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Section 1. This Council finds that the facilities <br /> described in said report and in the attached Loan Agreement and <br /> Security Agreement are "economic development facilities" within <br /> the meaning of the Act and that such facilities will not have <br /> an adverse competitive effect on any similar facilities already <br /> constructed or operating in or about the City. <br /> Section 2 . This Council further finds that the pro- <br /> posed economic development revenue bond financing of such fa- <br /> cilities 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 fa- <br /> cilities 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 /> including (i) the form and terms of the aforementioned Loan <br /> Agreement and Security Agreement, Promissory Note, Economic <br /> Development Revenue Bond and Trust Indenture attached hereto <br /> and incorporated herein by reference (two (2) copies of which <br /> are on file in the Office of the Clerk of the City for public <br /> inspection) , (ii) the issuance and sale of said Economic Devel- <br /> opment Revenue Bond, (iii) the loan of the net proceeds of said <br /> Economic Development Revenue Bond to the Company for the con- <br /> struction of such facilities, such loan to be evidenced by said <br /> Promissory Note, (iv) the repayment of said loan by the Company <br /> pursuant to said Loan Agreement and Security Agreement, and <br /> -3- <br />