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ORDINANCE NO. 7 rq 6, - b J' <br /> AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, <br /> INDIANA (THE "CITY") , TO ISSUE ITS "ECONOMIC <br /> DEVELOPMENT REVENUE BONDS, SERIES 1985 <br /> (STANZ REALTY COMPANY, <br /> AN INDIANA PARTNERSHIP PROJECT) , <br /> IN THE AGGREGATE PRINCIPAL AMOUNT OF <br /> ONE MILLION FIVE HUNDRED THOUSAND DOLLARS <br /> ($1, 500, 000 . 00) AND APPROVING <br /> AND AUTHORIZING CERTAIN ACTIONS WITH RESPECT THERETO. <br /> STATEMENT OF PURPOSE AND INTENT: <br /> The City is a municipal corporation and political sub- <br /> division of the State of Indiana, and by virtue of Title 35, <br /> Article 7, Chapter 12, of the Indiana Code, as amended (the <br /> "Act") , is authorized and empowerd to adopt this Ordinance and <br /> to carry out its provisions . <br /> The South Bend Economic Development Commission (the <br /> "Commission") has rendered its report concerning the proposed <br /> financing of economic development facilities for Stanz Realty <br /> Company and the Area Plan Commission has commented favorably <br /> thereon. <br /> The Commission, after a public hearing held on Novem- <br /> ber 15, 1985, has adopted a Resolution, which has been trans- <br /> mitted to this Council, (i) finding that the acquisition and <br /> construction by Stanz Realty Company (the "Company") of the <br /> proposed economic development facilities described in said <br /> Report will not have an adverse competitive effect on any <br /> similar facilities already constructed or operating in or about <br /> the City, (ii) further finding that the proposed economic <br /> development revenue bond financing of such facilities will be <br />