Agenda - 08-06-1990 - Laserfiche WebLink

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(g) The Company has represented that neither it nor any affiliate has financed the Project, that neither acquisition, construction nor installation of the Project has yet commenced and that it is essential that the Company let contracts in connection with the acquisition, construction and installation of the Project immediately. (h) Thib Memorandum of Agreement is entered into to induce the Company to proceed with the necessary plans for the Project and to incur costs in connection with various phases. of the Project (including, as appropriate, any design and engineering costs, construction costs and costs of the acquisition and installation of any equipment and related expenses) and to assure the Company, prior to the issuance of the bonds of the Authority, that the Authority will, in accordance with and subject to the provisions of the Act, issue bonds to cover costs so incurred by the Company in connection with the Project, including such costs incurred by the Company prior to the issuance of the bonds. (i) The Company proposes that the Authority agree to issue its bonds under the Act in an aggregate principal amount sufficient to pay all or a portion of the cost of the Project, such bonds to be secured by the obligation of the Company to pay the debt service thereon and, by virtue of the provisions of Section 144(a) of the Code, as now existing or hereafter amended, to be exempt from federal income taxation. (j) The Authority has determined, based upon representations made by the Company and without any independent investigation having been made by the Authority, that the acquisition, construction and installation ( "Acquisition ") of the Project by the Company and the financing of a11.or a portion of the cost of the Project by the Authority will be in furtherance of the purposes of the Act in that it will induce the Company to undertake an , industrial project in North Carolina and will thereby aid in alleviating unemployment and raising below average manufacturing wages inasmuch as the Project will create new job opportunities and pay an average weekly manufacturing wage in excess of the average weekly manufacturing wage in Orange County or not less than 10% above the average weekly manufacturing wage in the state. 2. UNDERTAKINGS-ON TM 12ART OF THE In accordance with and subject to the limitations of the Act, the Authority agrees as follows: (a) That it will authorize the issuance and sale of one or more issues of its revenue bonds, pursuant to the terms of the Act as then in force, in an aggregate principal 2 11