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the City to the bondholders, The Trust Indenture between the <br /> City and St. Joseph Bank and Trust Company (the "Trustee") , the <br /> Letter of Credit from U.S. Central Credit Union to the Trustee <br /> and related documents, and this Ordinance, presented to the <br /> Commission, and (v) recommending that this Council find that <br /> the proposed economic development revenue bond financing of <br /> such facilities will be of benefit to the health and welfare of <br /> the City and its citizens, and complies with the purposes and <br /> provisions of the Act, and that this Council adopt an ordinance <br /> approving such financing. <br /> The proposed economic development facilities are <br /> located in an economic development target area. <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 Loan Agreement are "eco- <br /> nomic development facilities" within the meaning of the Act and <br /> that such facilities will not have an adverse competitive <br /> effect on any similar facilities already constructed or operat- <br /> ing 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, Promissory Note, Economic Development Revenue Bonds, <br /> Trust Indenture, Letter of Credit, Bond Purchase Agreement and <br />