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1.'L".' ;! 1:1; ; i I � i � q i 1 <br />I <br />Thir. Cfz�tj�ril hiin- iw-t-n � p <br />P011 Vi'l i L' i �.r, <br />if fhf- Hfirrower and Mi I I rr and Srhrnw�ivr Y I.-, a I I -I ,I j cur�jora <br />Iliventmerit bankvrs and ulonlorm In mupicipal 1-onds, t,11, -It <br />UGFIVOntional, Pummarcial f�nancinq to pay the 0 --out of the <br />Project iS aVailable uirJy on a limited basis and At Auch <br />high costs ot borrowir., that the ecancomic fe2aibility of opera- <br />t1y)q the Project would bo hignifivantly reduced-, but that <br />with the aid ot municipal be" <br />- r.rowinq, and 11tris rusulting lower <br />bOri0wing cost, the Projout in aconrmicaliy moro FOAsible, <br />is) This ct4iji,ril has also been advined by the Borrower, <br />and Miller and Schroeder Finanrial Corporation, that an tha <br />bar.s of thair discussions with potential buyers of taxw--- <br />exempt <br />Doi i1b, rev"nue bondA of the municipality (which may be in the <br />foi of a commercial develomiant revenue note or tio-tes) could <br />be isnued, and sold up -on favo.-'ablt ratoa and t r <br />�V_mja to fi-fi&ftcu, <br />4 portion of the cost of the Projact. <br />(f) Thu Municipality is authurised b�y tho Act to isnue <br />its revonue bonds to-fiftAftCe dapital-pre-lectm vonsi-stinq of <br />properties used and useful in connection with a revrinue <br />r to <br />-oducing on I#*, such as that of the Borrower, and the <br />such -Vwd-S�W-Uw mun pt <br />substiftial indudement to the flarrower to AcqUirs and construct, <br />tht Project. <br />ON CTION 2 <br />ininary WrWal at t1jr, proiect, <br />Wi".96V tM it wSu14 --for- t-iw---- <br />-he av"Lan <br />-munia Aut to <br />-USUN its.- r -T W -oft" <br />p6rt1W of- -We corit -ot th <br />Z3 <br />It is* her#* determined prove with the PrioJe t i� <br />--a nd <br />Its a-and-thi I _1 -1i -1 <br />n r-, i <br />appFrOvAl misnicipality and t ance of revenue b6hft <br />of -the Run cipa ty in such amount is hereby approved# oftJoct <br />%.W u&m %IVMA W& -the mjwt by the com-1421oher of xeauritlas� <br />the IWITImont of such Other- d8hill-ti0fit- as -the-AWticAr-ity- <br />4"j*Yti�Urt wAh respecii ;.,s once of 011 hnodA n <br />coan4ation V10--ths - "roftt- Md thil-m—Utual agreement of this <br />Council and the borrower as to the details of the bond issue <br />W--br kwio�fcr- -the ir -p&ymwnt-,- - tn all *vent -a -I <br />t g <br />understood# however, that the bonds of the Municipality shali <br />not constitute a charge, lion or -encumbrance, legal or equitable, <br />upon any property of the Municipalityl except the proj*otf ind <br />each bond,when,_&a and if issuadt shall recite in substance <br />that the bond, imelidirg interLft thereon, in <br />t Jayable SQ163Y <br />trur- the revenues received from the Projec a property pledged <br />to the payment thereof# and shall not constitute a deLt of the <br />