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WHEREAS, the User has agreed to acquire and construct <br />economic development facilities within the limits of the County <br />of St. Joseph in the State of Indiana and thereby create new employ- <br />ment opportunities and provide diversification of economic develop- <br />ment in and near the area of the City, and make payments pursuant to <br />the Loan Agreement evidencing its loan obligations in an amount or <br />amounts sufficient to pay the principal of, premium, if any, and in- <br />terest on the economic development revenue bonds hereinafter author- <br />ized; and, <br />WHEREAS, the Common Council of the City, (the "Common <br />Council "), has heretofore, by Ordinance No. 5240.70 and pursuant to <br />I.C. 1971, 18 -6 -4 -1 through 18- 6 -4 -28, inclusive, created the South <br />Bend Economic Development Commission (the "Commission ") and the mem- <br />bers of the Commission have been duly appointed and qualified pursu- <br />ant 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 insuff- <br />icient diversification of industry, the economic welfare of the City <br />would be benefited by financing the acquisition of ecomomic develop- <br />ment facilities for and on behalf of the User; and <br />WHEREAS, the Commission has, by such resolution, approved <br />a report estimating the public services which would be made necessary <br />or 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 to the Superintendent of the school corporation <br />where the facilities will be located; and, <br />WHEREAS, after giving notice in accordance with the Act, <br />the Commission held a public hearing on the proposed financing and <br />adopted a resolution finding the proposed financing complies with <br />the purposes and provisions of the Act, approving the financing and <br />-2- <br />