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Bend, Indiana, Economic Development Revenue Bond (Enterprise <br /> Associates, Ltd. , an Indiana Limited Partnership Project) from <br /> the City to the bondholders, the Trust Indenture between the <br /> City and Valley American Bank and Trust Company (the <br /> "Trustee") , 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 /> 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 <br /> Act, and that such facilities will not have an adverse competi- <br /> tive effect on any similar facilities already constructed or <br /> 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 <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 /> including (i) the form and terms of the aforementioned Loan <br /> Agreement and Promissory Note, Economic Development Revenue <br /> Bond and Trust Indenture attached hereto and incorporated here- <br /> in by reference (two (2) copies of which are on file in the <br />