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ORDINANCE NO. 7L-16d, - <br /> AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, <br /> INDIANA (THE "CITY" ) , TO ISSUE ITS "ECONOMIC <br /> DEVELOPMENT REVENUE BONDS, SERIES 1985 <br /> (THOMAS W. MITTLER, D/B/A T.A.N.K.S. , PROJECT) , <br /> IN THE AGGREGATE PRINCIPAL AMOUNT OF <br /> ONE MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS <br /> ($1,250,000 . 00) AND APPROVING <br /> AND AUTHORIZING CERTAIN ACTIONS WITH RESPECT THERETO. <br /> WHEREAS, the City is a municipal corporation and po- <br /> litical subdivision of the State of Indiana, and by virtue of <br /> Title 35, Article 7, Chapter 12, of the Indiana Code, as <br /> amended (the "Act" ) , is authorized and empowerd to adopt this <br /> Ordinance and to carry out its provisions; and <br /> WHEREAS, the South Bend Economic Development Commis- <br /> sion (the "Commission" ) has rendered its report concerning the <br /> proposed financing of economic development facilities for <br /> Thomas W. Mittler, d/b/a T.A.N.K.S. , and the Area Plan Commis- <br /> sion has commented favorably thereon; and <br /> WHEREAS, the Commission, after a public hearing held <br /> on May 3, 1985, has adopted a Resolution, which has been trans- <br /> mitted to this Council , (i) finding that the acquisition and <br /> construction by Thomas W. Mittler, d/b/a T.A.N.K. S . (the "Com- <br /> pany" ) of the proposed economic development facilities de- <br /> scribed in said Report will not have an adverse competitive <br /> effect on any similar facilities already constructed or operat- <br /> ing in or about the City, (ii) further finding 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, ( iii) further finding that the proposed <br />