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' 13 <br /> ( g) The Company has represented that neither it nor <br /> any affiliate has financed the Project, that neither <br /> acquisition, construction nor installation of the Project <br /> has yet commenced.. and that it is essential that the Company <br /> let contracts in connection with the acquisition, <br /> construction and installation of the Project immediately. <br /> ( h) Thi's Memorandum of Agreement is entered into to <br /> induce the Company to proceed with the necessary plans for <br /> the Project and to incur costs in connection with various <br /> phases of the Project ( including, as appropriate, any design <br /> and engineering costs, construction costs and costs of the <br /> acquisition and installation of any equipment and related <br /> expenses) and to assure the Company, prior to the issuance <br /> of the bonds of the Authority, that the Authority will, in <br /> accordance with and subject to the provisions of the Act, <br /> issue bonds to cover costs so incurred by the Company in <br /> connection with the Project, including such costs incurred <br /> by the Company prior to the issuance of the bonds . <br /> (i) The Company proposes that the Authority agree to <br /> issue its bonds under the Act in an aggregate principal <br /> amount sufficient to pay all or a portion of the cost of the <br /> Project, such bonds to be secured by the obligation of the <br /> Company to pay the debt service thereon and, by virtue of <br /> the provisions of Section 144 (a) of the Code, as now <br /> existing or hereafter amended, to be exempt from federal <br /> income taxation. <br /> ( j ) The Authority has determined, based upon <br /> representations made-' by the Company and without any <br /> independent investigation having been made by the Authority, <br /> that the acquisition, construction and installation <br /> ( "Acquisition") of the. Project by the Company and the <br /> financing of .all or a portion of the cost of the Project by <br /> the Authority will be in furtherance of the purposes of the <br /> Act in that it will induce the Company to undertake an <br /> industrial -project in North Carolina and will thereby aid in <br /> alleviating unemployment and raising. below average <br /> manufacturing wages inasmuch as the Project will create new <br /> job opportunities and pay an average weekly -manufacturing <br /> wage.- in excess of the average weekly manufacturing wage in <br /> Orange County or not . less than 10% above the average weekly <br /> manufacturing wage in the state. <br /> 2 . ' UNDERTAKINGS ON THE PART OF THE AUTHORITY. In <br /> accordance with and subject to the limitations of the Act, the <br /> Authority agrees as follows : <br /> (a) That it will authorize the issuance and sale of <br /> one or more issues of its revenue bonds, pursuant to the <br /> terms of the Act as then in force, in an aggregate principal <br /> 2 <br />