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(c) The existence of the Project would add to the <br />tax base of the Municipality, the County and School <br />District in which the Project is located and would <br />provide increased opportunities for employment for <br />residents of the Municipality and surrounding area. <br />(d) This Council has been advised by representatives <br />of the Borrower that conventional, commercial financing <br />to pay the cost of the Project is available only on <br />a limited basis and at such high costs of borrowing <br />that the economic feasibility of operating the Project <br />would be significantly reduced, but that with the aid <br />of municipal borrowing, and its resulting lower borrowing <br />cost, the Project is economically more feasible. <br />(e) This Council has also been advised by the Borrower <br />that on the basis of their discussions with potential <br />buyers of tax-exempt bonds, revenue bonds of the <br />Municipality (which may be in the form of a commercial <br />development revenue note or notes) could be issued <br />and sold upon favorable rates and terms to finance <br />the Project. <br />(f) The Municipality is authorized by the Act to issue <br />its revenue bonds to finance capital projects consisting <br />of properties used and useful in connection with a <br />revenue producing enterprise, such as that of the <br />Borrower, and the issuance of such bonds by the <br />Municipality would be a substantial inducement to the <br />Borrower to acquire and construct the Project. <br />Section 2. Preliminary Approval of the Project. <br />2.1 on the basis of information given the Municipality <br />to date, it appears that it would be desirable for the Municipality <br />to issue its revenue bonds under the provisions of the Act to <br />finance the Project in an amount not exceeding $400,000.00. <br />2.2 It is hereby determined to proceed with the Project <br />and its financing and the Project is hereby given preliminary <br />approval by the Municipality and the issuance of revenue bonds <br />of the Municipality in such amount is hereby approved, subject to <br />the approval of the Project by the Commissioner of Securities, the <br />fulfillment of such other conditions as the Municipality may <br />require with respect to the issuance of its bonds in connection <br />with the Project, and the mutual'agreement of this Council and <br />the Borrower as to the details of the bond issue and provisions <br />for their payment. In all events, it is understood, however, <br />f <br />-2- <br />