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AIJG - 1 0 - 9 � THU 1 � : 2T E �' ANS .4� FROEHL Z CH P . 0 �
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<br /> t�a�o�rmvM o� zrrr�'r�r
<br /> THIS 1�MORANDUM oF IN1'ENT, made and entered into this
<br /> day of , 1995, by and between the City of
<br /> Decatur, Iilinois, a home rule tsnit of local qovernment lvcated
<br /> in Macon County, Illinois (togethez with any asaiqnee, includinq,
<br /> as the caae may be, the Illincis Development Financs Authority,
<br /> hereinafter called the "Municipality"}, and Ring Can Corporation,
<br /> a Tenr.essee corporatfon, together with Ringwood Containers, L.P.
<br /> and other related persone and assiqns (the prospective
<br /> '"BorroWer") .
<br /> HAEREAS, the Municipality recoqnizes that it is
<br /> necessary for the qeneral welfara and economy of the public that
<br /> the Municipality endeavor to provide opportunities for industriai
<br /> and other economic development; and
<br /> NREREAS, the Municipelity is authorized under the
<br /> provisione of the Induetrial Project Revenue Sond Act (as
<br /> supplemented and amended, includinq under 5ection 6 of Articie
<br /> VII of the Constitution of Illinois, the "Act"} to fssue its
<br /> revenue bonds i.n order to provide fund$ to acguire, cons�ruct,
<br /> improve, equip, or extend certain "projects", in order to relieve
<br /> condition� of unempioyment and to encouzage industrial and other
<br /> economic development within the Municipality, among other thinqs,
<br /> thereby reducinq the evils attendant upon unemplvyment; and
<br /> 4�AEREAS, in order to induce the 8arrower to acquire and
<br /> install machinery for the manufact�lrinq of plastic bottZ�s and
<br /> other producta, and related and appurten�zt facilities, to be
<br /> located at 2454 Hubbard Avenue in Decatur, Illinois (the
<br /> "project"j , and to lmplement the publ3c purposes enumerated in
<br /> the Act, the Muni.cipality has indicated ita intent to issue its
<br /> revenue bonds up to the aqqregate principal amount of $3,000,000
<br /> under and pursuant to the provisions of the Act, and to appLy the
<br /> proceeds therefrom to the payment of tha costs of acquirinq,
<br /> constructinq and installinq the Pra3ect; and
<br /> F1�REAS, the Borrower, after considering a nun:ber of
<br /> possible locations within and without the State o� Illinoia, and
<br /> in reliance ugon the intent of the Municipality ta finance the
<br /> Project, including the expenses incident thereto, through the
<br /> issuance of ita revenue bonds under the provis3ons of the Act,
<br /> has determined to acquire, conatruct and instali the Prvject in
<br /> the City of Dacatur, Illinois; and
<br /> h1�REAS, it fa now deemed advisab2e to expresa formaliy
<br /> and in writinq the understandinq heretofore informally di�cussed
<br /> by the parties hereto:
<br /> NoN, TBEREFORE, iN CoNSIDERATION oE � PREi�lISES A�ID OF
<br /> Ti� 1'�JT(IAL UPmERTARINGS HEREII+� E7�YRESSID, T.HE PARTIES HERETO
<br /> RECOGNIZE AND INTEND, as followa:
<br />
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