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Section 1. This Council finds that the facilities <br />described in said Report and in the attached Loan Agreement and <br />Indenture are "economic development facilities" within the <br />meaning of the Act and that such facilities will not have an <br />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, and that such facility is located in an <br />established "economic development target area ", as defined in <br />the Act. <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, Security Agreement, Promissory Note, Eco- <br />nomic Development Revenue Bonds, Trust Indenture, Surety Bond, <br />Reimbursement Agreement and Official Statement attached hereto <br />and incorporated herein by reference (two (2) copies of which <br />are on file in the Office of the Clerk of the City for public <br />inspection), (ii) the issuance and sale of said Economic Devel- <br />opment Revenue Bonds, (iii) the loan of the net proceeds of <br />said Economic Development Revenue Bonds to the Company for the <br />acquisition, renovation and rehabilitation of such facilities, <br />-3- <br />