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the d ie_sifiC wCn of ecCnom -c development f-- c itles and <br />pro- <br />viding an additional tax base in and near the City of South Bend,. <br />Indiana, and is hereb' =,, approved; and that, therefore, providing <br />for the completion of the Project through the issuance and sale <br />of the Series 1978 Bond is in the public interest and complies <br />with the purposes and provisions of the Act and is hereby ap- <br />proved. <br />Section 3. It is hereby found that the financing of <br />the completion of the Project, referred to in the First Supple - <br />mental Loan Agreement, previously approved by the South Bend <br />Economic Development Commission and presented to this Common <br />Council, the issuance and sale of the Series 1978 Bond, the <br />lending of the proceeds thereof to the Company for the completion <br />of the Project, the payment of the Series 1978 Bond by the Note <br />payments of the Company under the First Supplemental Loan Agree- <br />ment and First Supplemental Note of the Company to the Issuer <br />(the "First Supplemental Note "), and the securing of the Series <br />1978 Bond by the mortgaging of the completed Project to the <br />Trustee under the indenture will be of benefit to the health and <br />welfare of the City of South Bend, and its citizens. It is <br />further found that the proposed facilities will not have an <br />adverse competitive effect on similar facilities already con- <br />structed and operating in the City of South Bend, Indiana. <br />Section 4. The forms of the First Supplemental Loan <br />Agreement, the First Supplemental Note and First Supplemental <br />indenture approved by the South Bend Economic Development Com- <br />mission are hereby approved and all such documents (hereinafter <br />collectively referred to as the "Financing Agreements ") shall be <br />incorporated herein by reference and shall be inserted in the <br />minutes of the Common Council and kept on file by the City Clerk. <br />Section 5. For the purpose of financing the cost of <br />completing the Project, including necessary expenses incidental <br />thereto, there is hereby authorized to be issued the Economic <br />Development Revenue Bond, Series 1978, (Char -King, Inc. Project) <br />-5- <br />