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Mortgage and Security Agreement are "economic development <br />facilities" within the meaning of the Act and that such facili- <br />ties will not have an adverse competitive effect on any similar <br />facilities already constructed or operating in or about the <br />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 Note, <br />Economic Development Revenue Bonds, Trust Indenture, Letter of <br />Credit and Official Statement attached hereto and incorporated <br />herein by reference (two (2) copies of which are on file in the <br />Office of the Clerk of the City for public inspection), (ii) <br />the issuance and sale of said Economic Development Revenue <br />Bonds, (iii) the loan of the net proceeds of said Economic <br />Development Revenue Bonds to the Company for the acquisition, <br />construction and equipping of such facilities, such loan to be <br />evidenced by said Promissory Note, (iv) the repayment of said <br />loan by the Company pursuant to said Loan Agreement, Mortage <br />-3- <br />