08-10-1982 Industrial Development Corporation Board of Directors Meeting

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• . WHEREAS, to promote and encourage employment and the public welfare, the Corporation agrees to issue, at the request of the User, one or more series of the Corporation's industrial development revenue bonds (the "Bonds") for the purpose of paying all or part of the cost of constructing and acquiring the Project, or for the purpose of loaning the proceeds to the User in order to provide temporary or permanent financing of all or part of the cost of constructing and acquiring the Project, and the Corporation and the User deem it desirable and proper that this Agreement to Issue Bonds constitute a formal record of such agreement and understanding in order that the User may proceed with or provide for the acquisition and construction of the Project; and WHEREAS, the User has evidenced a desire to cooperate with the Corporation in the acquisition and construction of the Project and for the Corporation to authorize and issue the Bonds in the aggregate prin- cipal amount now estimated not to exceed $2,750,000, to provide the funds to defray all or part of the cost of the acquisition and construc- tion of the Project; and k'HEREAS, the Corporation and the User contemplate that the Project will be sold on an installment payment basis or leased to the User or that proceeds of the Bonds will be loaned to the User in order to provide temporary or permanent financing of all or part of the costs of the Project and that the installment purchase, rental or loan payments. therefor will be sufficient to pay the principal of and any premium and interest on the Bonds; and WHEREAS, it is the desire of the Corporation that the acquisition and construction of the Project occur at the earliest possible time so as to promote and encourage employment and the public welfare within the Unit; and WHEREAS, it is intended that this Agreement to Issue Bonds shall constitute "some other similar official action" toward the issuance of the Bonds within the meaning of Section 1.103-8(a)(5) of the Treasury regulations issued pursuant to Section 103 (b) of the Internal Revenue Code of 1954, as amended (the "Code"); NOW, THEREFORE, in consideration of the premises and other good and valuable consideration and of the mutual benefits, covenants and agree- ments herein expressed, the Corporation and the User agree as follows: 1. The User shall commence with the acquisition and construction of_the Project, which Project will be in furtherance of the public purposes of the Corporation and the Unit as aforesaid, and the User will provide, or cause to be provided, at its expense, the necessary interim w -2-