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<br /> <br /> <br />3 <br />refinancing or reimbursement of such costs will be of benefit to the health and public welfare of <br />the City. <br />The Economic Development Commission has considered whether the financing of the <br />Project will have an adverse competitive effect or impact on any similar facility or facility of the <br />same kind already constructed or operating in the corporate boundaries of the City. <br />Pursuant to and in accordance with the Act, the City desires to provide funds necessary to <br />finance, refinance or reimburse a portion of the costs of the Project by issuing the Bonds. <br />The Act provides that such Bonds may be secured by a trust indenture between an issuer <br />and a corporate trustee. <br />The City intends to issue the Bonds consistent with the terms of this Ordinance, and <br />pursuant to a Trust Indenture for the Bonds, to be dated as of the first day of the month in which <br />the Bonds are issued (the “Indenture”), by and between the City and a corporate trustee to be <br />selected by the City, in order to secure funds necessary to provide for the financing, refinancing or <br />reimbursing of a portion of the costs of the Project in accordance with the terms of a Financing <br />and Loan Agreement with the Developer, to be dated as of the first day of the month in which the <br />Bonds are issued (the “Financing Agreement”), by and between the City and the Developer with <br />respect to the use (or deemed use) of the proceeds of the Bonds and the completion of the Project. <br />No member of the Common Council of the City (the “Common Council”) has any <br />pecuniary interest in any employment, financing agreement or other contract made under the <br />provisions of the Act and related to the Bonds authorized herein, which pecuniary interest has not <br />been fully disclosed to the Common Council, and no such member has voted on any such matter, <br />all in accordance with the provisions of Section 16 of the Act. <br />The forms of the Bonds, the Indenture and the Financing Agreement (collectively, the <br />“Financing Documents”), and a form of this proposed Ordinance were submitted to, and approved <br />by, the Economic Development Commission, which documents were incorporated by reference in <br />the resolution heretofore adopted by the Economic Development Commission, which resolution <br />has been transmitted to the Common Council in accordance with the Act. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: <br /> <br />SECTION I. Findings; Public Benefits. It is hereby found that the financing, refinancing <br />or reimbursing of a portion of the costs of the economic development facilities constituting the <br />Project referred to in the Financing Documents previously approved by the Economic <br />Development Commission and presented to this Common Council, the issuance and sale of the <br />Bonds, the use (or deemed use) of a portion of the proceeds of the Bonds by the Developer for the <br />financing, refinancing or reimbursing of a portion of the costs of the Project, the payment of the <br />Bonds from the Project TIF Revenues, the Project IDD Revenues, and other sources pursuant to <br />the Financing Documents, and the securing of the Bonds under the Indenture comply with the <br />purposes and provisions of the Act and will be of benefit to the health, prosperity, economic <br />stability and general welfare of the City and its citizens.