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the City, the Borrower, National Bank of Detroit and The Indiana <br />National Bank (the "Banks ") and The Aetna Casualty and Surety <br />Company and Nationwide Mutual Insurance Company (the "Purchasers ") <br />providing for the sale of the Bonds by the City to the Banks, and <br />the Bank's subsequent sale (upon completion of the Project) of <br />the Bonds to the Purchasers, (2) Indenture of Trust (the "Indenture ") <br />dated as of March 15, 1981, between the City and The Indiana <br />National Bank, Indianapolis, Indiana (the "Trustee "), containing <br />a form of economic development revenue bond, (3) Loan Agreement <br />(the "Loan Agreement ") dated as of March 15, 1981, between the <br />City and the Borrower, containing a form of Note from the Borrower <br />to the City, which shall be endorsed to the Trustee, and (4) this <br />Bond Ordinance. <br />Section 2. Findings; Public Benefits. The Common Council <br />of the City hereby finds and determines that the building, equipment <br />and facilities comprising the Project to be acquired, constructed <br />and developed with the proceeds of the Economic Development Revenue <br />Bonds herein authorized are "economic development facilities" as <br />that phrase is used in the Act; that acquisition, construction and <br />development of the Project will increase employment opportunities <br />and increase diversification of economic development facilities in <br />and near the City, will improve and promote the economic stability, <br />development and welfare of the area in and near the City and will <br />encourage and promote the expansion of industry, trade and commerce <br />in the area in and near the City and the location of other new <br />industries in such area; and that the public benefits to be accomplished <br />by this Bond Ordinance, in tending to overcome insufficient employment <br />opportunities and insufficient diversification of industry, trade <br />and commerce are greater than the cost of public services (as that <br />phrase is defined in the Act) which will be required by the Project. <br />-2- <br />