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11/26/79 <br />County of St. Joseph, approving the proposed financing and author- <br />izing the issuance by the City of $600,000 principal amount of <br />economic development revenue bonds, (Jackel, Inc. Project) (the <br />"Bonds ") payable solely from the sources, having such terms and <br />provisions and secured as provided by the Loan Agreement and Trust <br />Indenture (hereinafter called "the "Loan Agreement ") between the <br />City and the First Bank and Trust Company of South Bend, Indiana, <br />(the "Trustee "). <br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: <br />Section 1. Public Benefits: <br />The Common Council of the City <br />hereby finds and determines that the industrial manufacturing equip- <br />ment to be acquired and installed with the proceeds of the bonds herein <br />authorized are "economic development facilities" as that phrase is <br />used in the Act and that acquisition and construction of the Project <br />will increase employment opportunities and increase diversification of <br />economic development in and near the City, will improve and promote <br />the economic stability, development and welfare of the area in and <br />near the City and will encourage and promote the expansion of in- <br />dustry, trade and commerce in the area in and near the City and the <br />location of other new economic development facilities in such area. <br />Section 2. Findings: The Common Council hereby finds that <br />this Ordinance (the "Bond Ordinance ") is of public benefit to the <br />economic welfare of the City and County by tending to overcome the <br />deficiencies previously found to exist, to -wit: insufficient employ- <br />ment opportunities and insufficient diversification of economic develop- <br />ment, and that such benefit is greater than the cost of public facili- <br />ties (as that phrase is defined in the Act) which will be required by <br />the Project and further that the proposed financing will be of <br />benefit to the welfare of the City and complies with the purposes <br />and provisions of the Act. <br />- 3 - <br />