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revenue bond financing of such facilities complies with the <br /> purposes and provisions of the Act, ( iv) approving the economic <br /> development revenue bond financing of such facilities, includ- <br /> ing the form and terms of the Loan Agreement and Security <br /> Agreement between the Company and the City, the Promissory Note <br /> from the Company to the City, the registered City of South <br /> Bend, Indiana, Economic Development Revenue Bond, Series 1985 <br /> (Murphy Motor Freight Lines, Inc . Project) from the City to the <br /> bondholders, the Bond Purchase Agreement between the City, the <br /> Company and The First National Bank of Saint Paul (the "Bond <br /> Purchaser" ) , and this Ordinance, presented to the Commission, <br /> and (v) recommending that this Council find that the proposed <br /> economic development revenue bond financing of such facilities <br /> will be of benefit to the health and welfare of the City and <br /> its citizens, and complies with the purposes and provisions of <br /> the Act, and that this Council adopt an ordinance approving <br /> such financing, <br /> NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF <br /> 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 and <br /> Security Agreement are "economic development facilities" within <br /> the meaning of the Act and that such facilities will not have <br /> an adverse competitive effect on any similar facilities already <br /> constructed or operating in or about the City. <br /> -2- <br />