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ORDINANCE NO. 7.3,5'1- '' -/ <br />AS AMENDED <br />AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, <br />INDIANA (THE "CITY "), TO ISSUE ITS "ECONOMIC <br />DEVELOPMENT REVENUE BONDS, SERIES 1984 <br />(TWENTY THREE NORTH PARTNERSHIP, <br />AN INDIANA PARTNERSHIP PROJECT), <br />IN THE AGGREGATE PRINCIPAL AMOUNT OF <br />ONE MILLION FIFTY THOUSAND DOLLARS ($1,050,000.00) <br />AND APPROVING <br />AND AUTHORIZING CERTAIN ACTIONS WITH RESPECT THERETO. <br />WHEREAS, the City is a municipal corporation and po- <br />litical subdivision of the State of Indiana, and by virtue of <br />Title 35, Article 7, Chapter 12, of the Indiana Code, as <br />amended (the "Act "), is authorized and empowerd to adopt this <br />Ordinance and to carry out its provisions; and <br />WHEREAS, the South Bend Economic Development Commis- <br />sion (the "Commission ") has rendered its report concerning the <br />proposed financing of economic development facilities for <br />Twenty Three North Partnership and the Area Plan Commission has <br />commented favorably thereon; and <br />WHEREAS, the Commission, after a public hearing held <br />on July 5, 1984, has adopted a Resolution, which has been <br />transmitted to this Council, (i) finding that the acquisition <br />and construction by Twenty Three North Partnership (the "Com- <br />pany") of the proposed economic development facilities <br />described in said Report will not have an adverse competitive <br />effect on any similar facilities already constructed or <br />operating in or about the City, (ii) further finding that the <br />proposed 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, (iii) further finding that the proposed <br />economic development revenue bond financing of such facilities <br />complies with the purposes and provisions of the Act, (iv) <br />approving the economic development revenue bond financing of <br />such facilities, including the form and terms of the Loan <br />Agreement, Mortgage and Security Agreement between the Company <br />and the City, the Promissory Note from the Company to the City, <br />the registered City of South Bend, Indiana, Economic Develop- <br />