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I " <br /> that it is essential that the Company let contracts in <br /> connection with the Acquisition of the Industrial Project <br /> shortly. <br /> (h) This Memorandum of Agreement is entered into to <br /> r` I induce the Company to proceed with the necessary plans for <br /> the Industrial Project and to incur costs in connection with <br /> various phases of the Industrial Project and to assure the <br /> Company,p y, prior to the issuance of industrial development <br /> revenue bonds of the Authority, that the Authority intends, <br /> in accordance with and subject to the provisions of the Act, <br /> to issue industrial development revenue bonds to cover costs <br /> so incurred by the Company in connection with the Industrial <br /> Project, including such costs incurred by the Company prior <br /> to the issuance of the industrial development revenue bonds. <br /> (i) The Company proposes that the Authority agree to <br /> issue its industrial development revenue bonds under the Act <br /> in an aggregate principal amount sufficient to pay all or a <br /> portion of the cost of the Industrial Project, such <br /> industrial development revenue bonds to be secured by the <br /> an to <br /> obligation of the Company Y pay the debt service thereon <br /> and by virtue of the provisions of Section l03(b) (6) (A) or <br /> ; (D) of the Code, as now existing or hereafter amended, to be <br /> exempt from Federal income taxation. <br /> ( j ) The Authority has determined, based upon represen- <br /> tations made by the Company and.-_ without any independent <br /> 3. __ ._ <br />