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WHEREAS, the Issuer has heretofore entered into a <br /> Memorandum of Intent dated November 5 , 1984 , with Continental <br /> Carbonic Products , Inc. (the "Borrower") pursuant to a <br /> resolution No. 84-156 adopted by the Issuer, as amended from <br /> time to time; and <br /> WHEREAS, the Project will provide for the economic <br /> development of the Issuer, so as to reduce the evils attendant <br /> upon economic decay, relieve conditions of unemployment and <br /> provide for an increased tax base and will provide for and <br /> promote the public health, safety, morals and welfare of the <br /> Issuer; and <br /> wHEREAS, it is proposed to finance the cost of the Project <br /> tr.rough the issuance of an Economic Development Revenue Bond <br /> (Continental Carbonic Products , Inc. Project) of the Issuer in <br /> the aggregate principal amount of $2 , 000 ,000 (the "Bond") ; and <br /> WHFREAS, a Loan Agreement, to be dated December 18 , 1984 <br /> (the "Loan Agreement") with respect to the Project will be <br /> executed by and between the Borrower and the Issuer, whereby the <br /> Issuer will lend the proceeds of the Bond to the Borrower to <br /> finance costs of the Project and the Borrower will covenant and <br /> aQree (i) to make loan repayments sufficient to provide for the <br /> pavment of principal of, premium, if any, ar_d interest on the <br /> Bond, as and when the same become due and payable and {ii) to <br /> make such other obl�qations as may be required by the Enabling <br /> Ordinance; and <br /> [•IHFREAS, the Bor.d will be issued under and pursuant to, and <br />, is to be secured by, a Trust Indenture , to be dated December 18 , <br /> 2 <br />