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Section 1. It is hereby determined that (a) the acquisition, construction and equipping of <br /> the Project and its operation as an industrial development facility; (b)the issuance of up to <br /> $6,000,000 principal amount of the Bonds of the Development Corporation to finance all or a <br /> portion of the costs of the Project, such costs presently estimated to be approximately <br /> $6,000,000; and (c)the execution and delivery of such contracts and agreements with the <br /> Company as are necessary to provide for the payment by the Company of amounts sufficient to <br /> pay the principal of, premium, if any, and interest on the Bonds, together with certain costs of the <br /> Development Corporation, will all be in furtherance of the Act, the Resolution and the Charter of <br /> the Development Corporation. <br /> Section 2. The Development Corporation presently intends to authorize the issuance and <br /> sale of the Bonds pursuant to the provisions of the Act when and if requested to do so by the <br /> Company and hereby expresses its present approval of such issuance and sale. This resolution is <br /> not intended to legally bind the Development Corporation to authorize, issue or sell the Bonds. <br /> Section 3. The authorization, issuance and sale of the Bonds by the Development <br /> Corporation contained herein are subject to the following conditions: <br /> (a) The Bonds shall be payable solely from money received from and security provided <br /> by the Company; <br /> (b) The Company shall enter into such contracts and agreements with the <br /> Development Corporation as shall be necessary to secure payment of the principal of, premium, if <br /> any, and interest on the Bonds as and when the same shall become due and payable; <br /> (c) ' On or before three years from date hereof(or such later date as shall be mutually <br /> satisfactory to the Development Corporation and the Company) the Development Corporation <br /> and the Company shall have agreed to mutually acceptable terms and conditions of the contracts <br /> and agreements referred to in Paragraph(b) of this section; <br /> (d) The Project is determined to be consistent with the policies and objectives of the <br /> City Council; and <br /> -2- CMw1 AU.DOC 95/01/31 <br />