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economic development revenue bond financing of such facilities <br /> complies with the purposes and provisions of the Act, ( iv) <br /> approving the economic development revenue bond financing of <br /> such facilities, including the form and terms of the Loan <br /> Agreement, Mortgage and Security Agreement between the Company <br /> and the City, the Promissory Note from the Company to the City, <br /> the registered City of South Bend, Indiana, Economic Develop- <br /> ment Revenue Bond, Series 1985 (Thomas W. Mittler, d/b/a <br /> T.A.N.K. S. , Project) from the City to the bondholders, the <br /> Trust Indenture between the City and Valley American Bank and <br /> Trust Company (the "Trustee" ) , and this Ordinance, presented to <br /> the Commission, and (v) recommending that this Council find <br /> that the proposed economic development revenue bond financing <br /> of such facilities will be of benefit to the health and welfare <br /> of the City and its citizens, and complies with the purposes <br /> and proisions of the Act, and that this Council adopt an ordi- <br /> nance approving such financing, <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 attached Loan Agreement, <br /> Mortgage and Security Agreement are "economic development <br /> facilities" within the meaning of the Act and that such <br /> facilities will not have an adverse competitive effect on any <br /> similar facilities already constructed or operating in or about <br /> the City. <br /> -2- <br />