R95-132 AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMORANDUM OF INTENT FOR THE ISSUANCE OF ECONOMIC DEVELOPMENT REVENUE BONDS

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< Resolution No. R95-132 A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMORANDUM OF INTENT FOR THE ISSUANCE OF ECONOMIC DEVELOPMENT REVENUE BONDS FOR RING CAN CORPORATION WHEREAS the City of Decatur, Illinois (together with any assignee, including, as the case may be, the Illinois Development Finance Authority, hereinafter called the "Municipality") recognizes that it is necessary for the general welfare and economy of the public that the Municipality endeavor to provide opportunities for industrial development, and WHEREAS, the Municipality is a home rule unit of government and is authorized under the provisions of the Industrial Project Revenue Bond Act (as supplemented and amended, including under Section 6 of the Article VII of the Constitution of Illinois, the "Act"), to issue its revenue bonds in order to provide funds to acquire, construct, improve, equip or extend certain "projects", in order to relieve conditions of unemployment, and to encourage industrial and other economic development within the Municipality, among other things, thereby reducing the evils attendant upon unemployment; and WHE(ZEAS, in order to induce Ring Can Corporation, a Tennessee corporation(including Ringwood Containers L.P. and other related persons and assigns, the prospective "Borrower"), to acquire and install machinery for the manufacturing of plastic bottles and other products, and related and appurtenant facilities, at 2454 Hubbard Avenue in Decatur, Illinois (the "Project"), and to implement the public purposes enumerated in the Act, the Municipality has indicated its intent to issue its revenue bonds up to the aggregate principal amount of$3,000,000 under and pursuant to the provisions of the Act, and to apply the proceeds therefrom to the payment of the costs of acquiring and installing the Project and expenses incidental thereto; and WHEREAS, the Borrower, after considering a number of possible locations within and without the State of Illinois, and in reliance upon the intent of the Municipality to finance the acquisition, construction and installation of the Project and expenses incidental thereto, through the issuance of revenue bonds under the provisions of the Act, has determined to acquire, construct and install the Project in the City of Decatur, Illinois; and WHEREAS, it is now deemed advisable to authorize the execution and delivery by the Municipality of a Memorandum of Intent expressing formally and in writing the understanding ' heretofore informally agreed upon by the Municipality and the Borrower; and WHEREAS, the form of a Memorandum of Intent (the "Memorandum of Intent") by and between the Municipality and the Borrower has been presented to this meeting of the Municipality Council. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DECATLIR, MACON COUNTY, ILLINOIS, as follows: