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, � � ��,ME,D <br /> M��RO <br /> � g �-g � <br /> ORDINANCE PROVIDING FOR THE FINANCING BY THE CITY OF <br /> ' DECATUR, ILLINOIS OF AN INDUSTRIAL PROJECT; AUTHORIZING <br /> THE ISSUANCE AND SALE OF $3,000, 000 ADJUSTABLE RATE <br /> INDUSTRIAL REVENUE BONDS, 1985 SERIES A (CARTER- <br /> WALLACE, INC. PROJECT) AND CONFIRMING THE SALE THEREOF; <br /> AND AUTHORIZING THE EXECUTION AND DELIVERY OF A LOAN <br /> AGREEMENT, A TRUST AGREEMENT AND RELATED DOCUMENTS. <br /> WHEREAS, the City of Decatur, Illinois (the "City" ) is <br /> a duly constituted municipal corporation, political subdivision <br /> and body politic created by the State of Illinois (the "State" ) ; <br /> and <br /> WHEREAS, the City, pursuant to its Ordinance No. 5768, <br /> as amended (the "Act" ) , is authorized and empowered to issue and <br /> sell its industrial revenue bonds to finance the costs of <br /> "economic development projects" as defined therein to the end <br /> that the City may be able to strengthen and promote its economic <br /> vitality; and <br /> WHEREAS, the City, pursuant to a resolution duly <br /> adopted on December 16, 1985, intends to enter into a Memorandum <br /> of Agreement with Carter-Wallace, Inc . (the "Company" ) regarding <br /> the issuance and sale of its industrial revenue bonds for the <br /> purpose of financing the cost of an economic development project <br /> (the "Project" ) within the City, which Project will be of the <br /> character and will accomplish the purposes provided by the Act <br /> and will be used as an industrial facility; and <br /> WHEREAS, as a result of negotiations between the City <br /> and the Company, contracts have been or will be entered into by <br /> the Company for the acquisition, construction and equipping of <br /> the Project; and <br /> WHEREAS, it is proposed that the City sha11 enter into <br /> a Loan Agreement with the Company pursuant to which the City <br /> shall lend the Company the proceeds from the sale of its <br /> industrial revenue bonds, which proceeds, together with other <br /> moneys of the Company, shall be a sum sufficient to accomplish <br /> the acquisition, construction and equipping of the Project, and <br /> the City is willing to issue and sell its industrial revenue <br /> bonds to finance the cost of the acquisition, construction and <br /> equipping of the Project upon terms which shall be sufficient to <br /> provide for payment of a portion of the cost thereof, all as set <br /> forth in the details and provisions of said Loan Agreement and <br /> the Trust Agreement hereinafter identified; and <br /> WHEREAS, the Project will encourage the increase of <br /> industry within the City and provide for the increased welfare <br />