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from the City to the bondholders, The Trust Indenture between <br />the City and St. Joseph Bank and Trust Company (the "Trustee "), <br />and this Ordinance, presented to the Commission, and (v) recom- <br />mending that this Council find that the proposed economic <br />development revenue bond financing of such facilities will be <br />of benefit to the health and welfare of the City and its citi- <br />zens, and complies with the purposes and proisions of the Act, <br />and that this Council adopt an ordinance approving such <br />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 <br />further finds that the pro- <br />posed economic development revenue <br />bond financing of such <br />facilities will be of benefit to <br />the health and welfare of the <br />City and its citizens. <br />Section 3. This Council <br />further finds that the pro- <br />posed economic development revenue bond financing of such <br />facilities complies with the purposes <br />and provisions of the Act. <br />Section 4. This Council <br />hereby approves the proposed <br />economic development revenue bond <br />financing of such facilities, <br />including (i) the form and terms of the aforementioned Loan <br />Agreement, Mortgage and Security <br />Agreement, Promissory Note, <br />Economic Development Revenue Bonds <br />and Trust Indenture attached <br />