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related and incidental facilities (the "Project") for Ringwood <br /> Containers, L.P. , a Tennessee limited partnership (the � <br /> "Borrower") ; and <br /> WHEREAS, as a result of negotiations between the Issuer <br /> and the Borrower, the Issuer is willing to issue its revenue <br /> bonds to finance the Project and to enter into a Loan Agreement <br /> to� be dated as of May 1, 1996 (the "Loan Agreement") , with the <br /> Borrower upon terms which are to produce revenues sufficient to <br /> provide for the prompt payment when due of the principal, <br /> premium, if any, and interest on such revenue bonds, all as set <br /> forth in the details and provisions of the Loan Agreement; and - <br /> WHEREAS, it is necessary and proper for the Issuer to <br /> authorize the financing of the Project and the issuance of its <br /> Industrial Development Revenue Bonds (Ringwood Containers <br /> Project) , Series 1996, in the aggregate principal amount of <br /> $2, 750,000 (the "Bonds") , for such purpose, and pursuant to a <br /> letter Bond purchase agreement therefor (the "Bond Purchase <br />, A reement" , as arranged solely by the Borrower, First American " <br /> g ) <br /> " urchaser" is to <br /> em his Tennessee the P ) <br /> National Bank, M p , ( <br /> purchase the Bonds; and <br /> WHEREAS, it is necessary to authorize the execution of <br /> the Loan Agreement by and between the Issuer and the Borrower <br /> under the terms of which the Issuer wi11 lend proceeds of the <br /> sale of the Bonds to finance the Project, the payments thereunder <br /> to be paid by the Borrower in repayment of the loan to be <br /> sufficient to pay when due the principal of, premium, if any, and <br /> interest on the Bonds; and <br /> -2- <br />