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of benefit to the health and welfare of the City and its citi- <br /> zens, (iii) further finding that the proposed economic develop- <br /> ment revenue bond financing of such facilities complies with <br /> the purposes and provisions of the Act, (iv) approving the <br /> economic development revenue bond financing of such facilities, <br /> including the form and terms of the Loan Agreement, Mortgage <br /> and Security Agreement between the Company and the City, the <br /> Promissory Note from the Company to the City, the registered <br /> City of South Bend, Indiana, Economic Development Revenue <br /> Bonds, Series 1985 (B & R Investments, an Indiana Partnership <br /> Project) from the City to the bondholders, The Bond Purchase <br /> Agreement between the City and Rehnberg-Jacobson Mfg. Co. (the <br /> "Purchaser" ) , and this Ordinance, presented to the Commission, <br /> and (v) recommending that this Council find that the proposed <br /> economic development revenue bond financing of such facilities <br /> will be of benefit to the health and welfare of the City and <br /> its citizens , and complies with the purposes and provisions of <br /> the Act, and that this Council adopt an ordinance approving <br /> such financing . <br /> IT IS HEREBY ORDAINED BY THE COMMON COUNCIL OF THE <br /> 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, <br /> Mortgage and Security Agreement are "economic development <br /> facilities" within the meaning of the Act and that such facili- <br /> ties will not have an adverse competitive effect on any similar <br /> -2- <br />