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J , <br /> RESOLUTION NO. /4.3 A <br /> RESOLUTION OF THE <br /> SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION <br /> BE IT RESOLVED by the South Bend Economic Development <br /> Commission that: <br /> 1. It finds that the acquisition and construction of <br /> the proposed economic development facilities described in the Loan <br /> Agreement, Mortgage and Security Agreement between the City of <br /> South Bend, Indiana (the "City") and P.A. I. Properties, an Indiana <br /> partnership (the "Company") , presented to this meeting will be of <br /> benefit to the health and general welfare of the City and its <br /> citizens and will not have an adverse competitive effect on any <br /> similar facilities already constructed or operating in or about the <br /> City for the reason that such facilities will merely enable the <br /> Company to maintain its competitive position, vis-a-vis similar <br /> facilities located in or near South Bend. <br /> 2 . It further finds that the proposed economic <br /> development revenue bond financing of the P.A. I . Properties <br /> facilities complies with the purposes and provisions of Title 36, <br /> Article 7 , Chapters 11.9 and 12 of the Indiana Code, as amended <br /> (the "Act") . <br /> 3 . This Commission hereby approves the economic <br /> development revenue bond financing of such facilities, including <br /> the form and terms of the aforementioned Loan Agreement, Mortgage <br /> and Security Agreement, the Promissory Note from the Company to the <br /> City, the fully-registered City of South Bend, Indiana Economic <br /> Development Revenue Bond (P.A. I . Properties, an Indiana Partnership <br />