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ORDINANCE NO. 143 - ?-5- <br /> AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, <br /> INDIANA (THE "CITY" ) , TO ISSUE ITS "ECONOMIC <br /> DEVELOPMENT REVENUE BONDS, SERIES 1985 <br /> (MITTLER SUPPLY, INC. PROJECT) , <br /> IN THE AGGREGATE PRINCIPAL AMOUNT OF <br /> FOUR HUNDRED THOUSAND DOLLARS ($400 ,000 . 00) <br /> 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 /> Mittler Supply, Inc . and the Area Plan Commission has commented <br /> favorably thereon; and <br /> WHEREAS, the Commission, after a public hearing held <br /> on May 3, 1985, has adopted a Resolution, which has been <br /> transmitted to this Council , ( i) finding that the acquisition <br /> and construction by Mittler Supply, Inc . (the "Company" ) of the <br /> proposed economic development facilities described in said <br /> Report will not have an adverse competitive effect on any simi- <br /> lar facilities already constructed or operating in or about the <br /> City, ( ii) further finding that the proposed economic develop- <br /> ment revenue bond financing of such facilities will be of bene- <br /> fit to the health and welfare of the City and its citizens, <br /> ( iii) further finding that the proposed economic development <br />