South Bend, Indiana, Economic Development Revenue Bonds, Series 2005 (MDC South Bend LLC Project) (collectively, the "Financing Documents"). Pursuant to and in accordance with the Act, the City desires to procure funds to finance the Project by issuing the Bonds. No member of the Council has any pecuniary interest in any employment, financing agreement or other contract made under the provisions of Indiana Code § 36-7-11.9 and Indiana Code § 36-7-12 and related to the Bonds authorized herein, which pecuniary interest has not been fully disclosed to the Council and no such member has voted on any such matter, all in accordance with the provisions of Indiana Code § 36-7-12-16. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: SECTION I. The Common Council hereby finds and determines that the Project will not have an adverse competitive impact on other facilities of the same or similar kind already constructed or operating in the City. SECTION II. It is hereby found that the financing of the Project previously approved by the Commission and presented to this Common Council, the issuance and sale of the Bonds, the Loan of the net proceeds thereof to the Company for the acquisition, construction, installation and equipping of the Project and the repayment of the Loan by the Company, will be of benefit to the health, prosperity, economic stability, general welfare and public interest of the City and its citizens and complies with the purposes and provisions of the Act. SECTION III. The proposed financing and the form of the Financing Documents approved by the Commission are hereby approved and all such documents shall be incorporated herein by reference and shall be inserted in the minutes of the Common Council and kept on file by the Clerk. BDDBOI 4046058v2 - 2 -