Laserfiche WebLink
to the bondholders, The Trust Indenture between the City and <br />Valley American Bank and Trust Company (the "Trustee ") , and <br />this Ordinance, presented to the Commission, and (v) recommend- <br />ing that this Council find 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, and <br />complies with the purposes and proisions of the Act, and that <br />this Council adopt an ordinance 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 Loan Agreement, <br />Mortgage and Security Agreement are "economic development <br />facilities" within the meaning of the Act and that such <br />facilities will not have an adverse competitive effect on any <br />similar facilities already constructed or operating in or about <br />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 Loan <br />Agreement, Mortgage and Security Agreement, Promissory Notes, <br />Economic Development Revenue Bonds and Trust Indenture attached <br />hereto and incorporated herein by reference (two (2) copies of <br />