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the City and its citizens, (iii) further finding that the pro- <br />posed economic development revenue bond financing of such <br />facility complies with the purposes and provisions of the Act, <br />(iv) approving the economic development revenue bond financing <br />of such facility, 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 />ment Revenue Bond (Metal Resources Corporation Project), the <br />Trust Indenture between the City and The Indiana National Bank <br />(the "Trustee "), and this Ordinance, presented to the Commis- <br />sion, and (v) recommending that this Council find that the pro - <br />posed' economic development revenue bond financing of such <br />facility will be of benefit to the health and welfare of the <br />City and its citizens, and complies with the purposes and <br />provisions of the Act, and that this Council adopt an ordi- <br />nance 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 facility <br />described in said Report and in the attached Loan Agreement, <br />Mortgage and Security Agreement is an "economic development <br />facility" within the meaning of the Act and that such facility <br />will not have an adverse competitive effect on any similar <br />facility already 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 />-2- <br />