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and welfare of the City and its citizens, ( iii) further finding <br /> that the proposed economic development revenue bond financing <br /> of such facilities complies with the purposes and provisions of <br /> the Act, ( iv) approving the economic development revenue bond <br /> financing of such facilities, including the form and terms of <br /> the Loan Agreement, Mortgage and Security Agreement between the <br /> Company and the City, the Promissory Note from the Company to <br /> the City, the registered City of South Bend, Indiana, Economic <br /> Development Revenue Bond, Series 1985 (3300 Sample Street <br /> Associates, an Indiana Partnership Project) from the City to <br /> the bondholders, The Trust Indenture between the City and St . <br /> Joseph Bank and Trust Company (the "Trustee" ) , and this Ordi- <br /> nance, presented to the Commission, and (v) recommending that <br /> this Council find that the proposed economic development <br /> revenue bond financing of such facilities will be of benefit to <br /> the health and welfare of the City and its citizens, and com- <br /> plies with the purposes and proisions of the Act, and that this <br /> Council adopt an ordinance approving such financing, <br /> NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF <br /> THE CITY OF SOUTH BEND, INDIANA, THAT: <br /> Section 1 . This Council finds that the facilities <br /> described in said report and in the attached Loan Agreement and <br /> Security Agreement are "economic development facilities" within <br /> the meaning of the Act and that such facilities will not have <br /> an adverse competitive effect on any similar facilities already <br /> constructed or operating in or about the City. <br /> -2- <br />