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NOW, THEREFORE, BE IT ORDAINED by the Common Council of the <br />City of South Bend, Indiana, that: <br />Section 1. The Common Council of the City hereby finds and <br />determines that the real estate, interests in real estate and other <br />improvements thereon to be acquired and constructed with the proceeds of <br />the bonds herein authorized are "economic development facilities" as <br />that phrase is used in the Act and that acquisition and construction of <br />the Project will increase employment opportunities and increase diver- <br />sification of economic development in the City, will improve and promote <br />the economic stability, development and welfare of the area in the city <br />and will encourage and promote the expansion of industry, trade and <br />commerce in the area in the City and the location of other new economic <br />development facilities in such area. <br />Section 2. The Common Council hereby finds that this <br />Ordinance (the "Bond Ordinance ") is of public benefit to the economic <br />welfare of the City by tending to overcome the deficiencies previously <br />found to exist, to -wit: insufficient employment opportunities and <br />insufficient diversification of economic development, and that such <br />benefit is greater than the cost of public facilities (as that phrase <br />is defined in the Act) which will be required by the Project and further <br />that the proposed financing will be of benefit to the welfare of the City <br />and complies with the purposes and provisions of the Act. <br />Section 3. The form and terms of the Loan Agreement and Trust <br />Indenture, Real Estate Mortgage and Industrial Development Revenue Bond <br />pertaining to the William R. Dobslaw and Heike Dobslaw Project and <br />the issuance of the Industrial Development Revenue Bond pursuant thereto <br />are hereby approved and adopted. <br />Section 4. Said forms of Loan Agreement and Trust Indenture, and <br />Real Estate Mortgage together with the Industrial Development Revenue <br />Bonds which are on file with the Commission, are hereby incorporated <br />by reference into this Ordinance, and said forms shall be inserted <br />into the minutes of the Common Council of the City of South Bend, <br />Indiana, and shall be kept on file by the City Clerk of South Bend, <br />Indiana. <br />- 2 - <br />