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M.V. Ord. 85-23 <br />. 2 <br />. as provided herein, and (d) to enact this Bond Legislation and <br />to enter into the Indenture and the Agreement, all as defined <br />herein, upon the terms and conditions provided herein and <br />therein; and <br />WHEREAS, at its meeting of May 20, 1985, the Council of <br />the Issuer (the "Council") authorized the Issuer to enter into <br />an Agreement to Issue Bonds (the "Agreement to Issue Bonds") <br />with the Company, setting forth certain preliminary agreements <br />between the Issuer and the Company, and concerning the proposed <br />issuance by the Issuer of its industrial development revenue <br />bonds for the purpose of defraying all or a portion of the costs <br />and expenses of the Project, such Agreement to Issue Bonds <br />having been executed and delivered in the name and on behalf of <br />the Company, and in the name and on behalf of the Issuer, on <br />May 20, 1985; <br />WHEREAS, there have been duly presented to this meeting <br />and considered by the members of the Council (and there are <br />hereby incorporated by reference into these proceedings) the <br />proposed form of the Indenture, the Purchase Agreement and of <br />the Loan Agreement (as such terms are herein defined); <br />WHEREAS, this Ordinance constitutes an emergency <br />measure for the preservation of the public peace, health and <br />safety of the Issuer and its inhabitants in that the immediate <br />authorization and approval of the issuance of the Issuer's <br />revenue bonds to finance the Project is necessary for the <br />Company to proceed with the Project financing and to create and <br />preserve employment and job opportunities and enhance the <br />economic welfare of the Issuer;