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ORDINANCE NO. 73Sa -1?4 <br />AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, <br />INDIANA (THE "CITY "), TO ISSUE ITS "ECONCMIC <br />DEVELOPMENT REVENUE BONDS, SERIES 1984 <br />(DAFIR REALTY CO., AN INDIANA PARTNERSHIP PROJECT), <br />IN THE AGGREGATE PRINCIPAL AMOUNT OF <br />NINE HUNDRED THOUSAND DOLLARS ($900,000.00) <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 Dafir <br />Realty Co. and the Area Plan Commission has commented favorably <br />thereon; and <br />WHEREAS, the Commission, after a public hearing held <br />on July 6, 1984, has adopted a Resolution, which has been <br />transmitted to this Council, (i) finding that the acquisition <br />and construction by Dafir Realty Co. (the "Company ") of the <br />proposed economic development facilities described in said <br />Report will not have an adverse competitive effect on any <br />similar facilities already constructed or operating in or about <br />the City, (ii) further finding 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 <br />citizens, (iii) further finding that the proposed economic <br />development revenue bond financing of such facilities complies <br />with the purposes and provisions of the Act, (iv) approving the <br />economic development revenue bond financing of such facilities, <br />including the form and terms of the Loan Agreement, Mortgage <br />and Security Agreement between the Company and the City, the <br />Promissory Note from the Company to the City, the registered <br />City of South Bend, Indiana, Economic Development Revenue <br />Bonds, Series 1984 (Dafir Realty Co., an Indiana Partnership <br />