Authorizing SAle of $3,000,000 Economic Development Revenue Bonds Beatrice Foods Co

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Act; that acquisition and construction of the Project will benefit the welfare of the City, will increase employment opportunities and increase diversification of economic development facilities in and near the City, will improve and promote the economic stability, development and welfare of the area in and near the City and will encourage and promote the expansion of industry, trade and commerce in the area in and near the City and the location of other new industries in such area; that the financing of the Project complies with the Act; and that the public benefits to be accomplished by this Bond Ordinance, in tending to overcome insuffi- cient employment opportunities and insufficient diversification of industry, are greater than the cost of public works and services which will be required by the Project. Section 2. Authorization of Economic Development Revenue Bonds. In order to pay a portion of the cost of acquiring and constructing the Project, there are hereby authorized to be issued, sold and delivered $3,000,000 aggregate principal amount of Economic Development Revenue Bonds (Beatrice Foods Co. Project) Series 1983 of the City (the "Series 1983 Bonds "). Any additional costs of the Project will be paid for by the Company unless paid for with the proceeds of additional parity bonds (the "Additional Bonds ") as identified in the Indenture. The Common Council, as the elected legislative body of the City, hereby approves the Project and the issuance of the Series 1983 Bonds by the City. The Bonds shall not in any respect be a general obligation of the City, nor shall they be payable in any manner from revenues by taxation. Section 3. Terms for the Series 1983 Bonds. The total principal amount of Series 1983 Bonds that may be issued is hereby expressly limited to $3,000,000; provided that Additional Bonds may be issued upon the terms and conditinns and fnr trP nurnneae nrn[TirlP,