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ment Revenue Bonds, Series 1984 (Twenty Three North Partner- <br />ship, an Indiana Partnership Project) from the City to the <br />bondholders, The Trust Indenture between the City and lst <br />Source Bank (the "Trustee "), and this Ordinance, presented to <br />the Commission, and (v) recommending that this Council find <br />that the proposed economic development revenue bond financing <br />of such facilities will be of benefit to the health and welfare <br />of the City and its citizens, and complies with the purposes <br />and proisions of the Act, and that this Council adopt an <br />ordinance approving such 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 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 and Trust Indenture attached <br />hereto and incorporated herein by reference (two (2) copies of <br />which are on file in the Office of the Clerk of the City for <br />public inspection), (ii) the issuance and sale of said Economic <br />Development Revenue Bonds, (iii) the loan of the net proceeds <br />OPM <br />