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A U G - 1 0 - 9 5 T H U 1 � : 2 � E ti! q N S � F P. O � H L I C H P . @ S
<br /> 1�r�oRArmvM o� zNTENx
<br /> TSIS 1�MOFtANDU1K OF INTENT, made and entered into thf s
<br /> 5th day of September � �995, by and between the City of
<br /> Decatur, Iiiinois, a home rule unit of iocal government located
<br /> in Macon County, I�lino3s (toqethez with any asaiqnee, includinq,
<br /> as the case may be, the Illinofs Development Einanca Authority,
<br /> hereinafter called the "Municipality") , and Rinq Can Corporation,
<br /> a Tenr.esses corgoratfon, together with Ringwood Containera, L.P.
<br /> and other reZated persone and assigns (the prospective
<br /> '"Borro*,�sr") .
<br /> HHEREAS, the Municipality recognizes that it is
<br /> necessary for the general welfare and economy of the public that
<br /> the Municipality endeavor to provide opportunitie$ for industriai
<br /> and other economic development; and
<br /> �REAS, the MunicipaZity is authorized under the
<br /> provisiene of the Znduetrial Project Revenue Bond Act (a9
<br /> supplemented and amended, including under Section 6 of Article
<br /> VII of the Conatitution oE Illinois, the �Act"} to iseue its
<br /> revenue bonds �n ordez to provide funds to acquire, cons�ruct,
<br /> improve, equip, ar extend csrtain "projects", in order to tglleve
<br /> condition� of unemployment and to encourage industriaZ and other
<br /> economic develvpment within the Municipality, amonq other thinqs,
<br /> thereby reducinq the evils attendant upon unemployment; and
<br /> i�R�AS, in order to indezce the Bvrsower tv acquire and
<br /> install machinery for the manufacturing of plastic bottles and
<br /> other producta, and reiated and appurten�:zt facilities, to be
<br /> iocated at 2454 Hubbard Avenue in Decatur, Illinois (the
<br /> "ProjectRj , and to implement the publ.ic purposes enumerated in
<br /> the Act, the Muni.cipality has indicated ita intent to issue its
<br /> rever.ue bonds up to the aqqregate principal amount of $3,OOO,Q00
<br /> under and pursuant to the provisions of thE Act, and to apply the
<br /> proceeds therefrom to the payment of the costa of acquiri.ng,
<br /> constructinq and inatallinq the Project; and
<br /> �
<br /> i�1�REAS, the Borrower, after considering a number of
<br /> possible locations within and without the State vf Illinois, and
<br /> in reliance upon the intent of the Municipality to finance the
<br /> Pro)ect, including the expensea incident thezeto, through the
<br /> issuance of its revenue bonds under the provisfons of the Act,
<br /> has determined to acquire, conatruct and install the Project in
<br /> the City of Dacatur, Illinois; and
<br /> S�`REAS, it fa now deemed advisable to express formalZy
<br /> and in writing the under$tanding heretofore informally diacussed
<br /> by the partiee hereto:
<br /> NOin1, THEREEORE, IN COt�t51DERA?ZON OF � PREIrlISES A,IID OF
<br /> THE MUTi7AL iJrIDERTARINGS HEREI� EXPRESSID, Z'HE YARTIES 1�RET0
<br /> RECOGNIZE AND INTEND, as follow�:
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