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The Economic Development Commission has rendered a report concerning the proposed <br /> financing or refinancing of economic development facilities for the Developer. <br /> Following a public hearing,pursuant to Section 24 of the Act, the Economic Development <br /> Commission found that the financing of a portion of the costs of the Project complies with the <br /> purposes and provisions of the Act and that each such financing will be of benefit to the health and <br /> public welfare of the City. <br /> The Economic Development Commission has considered whether the financing of the <br /> Project will have an adverse competitive effect or impact on any similar facility or facility of the <br /> same kind already constructed or operating in the corporate boundaries of the City. <br /> Pursuant to and in accordance with the Act, the City desires to provide funds necessary to <br /> finance a portion of the costs of the Project by issuing the Bonds. <br /> The Act provides that such Bonds may be secured by a trust indenture between an issuer <br /> and a corporate trustee. <br /> The City intends to issue the Bonds consistent with the terms of this Ordinance, and <br /> pursuant to a Trust Indenture for the Bonds, to be dated as of the first day of the month in which <br /> the Bonds are issued (the "Indenture"), by and between the City and a corporate trustee to be <br /> selected by the City, in order to secure funds necessary to provide for the financing of a portion of <br /> the costs of the Project in accordance with the terms of a Loan Agreement with the Developer, to <br /> be dated as of the first day of the month in which the Bonds are issued (the "Loan Agreement"), <br /> by and between the City and the Developer with respect to the use(or deemed use)of the proceeds <br /> of the Bonds and the completion of the Project. <br /> No member of the Common Council of the City (the "Common Council") has any <br /> pecuniary interest in any employment, financing agreement or other contract made under the <br /> provisions of the Act and related to the Bonds authorized herein, which pecuniary interest has not <br /> been fully disclosed to the Common Council, and no such member has voted on any such matter, <br /> all in accordance with the provisions of Section 16 of the Act. <br /> The forms of the Bonds, the Indenture and the Loan Agreement (collectively, the <br /> "Financing Documents"), and a form of this proposed Ordinance were submitted to, and approved <br /> by, the Economic Development Commission,which documents were incorporated by reference in <br /> the resolution heretofore adopted by the Economic Development Commission, which resolution <br /> has been transmitted to the Common Council in accordance with the Act. <br /> NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE <br /> CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: <br /> SECTION I. Findings;Public Benefits. It is hereby found that the financing of a portion <br /> of the economic development facilities for the Project referred to in the Financing Documents <br /> previously approved by the Economic Development Commission and presented to this Common <br /> Council, the issuance and sale of the Bonds, the use (or deemed use) of a portion of the proceeds <br /> of the Bonds by the Developer for the financing of a portion of the costs of the Project,the payment <br /> of the Bonds from the Riverwalk Allocation Area TIF Revenues and other sources pursuant to the <br /> Financing Documents,and the securing of the Bonds under the Indenture comply with the purposes <br /> and provisions of the Act and will be of benefit to the health, prosperity, economic stability and <br /> general welfare of the City and its citizens. <br /> SECTION II. Approval of Financing. At the public hearing held before the Economic <br /> Development Commission, the Economic Development Commission considered whether the <br /> Project would have an adverse competitive effect on any similar facilities located in or near the <br /> City. This Common Council hereby confirms the findings set forth in the Economic Development <br /> Commission's resolutions and concludes that the Project will be of benefit to the health,prosperity, <br /> economic stability, and general welfare of the citizens of the City. <br /> SECTION III. Copies of Financing Documents on File. The substantially final <br /> forms of the Financing Documents shall be incorporated herein by reference and shall be inserted <br /> in the minutes of the Common Council and kept on file by the Clerk of the City(the"Clerk"). In <br /> 2 <br />