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"Trustee "), the Bond Purchase Agreement between City, Company <br />and Harris Trust and Savings Bank, and this Ordinance, pre- <br />sented to the Commission, and (v) recommending that this <br />Council find that the proposed economic development revenue <br />bond financing of such facilities will be of benefit to the <br />health and welfare of the City and its citizens, and complies <br />with the purposes and provisions of the Act, and that this <br />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 de- <br />scribed in said report and in the attached First Amendment to <br />Loan Agreement, First Amendment to Mortgage and the Bond Pur- <br />chase 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 "First Amendment to <br />Loan Agreement," "First Amendment to Mortgage," "Bond Purchase <br />Agreement," "Election under IRC Section 103 (b)(6)," Economic <br />Development Revenue Bonds, and "First Supplemental Indenture" <br />