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ORDINANCE NO. 7P10 - 8`S <br /> AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, <br /> INDIANA (THE "CITY") , TO ISSUE ITS "ECONOMIC" <br /> DEVELOPMENT REVENUE BOND, SERIES 1985 <br /> (DATA-LINK SYSTEMS, INC. PROJECT) <br /> IN THE AGGREGATE PRINCIPAL AMOUNT OF <br /> ONE MILLION DOLLARS ($1,000,000.00) AND APPROVING <br /> AND AUTHORIZING CERTAIN ACTIONS WITH RESPECT THERETO. <br /> WHEREAS, the City is a municipal corporation and political <br /> subdivision of the State of Indiana, and by virtue of Title 35, <br /> Article 7, Chapter 12, of the Indiana Code, as amended (the "Act") , <br /> is authorized and empowered to adopt this Ordinance and to carry out <br /> its provisions; and <br /> WHEREAS, the South Bend Economic Development Commission (the <br /> "Commission") has rendered its report concerning the proposed <br /> financing of economic development facilities for Data-Link Systems, <br /> Inc. , (the "Company") and the area Plan Commission has commented <br /> favorably thereon; and <br /> WHEREAS, the Commission, after a public hearing held on July <br /> 19, 1985, has adopted a Resolution, which has been transmitted to <br /> this Council, (i) finding that the addition by the Company of the <br /> proposed economic development facilities described in said Report <br /> will not have an adverse competitive effect on any similar facilities <br /> already constructed or operating in or about the City, (ii) further <br /> finding that the proposed economic development revenue bond financing <br /> of such facilities will be of benefit to the health and welfare of <br /> the City and its citizens, (iii) further finding that the proposed <br /> economic development revenue bond financing of such facilities <br /> complies with the purposes and provisions of the Act, (iv) approving <br /> the economic development revenue bond financing of such facilities, <br /> including the form and terms of the Loan Agreement, Mortgage and <br />