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holders, The Trust Indenture between <br />the City and Valley <br />American Bank and Trust Company (the <br />"Trustee ") , and this <br />Ordinance, presented to the Commission, <br />and (v) recommending <br />that this Council find that the proposed economic development <br />revenue bond financing of such facilities <br />will be of benefit to <br />the health and welfare of the City and its citizens, and com- <br />plies with the purposes and proisions of <br />the Act, and that this <br />Council adopt an ordinance approving such <br />financing, <br />NOW, THEREFORE, BE IT ORDAINED <br />BY THE COMMON COUNCIL <br />OF THE CITY OF SOUTH BEND, INDIANA, THAT: <br />Section 1. This Council finds <br />that the facilities <br />described in said report and in the attached <br />Loan Agreement, <br />Mortgage and Security Agreement are <br />"economic development <br />facilities" within the meaning of the <br />Act and that such <br />facilities will not have an adverse competitive <br />effect on any <br />similar facilities already constructed or <br />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 />of said Economic Development Revenue Bonds to the Company for <br />the acquisition of such facilities, such loan to be evidenced <br />-2- <br />