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2 <br />SECTION 1. The Commission hereby finds, determines, ratifies and confirms that the <br />diversification of business, the creation of business opportunities and the creation of opportunities <br />for gainful employment within the jurisdiction of the City are desirable, serve a public purpose, <br />and are of benefit to the health and general welfare of the City; and that it is in the public interest <br />that the City take such action as it lawfully may to encourage the diversification of industry, the <br />creation of business opportunities, and the creation of opportunities for gainful employment within <br />the jurisdiction of the City. <br />SECTION 2. In making the findings herein, the Commission has considered any adverse <br />competitive effect the Project may have on any similar facilities already constructed or operating <br />in or near the City. <br />SECTION 3. The Commission hereby approves the findings of fact and report with <br />respect to the Project presented at this meeting. The Secretary of this Commission shall submit <br />such report to the executive director or chairman of the plan commission of the City. <br />SECTION 4. The Commission finds, determines, ratifies and confirms that the issuance <br />and sale of the Bonds in an amount not to exceed Seventeen Million Dollars ($17,000,000) and <br />the use of a portion of the proceeds of the Bonds to pay costs related to the issuance of the Bonds, <br />pay capitalized interest on the Bonds, if necessary, for a period of not to exceed one (1) year <br />following project completion, and to provide (or be deemed to provide) the remaining proceeds of <br />the Bonds to the Developer for the financing of a portion of the cost the Project will be of benefit <br />to the health and general welfare of the City, will serve the public purposes referred to above in <br />accordance with the Act, and will fully comply with the Act. <br />SECTION 5. The financing of a portion of the costs of the Project through the issuance <br />of the Bonds, in one or more series, in an amount not to exceed Seventeen Million Dollars <br />($17,000,000), is hereby approved and recommended to the Common Council to the City (the <br />“Common Council”). <br />SECTION 6. The Commission hereby approves and recommends to the Common <br />Council the terms of the following documents in the form presented at this meeting: (i) a Trust <br />Indenture between the City and a trustee to be selected (with a form of the Bonds therein); (ii) a <br />Loan Agreement between the City and the Developer; and (iii) an Ordinance of the Common <br />Council. <br />SECTION 7. Any officer of the Commission is hereby authorized and directed, in the <br />name and on behalf of the Commission, to execute any and all other agreements, documents and <br />instruments, perform any and all acts, approve any and all matters, and do any and all other things <br />deemed by them, or any of them, to be necessary or desirable in order to carry out and comply <br />with the intent, conditions and purposes of this resolution (including the preambles hereto and the <br />documents mentioned herein), the Project and the issuance and sale of the Bonds, and any such <br />execution, performance, approval or doing of other things heretofore effected be, and hereby is, <br />ratified and approved. <br />SECTION 8. The Secretary of this Commission shall transmit this resolution, together <br />with the forms of the documents approved by this resolution, to the Common Council.