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� "Purchaser" means National Westminster Bank USA, with <br /> its principal office in New York, New York, and its successors <br /> and assigns. <br /> "Taxable Rate" means the the Prime Rate in effect from <br /> time to time plus two percent (2�) per annum, which rate may <br /> change from day to day. <br /> AUTHORIZATION OF THE PROJECT <br /> Section 2. That in order to promote the general wel- II, <br /> fare of the City of Decatur, Illinois and its inhabitants by in- <br /> creasing employment opportunities, retaining employment oppor- <br /> tunities, encouraging and increasing commerce and industry, the <br /> Project shall be and is hereby authorized to be financed as <br /> described herein. It is hereby found and declared that the <br /> financing of the Project and the use thereof by the Borrower as <br /> hereinafter provided i� necessary to accomplish the public <br /> purposes described in the preambles hereto and in the Enabling <br /> Ordinance. <br /> AUTHORIZATION AND PAYMENT OF BONDS <br /> Section 3. That for the purpose of financing the cost <br /> of the Project there shall be and there is hereby authorized to <br /> be issued by the Issuer, its fully registered Industrial Project <br /> Revenue Bonds (Pershing Development Company Project) , in an <br /> aggregate principal amount not to exceed $5 , 500 , 000 initially <br /> dated the date of issuance thereof (or otherwise before such date <br /> and after December 1, 1985 as the Purchaser agrees or accepts) , <br /> and thereafter may be dated to the last date to which interest <br /> has been paid, payable in 44 consecutive quarterly installments, <br /> commencing P�iarch 31 , 1987 , to the order of the Purchaser or its <br /> -5- <br />