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11/27/79 <br />The Common Council of the City, (the "Common Council "), has <br />heretofore, by Ordinance No. 5240.70 and pursuant to I.C. 1971, <br />18 -6 -4 -1 through 18- 6 -4 -28, inclusive, created the South Bend <br />Economic Development Commission (the "Commission ") and the members <br />of the Commission have been duly appointed and qualified pursuant <br />to law and the Commission has organized and undertaken the duties <br />imposed upon it by the Act and has found by written resolution that <br />because of existing insufficient employment opportunities and in- <br />sufficient diversification of industry, the economic welfare of the <br />City would be benefitied by financing the acquisition of economic <br />development facilities for and on behalf of the User; and <br />The Commission has, by such resolution, approved a report <br />estimating the public services which would be made necessary or <br />desirable, the expense thereof, the number of jobs, the estimated <br />payroll on account of the acquisition of the economic development <br />facilities and the cost of the economic development facilities and <br />has submitted such report to the Area Plan Commission of St. Joseph <br />County, Indiana; and, <br />After giving notice in accordance with the Act, the Commission <br />held a public hearing on the proposed financing and adopted a resolu- <br />tion finding the proposed financing complies with the purposes and <br />provisions of the Act, approving the financing and approving the <br />final form and terms of the economic development revenue bonds <br />proposed to be issued by the City for the purpose of funding a <br />direct loan from the City to the User to finance the cost of acquir- <br />ing and installing certain industrial manufacturing equipment, the <br />Loan Agreement and Trust Indenture and Security Agreement, which <br />resolution and other instruments and information pertaining to <br />the proposed financing have been transmitted to the Common Council <br />of the City by the Secretary of the Commission; and, <br />Pursuant to the Act, this Common Council has adopted a <br />resolution finding that the proposed financing of the acquisition <br />of such economic development facilities by the User will be of bene- <br />fit to the economic welfare of the City of South Bend and to the <br />- 2 - <br />