Issue its Economic Development Revenue Bonds (South Bend Residence Associates) $4,250,000.00

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the City, the registered City of South Bend, Indiana, Economic Development Revenue Bonds (South Bend Residence Associates, an Indiana Partnership Project) from the City to the bondholders, the Trust Indenture between the City and the Trustee, and this Ordinance, presented to the Commission, and (v) recommending that this Council find that the proposed economic development revenue bond financing of such facilities will be of benefit to the health and welfare of the City and its citizens, and complies with the purposes and provisions of the Act, and that this Council adopt an ordinance approving such financing, NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, THAT: Section 1. This Council finds that the facilities described in said report and in the attached Loan Agreement are "economic development facilities" within the meaning of the Act, that such facilities will not have an adverse competitive effect on any similar facilities already constructed or operat- ing in or about the City, and that such facilities are located in an "economic development target area" as defined in the Act. Section 2 . This Council further finds that the proposed economic development revenue bond financing of such facilities will be of benefit to the health and welfare of the City and its citizens. Section 3 . This Council further finds that the proposed economic development revenue bond financing of such facilities complies with the purposes and provisions of the Act. Section 4. This Council hereby approves the proposed economic development revenue bond financing of such facilities, including (i) the form and terms of the aforementioned Loan Agreement and Promissory Note, related security documents, Economic Development Revenue Bonds and Trust Indenture attached hereto and incorporated herein by reference (two (2) copies of