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• <br /> recommending that this Council find that the proposed economic <br /> development revenue bond financing of such facilities will be of <br /> benefit to the health and general welfare of the City and its <br /> citizens, and complies with the purposes and provisions of the Act, <br /> and that this Council adopt an ordinance approving such financing. <br /> The Borrower has forwarded to this Common Council the forms of <br /> (1) a Loan Agreement dated as of May 1, 1992 between the City and <br /> the Borrower, providing for the loan by the City to the Borrower of <br /> the proceeds of the Bonds; (2) the Trust Indenture dated as of <br /> May 1, 1992 (the "Indenture") , between the City and Society Bank, <br /> Indiana, as Trustee providing for the issuance of the Bonds by the <br /> City, the terms applicable thereto and the security for the Bonds; <br /> (3) the form of the Bonds (as set forth in the Indenture) ; (4) the <br /> Mortgage and Security Agreement from the Borrower in favor of the <br /> Trustee to secure Borrower's obligations under the Loan Agreement; <br /> and (5) the Purchase Contract (the "Purchase Agreement") , among <br /> Shelby, Kerns, Frederick & Shelby, on behalf of the Underwriters <br /> (as defined therein) (the "Underwriter") , the City and the <br /> Borrower, providing for the sale of the Bonds (the foregoing <br /> documents are hereinafter referred to, collectively, as the "Loan <br /> Documents" and are incorporated in this Bond Ordinance by this <br /> reference) . <br /> NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE <br /> CITY OF SOUTH BEND, INDIANA, THAT: <br /> Section 1. Findings; Public Benefits. The Common Council of <br /> the City hereby finds and determines that (i) the Project <br /> constitutes "economic development facilities" within the meaning of <br /> the Act and such facilities would not have an adverse competitive <br /> effect on any similar facilities already constructed or operating <br /> in or about the City, and (ii) the proposed Bond financing would be <br /> of benefit to the health and general welfare of the City and its <br /> citizens and would comply with purposes and provisions of the Act. <br /> Section 2. Authorization of the Bonds. This Common Council <br />