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Placement Agent Agreement, the Agency Agreement, the Indemnification and Compensation <br /> Agreement, and the Bonds by the President or Vice President and Secretary of the Board as <br /> therein required. The Loan Agreement is hereby directed to be executed in the name and on <br /> behalf of the Development Corporation by the President or Vice President and Secretary of the <br /> Board, but only to be delivered upon execution thereof by the Company. The Indenture is <br /> directed to be executed in the name and on behalf of the Development Corporation by the <br /> President or Vice President and Secretary of the Board, and delivered to the Trustee. The <br /> Agency Agreement is directed to be executed on the name and on behalf of the Development <br /> Corporation by the President or Vice President, but only to be delivered upon execution thereof <br /> by the other parties thereto. The Indemnification and Compensation Agreement is directed to be <br /> executed in the name and on behalf of the Development Corporation by the President or Vice <br /> President, but only to be delivered upon execution thereof by the Company. <br /> Section 3. Authorization of Bonds. To finance the Project, the Development Corporation <br /> does hereby authorize the issuance, sale and delivery of the Bonds, in the aggregate principal <br /> amount of $4,600,000, in the form set forth in the Indenture, pursuant to the terms set forth <br /> therein. <br /> Section 4. Placement of Bonds. The proposal of the Placement Agent to place the Bonds <br /> pursuant to the Placement Agent Agreement at a price of$4,600,000 plus accrued interest, if any, <br /> is hereby accepted. The Placement Agent Agreement shall be executed in the name and on behalf <br /> of the Development Corporation by the President or Vice President of the Board, but shall be <br /> delivered only upon execution thereof by the Company and the Placement Agent. <br /> Section 5. Execution and Delivery of Bonds. The President or Vice President and <br /> Secretary of the Board of Directors of the Development Corporation are authorized and directed <br /> to execute by facsimile or manual signatures for and on behalf of the Development Corporation <br /> the Bonds as provided in the Indenture and to deliver such Bonds to the Trustee hereinafter <br /> named for authentication and thereafter to deliver the Bonds to the purchasers upon the <br /> simultaneous payment of the purchase price as specified in the Placement Agent Agreement. <br /> -4- CM W 1 GQ.DOC 95/05/08 <br />