Authorizing the Issuance of $985,000.00 Economic Development Revenue Bonds Center City Housing Project

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welfare of the City and will encourage and promote the expansion of industry, trade and commerce in the City and the location of other new economic development facilities in such area. Section 2. Findings: The Common Council hereby finds that this Ordinance (the "Bond Ordinance ") is of public benefit to the economic welfare of the City and County by tending to overcome the deficiencies previously found to exist, to -wit: insufficient employment opportunities and insufficient diversification of economic development, and that such benefit is greater than the cost of public facili- ties (as that phrase is defined in the Act) which will be required by the Project and further that the proposed financ- ing will be of benefit to the welfare of the City and com- plies with the purposes and provisions of the Act. Section 3. Authorization of $985,000 Economic Develop- ment Revenue Bonds: In order to pay the cost of acquiring and constructing the Project, there are hereby authorized to be issued, sold and delivered $985,000 aggregate principal amounts of the Bonds. It is hereby recognized that pursuant to the terms of the Agreement, any balance of the cost of the Project will be paid for by the User unless paid for out of the proceeds of additional parity bonds (the "Additional Bonds ") as identified in the Indenture. Section 4. Definitions: In addition to the words and terms defined in this Bond Ordinance, the words and terms used in this Bond Ordinance shall have the meanings set forth in the Indenture and Agreement unless the context or use indicates another or different meaning or intent and the form of the Bonds and the forms of the Agreement and Indenture, hich forms are before the meeting. are herebv inccrncrated