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terms of the economic development revenue bonds proposed to <br />be issued by the'City for the purpose of funding a direct <br />loan from the City to the User to finance the cost of <br />acquisition of such facilities, the Loan Agreement, Mortgage, <br />Security Agreement and Indenture of Trust, which resolution <br />and other instruments and information pertaining to the <br />proposed financing have been transmitted to the Common <br />Council of the City by the Secretary of the Commission; and, <br />WHEREAS, pursuant to the Act, this Common Council has <br />adopted a resolution finding that the proposed financing of <br />the acquisition of such economic development facilities by <br />the User will be of benefit to the economic welfare of the <br />City of South Bend and to the County of St. Joseph, approving <br />the proposed financing and authorizing the issuance by the <br />City of $985,000 principal amount of economic development <br />revenue bonds, (Center City Housing Project) (the "Bonds ") <br />payable solely from the sources, having such terms and <br />provisions and secured as provided by an Indenture of Trust <br />(hereinafter called the "Indenture ") between the City and <br />Indiana National Bank of Indianapolis, Indiana (the <br />"Trustee "), and a Financing Agreement, the City of South <br />Bend, Center City Housing, the Indiana National Bank and <br />Puller Mortgage Associates, Inc. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF <br />THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: <br />Section 1. Public Benefits: The Common Council of the <br />City hereby finds and determines that the real estate, <br />interests in real estate, other improvements thereon and <br />other machinery and equipment, to be acquired and constructed <br />