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Company concerning the providing of funds to assist in the acquisition, <br />construction and equipping of economic development facilities (hereinafter <br />called the "Project ") to be owned and operated by the Company and in <br />connection therewith has prepared a report describing the Project estimating <br />any public services which would be made necessary or desirable by the Project <br />and the expense thereof, the number of jobs and estimated payroll on account <br />of the operation of the Project, and the total project costs of the Project; <br />and stating the need for the Project and the capacity thereof; and <br />WHEREAS, the Commission has submitted the aforesaid report to the <br />Chairman of the Commission who has formulated written comments concerning <br />such report and within five (5) days from the receipt thereof has transmitted <br />said comments to the Commission; and <br />WHEREAS, the Commission has held a public hearing on the Project <br />after giving not less than five (5) days notice by publication in one <br />newspaper published or in general circulation in the City of South Bend <br />and by posting in three (3) public places in the City of South Bend, and <br />by resolution has theretofore found that the Project constitutes "economic <br />development facilities" as defined in Section 2 of the Act and thus complies <br />with the purposes and provisions of the Act and has approved the financing <br />of the Project, including the form and terms of the Loan Agreement, the <br />Project Bonds and the Trust Indenture, all as hereinafter defined, and such <br />resolution has been received by this Common Council; <br />NOW, THEREFORE, BE IT ORDAINED, BY THE COMMON COUNCIL OF THE CITY <br />OF SOUTH BEND, INDIANA, THAT: <br />Section 1. Public Benefits. The Legislative Authority of the Issuer <br />hereby finds and determines that the real and personal property to be <br />acquired, constructed and equipped with the proceeds of the Project Bonds <br />herein authorized is now and will be useful to the Project hereinafter <br />identified and that the utilization of the property in the creation and <br />location of the Project is economically sound, will promote employment <br />- 3 - <br />