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approving the final form and terms of the economic development <br />revenue bonds proposed to be issued by the City for the purpose of <br />funding a direct loan from the City to the User to finance the cost <br />of acquisition of such facilities, the Loan Agreement, Mortgage, <br />Security Agreement and Indenture of Trust, which resolution and <br />other instruments and information pertaining to the proposed financing <br />have been transmitted to the Common Council of the City by the Secre- <br />tary of the Commission; and, <br />WHEREAS, pursuant to the Act, this Common Council has adopted <br />a 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 />County of St. Joseph, approving the proposed financing and author- <br />izing the issuance by the City of $1,100,000 principal amount of <br />economic development revenue bonds, (Laidig Silo Unloaders, Inc. <br />Project) (the "Bonds ") payable solely from the sources, having such <br />terms and provisions and secured as provided by an Indenture of <br />Trust (hereinafter called the "Indenture ") between the City and <br />American Fletcher National Bank of Indianapolis, Indiana, (the <br />"Trustee "), and a Loan Agreement, Mortgage and Security Agreement, <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: The Common Council of the City <br />hereby finds and determines that the real estate, interests in real <br />estate, other improvements thereon and other machinery and equipment, <br />to be acquired and constructed with the proceeds of the bonds herein <br />authorized are "economic development facilities" as that phrase is used <br />in the Act and that acquisition and construction of the Project will <br />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 />-3- <br />