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4 <br /> ORDINANCE NO. 7,5'.3 7- "°' <br /> AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, <br /> INDIANA (THE "CITY" ) , TO ISSUE ITS "ECONOMIC <br /> DEVELOPMENT REVENUE BOND, SERIES 1985 <br /> (AUTOMATIC REAL ESTATE PROJECT) , " IN THE AGGREGATE <br /> PRINCIPAL AMOUNT OF SEVEN HUNDRED FIFTY THOUSAND <br /> ($750, 000. 00) DOLLARS, TO ISSUE ITS "ECONOMIC <br /> DEVELOPMENT REVENUE BOND, SERIES 1985 (AUTOMATIC <br /> EQUIPMENT PROJECT) " , IN THE AGGREGATE PRINCIPAL <br /> AMOUNT OF TWO MILLION TWO HUNDRED FIFTY THOUSAND <br /> ($2, 250, 000. 00) DOLLARS, AND APPROVING AND <br /> AUTHORIZING CERTAIN ACTIONS WITH RESPECT THERETO. <br /> STATEMENT OF PURPOSE OF INTENT <br /> The CITY is a municipal corporation and political subdivi- <br /> sion of the State of Indiana, and, by virtue of Title 35, Article 7 , <br /> Chapter 12, of the Indiana Code, as amended (the "Act" ) , is autho- <br /> rized and empowered to adopt this Ordinance and carry out its pro- <br /> visions; and <br /> The South Bend Economic Development Commission (the "Com- <br /> mission" ) has rendered its report concerning the proposed financing <br /> of economic development facilities for Automatic Molded Plastics, Inc. , <br /> and the Area Plan Commission and South Bend Community School Corp. <br /> have commented favorably thereon; and <br /> The Commission, after a public hearing held on October 18, <br /> 1985, has adopted a Resolution, which has been transmitted to this <br /> Council, (i) finding that the acquisition by Automatic Molded <br /> Plastics, Inc. (the "Company" ) of the proposed economic development <br /> facilities described in said Report will not have an adverse competi- <br /> tive effect on any similar facilities already constructed or operating <br /> in or about the CITY; (ii) further finding that the proposed economic <br /> development revenue bond financing of such facilities will be of <br /> benefit to the health and welfare of the CITY and its citizens; (iii) <br /> further finding that the proposed economic development revenue bond <br /> financing of such facilities complies with the purposes and pro- <br />