Approving Economic Development Bonds - South Bend Forge Inc

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and stating the need for the Series 1980 Project and the capacity thereof; and WHEREAS, the Commission has submitted the .aforesaid report to the Chairman of the Commission who has formulated written comments concerning such report and within five (5) days from the receipt thereof has transmitted said comments to the Commission; and WHEREAS, the Commission has held a public hearing on the Series 1980 Project after giving not less than five (5) days notice by publication in one newspaper published or in general circulation in the City of South Bend and by posting in three (3) public places in the City of South Bend, and by resolution has theretofore found that the Project constitutes "economic development facilities" as defined in Section 2 of the Act and thus complies with the purposes and provisions of the Act and has approved the financing of the Series 1980 Project, including the form and terms of the First Supplemental Loan Agreement, the First Supplemental Mortgage, the Series 1980 Bonds and the First Supplemental Trust Indenture, all as hereinafter defined, and such resolution has been received by this Common Council; WHEREAS, the Issuer and the Company are willing to cause the Original Agreement to be amended and supplemented by the First Supplemental Agreement as hereinafter defined for the purpose of evidencing that the amounts payable under the Agreement are increased to the extent that the aggregate of the amounts payable under the Agreement shall be sufficient to make all required payments into the Bond Fund as created by said Original Bond Legislation and redesignated hereinafter for the Series 1980 Bonds; NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, that: Section 1. Public Benefits. The Legislative Authority of the Issuer hereby finds and determines that the additional real and personal property to be acquired, constructed and equipped with the proceeds of the Series 1980 Bonds herein authorized is now and will be useful to the Series 1980 -4-