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financing of such facilities will,be of benefit to the health <br /> and welfare of the City and its citizens , and complies with <br /> the purposes and provisions of the Act , and that this Council <br /> adopt an ordinance approving such financing. - <br /> NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF <br /> THE CITY OF SOUTH BEND, INDIANA, THAT: <br /> Section 1. This Council finds that the facilities <br /> described in said report and in the Loan Agreement , as <br /> supplemented, are "economic development facilities" within <br /> the meaning of the Act , and that such facilities do not and <br /> will not have an adverse competitive effect on any similar <br /> facilities already constructed or operating in or about the <br /> City. <br /> Section 2. This Council further finds that the proposed <br /> amendments to the existing economic development revenue bond <br /> financing of such facilities will be of benefit to the health <br /> and welfare of the City and its citizens . <br /> Section 3 . This Council further finds that the proposed <br /> amendments to the existing economic development revenue bond <br /> financing of such facilities complies with the purposes and <br /> provisions of the Act. <br /> Section 4 . This Council hereby approves the proposed <br /> amendments to the existing economic development revenue bond <br /> financing of such facilities , including (i) the form and <br /> terms of the aforementioned Bonds and Third Supplemental <br /> Trust Indenture and Third Supplemental Loan Agreement (two <br /> (2) copies of which are on file in the Office of the Clerk of <br /> the City for public inspection) , (ii) the issuance and sale <br /> of said amended Bonds , (iii) the assumption by the Company of <br /> the obligation of South Bend Forge, Inc. under the terms of <br /> the Bonds , as amended, and (iv) the purchase by the Company <br /> from South Bend Forge , Inc. of substantially all of the <br />