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• <br /> • <br /> the bondholders, The Trust Indenture between the City and <br /> Mitsubishi Bank and Trust Company of New York (the "Trustee" ) , <br /> and this Ordinance, presented to the Commission, and (v) recom- <br /> mending that this Council find that the proposed economic <br /> development revenue bond financing of such facilities will be <br /> of benefit to the health and welfare of the City and its citi- <br /> zens, and complies with the purposes and provisions of the Act, <br /> and that this Council adopt an ordinance approving such financ- <br /> ing; and <br /> WHEREAS, this Common Council at its regularly sched- <br /> uled meeting of July 13, 1987 passed Ordinance No. 7773-87 <br /> approving the issuance of the Bonds on or about July 22, 1987, <br /> and having been advised that said Bonds have not yet been <br /> issued and are now scheduled to issue on or about August 14 , <br /> 1987. <br /> NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL <br /> OF THE CITY OF SOUTH BEND, INDIANA, THAT: <br /> Section 1. This Council finds that the facilities <br /> described in said report and in the attached Loan Agreement are <br /> "economic development facilities" within the meaning of the Act <br /> and that such facilities will not have an adverse competitive <br /> effect on any similar facilities already constructed or oper- <br /> ating in or about the City. <br /> Section 2 . This Council further finds that the pro- <br /> posed economic development revenue bond financing of such <br /> facilities will be of benefit to the health and welfare of the <br /> City and its citizens . <br /> Section 3 . This Council further finds that the pro- <br /> posed economic development revenue bond financing of such <br /> facilities complies with the purposes and provisions of the Act. <br /> Section 4 . This Council hereby approves the proposed <br /> economic development revenue bond financing of such facilities, <br />