Issue its Economic Development Revenue Bond (Automatic Real Estate Project) $750,000.00 (Automiatic Equipment Project) $2,250,000.00

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bond financing of such facilities, including the form and terms of the Loan Agreement; Real Estate Promissory Note to CITY from the Company; the Equipment Promissory Note to the CITY from the Company; Indenture of Trust between the CITY and St. Joseph Bank and Trust Company (the "Bank" ) ; Leasehold Mortgage between the Company and the CITY; Security Agreement between the Company and the CITY; the fully registered City of South Bend, Indiana, Economic Development Revenue Bond, Series 1985, (Automatic Equipment Project) , from the CITY to the bondholders, in the amount of Two Million Two Hundred Fifty Thousand and No/100 Dollars ($2,250, 000. 00) ; the fully regis- tered City of South Bend, Indiana, Economic Development Revenue Bond, Series 1985 (Automatic Real Estate Project) , from the CITY to the bondholders, in the amount of Seven Hundred Fifty Thousand and No/100 Dollars ($750, 000. 00) ; the election under I .R.C. §103 (b) (6) ; 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 pur- poses 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 de- scribed in said report and in the attached Loan Agreement are "economic development facilities" within the meaning of the Act and that such facilities will not have an adverse competitive effect on any similar facilities already constructed or operating in or about the CITY. Section 2 . This Council further finds that the proposed economic development revenue bond financing of such facilities will