R99-165 AUTHORIZING THE EXECUTION OF A MEMORANDUM OF INTENT

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d The Pro'ect will act to re(ieve unem lo Ill n n I ( ) ) p y e t a d underemployment and will encourage the increase of industry and commerce in the State of Illinois, and will provide other benefits for the Issuer. (e) Subject to due compliance with all requirements of law, the Enabling Act ', and the conditions contained herein, the Issuer, by virtue of the authority as may � now or hereafter be conferred, and subject to receipt of adequate assurance from the Borrower that there are one or more purchasers for the Bonds, intends to issue and sell its revenue bonds in an amount not to exceed $750,000 (the "Bonds") to finance a portion of the cost of the Project. 2. Intentions on the Part of the Issuer. Subject to the conditions above stated, the Issuer intends as follows: (a) To authorize the issuance and sale of the Bonds pursuant to the terms of the Enabling Act as then in force. (b) At the proper time and subject, in all respects, to the prior advice, consent and approval of the Borrower, to adopt such proceedings and authorize the execution of such documents as may be necessary and advisable for the authorization, issuance and sale of the Bonds and the acquisition, construction, installation and ec�uipping by the Borrower of the Project, as aforesaid, and to enter into a loan agreement whereby the Borrower wili pay to or on behalf of the Issuer such sums as shall be sufficient to pay the principal and interest and redemption premium, if any, on the Bonds as and when the same shall become due and payable. (c) To designate the Bonds as "qualified tax exempt obligations" for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended, and in support of such intended designation that, including the Bonds, not more than $10,000,000 of obligations of the Issuer (including any entities subordinate thereto) during calendar year 1999 wili be designated by the Issuer as "qualified tax exempt obligations" for purposes of said Section 265(b)(3). 3. Intentions on the Part of the Borrower. Subject to the conditions above stated, the Borrower intends as follows: (a) That it will use all reasonable efforts to find one or more purchasers for the Bonds. (b) That contemporaneously with the delivery of the Bonds, it, or its designee, will enter into a loan agreement with the Issuer under the terms of which the Borrower or its designee will obligate itself to pay to the Issuer sums sufficient in the aggregate to pay the principal of and interest and redemption premium, if any, on the bonds as and when the same shall become due and payable. �