Approving Loan Agreement and Trust Indenture Real Estate Mortgage and Industrial Development Revenue Bonds - Weltek Inc

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to the Act, and that such economic development facilities will not have an adverse competitive effect on similar facilities already constructed and operating in the City of South Bend, Indiana. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, that: Section 1. The Common. Council of the City hereby finds 'and determines that the real estate, interests in real estate, other improvements thereon and other machinery and equipment, to be ac- quired and constructed with the proceeds of the bonds herein au- thorized are "economic development facilities" as that phrase is used in the Act and that acquisition and construction of the Project will increase employment opportunities and increase diversification of economic development in the City, will improve and promote the economic stability, development and welfare of the area in the city and will encourage and promote the expansion of industry, trade and commerce in the area in the City and the location of other new economic development facilities in such area. Section 2. The Common Council hereby finds that this Ordinance (thef "Bond Ordinance ") is of public benefit to the eco- nomic welfare of the City by tending to overcome the deficiencies previously found to exist, to -wit: insufficient employment oppor- tunities and insufficient diversification of economic development, and that such benefit is greater tham the cost of public facilities (as that nhrase is defined in the Act) which will be required by the Project and further that the proposed financing will be of bene- fit to the welfare of the City and complies with the Purposes and provisions of the Act. Section 3. The form and terms of the Loan Agreement and Trust Indenture, Real Estate Mortgage and Industrial Development Revenue Bcn d Pertaining to VJELTEK, INC. Project and the issuance of 1W-0