7081 AUTHORIZING THE FINANCING OF AN ECONOMIC DEVELOPMENT PROJECT WITHIN THE MEANING OF ORDINANCE NO. 5768 (INDUSTRIAL BIO-TEST PROJECT)

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� - , ,' , , . of subsection (1) of Section 1 of the Enabling Ordinance, and which will be of the character and accomplish the purposes provided by the Enabling Ordinance, ar�d the Issuer is willing to issue its revenue bond to finance the cost of the Project and to enter into a loan and security agreement with the Company within the meaning af subsection (3) of Section 3 o.f the Enabling Ordinance upon terms which will produce revenues and receipts sufficient to provide for the prompt payment at maturity of the principal, interest and redemption premiums, if any, upon, and all other charges and costs in connection with, such revenue bond, and which will be sufficient to pay the cost of the Project, all as set forth in the details and provisions of the loan and security agreement hereinafter identified; and WHEREAS, it is necessary and proper for the interests and convenience of the Issuer and its inhabitants to authorize the financing of the Project, and the same is a matter pertaining to the government and affairs of the Issuer; and WHEREAS, it is necessary to authorize the execution of a Loan and Security Agreement, dated May 13, 1976 (the "Agreement" ) between the Issuer and the Company, under the terms of which the Company will pay to the Issuer amounts sufficient to pay at maturity the principal, interest and redemption premiums, if any, on the revenue bond hereinafter authorized; and WHEREAS, it is desirable for the Issuer to designate a depositary for funds to be generated through the execution of the Agreeme�lt; and WHEREAS, it is necessary to authorize the sale of said bond , and to execute a bond purchase agreement in connection therewith; and WHEREAS, the Issuer has caused to be prepared and presented to this meeting the following documents, which the Issuer proposes to enter into: -2-