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NationaLease, Inc. Project) from the City to the bondholders, <br />The Bond Purchase Agreement between the City and PACCAR <br />Financial Corp. (the "Bank "), 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 Equipment Loan 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 />Section 2. This Council further finds that the pro- <br />posed economic development revenue bond financing of such <br />facilities will be of benefit to the health and welfare of the <br />City and its citizens. <br />Section 3. This Council further finds that the pro- <br />posed economic development revenue bond financing of such <br />facilities complies with the purposes and provisions of the Act. <br />Section 4. This Council hereby approves the proposed <br />economic development revenue bond financing of such facilities, <br />including (i) the form and terms of the aforementioned Ectuip- <br />ment Loan and Security Agreement, Promissory Note, Economic <br />Development Revenue Bonds and Bond Purchase Agreement attached <br />hereto and incorporated herein by reference (two (2) copies of <br />