Issue its Economic Development Revenue Bond (Murphy Motor Freight Lines Inc Project) $1,000,000.00

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ORDINANCE NO. 74/,/e/_ 26' AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, INDIANA (THE "CITY" ) , TO ISSUE ITS "ECONOMIC DEVELOPMENT REVENUE BOND, SERIES 1985 (MURPHY MOTOR FREIGHT LINES, INC. PROJECT) , IN THE AGGREGATE PRINCIPAL AMOUNT OF ONE MILLION DOLLARS ($1, 000, 000 . 00) AND APPROVING AND AUTHORIZING CERTAIN ACTIONS WITH RESPECT THERETO. WHEREAS, the City is a municipal corporation and poli- tical subdivision of the State of Indiana, and by virtue of Title 35, Article 7, Chapter 12, of the Indiana Code, as amended (the "Act" ) , is authorized and empowerd to adopt this Ordinance and to carry out its provisions; and WHEREAS, the South Bend, Economic Development Commis- sion (the "Commission" ) has rendered its report concerning the proposed financing of economic development facilities for Murphy Motor Freight Lines, Inc . (the "Company" ) and the Area Plan Commission has commented favorably thereon; and WHEREAS, the Commission, after a public hearing held on May 3, 1985, has adopted a Resolution, which has been transmitted to this Council , (i) finding that the acquisition by the Company of the proposed economic development facilities will not have an adverse competitive effect on any similar facilities already constructed or operating in or about the City, ( ii) further finding that the proposed economic develop- ment revenue bond financing of such facilities will be of bene- fit to the health and welfare of the City and its citizens, (iii) further finding that the proposed economic development