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facility will be of benefit to the health and welfare of the <br />City and its citizens. <br />Section 3. This Council further finds that the pro- <br />posed economic development revenue bond financing of such <br />facility complies with the purposes and provisions of the Act. <br />Section 4. This Council hereby approves the proposed <br />economic development revenue bond financing of such facility, <br />including (i) the form and terms of the aforementioned Loan <br />Agreement, Mortgage and Security Agreement, Promissory Note, <br />Economic Development Revenue Bond, and Trust Indenture attached <br />hereto and incorporated herein by reference (two (2) copies of <br />which are on file in the Office of the Clerk of the City for <br />public inspection) , (ii) the issuance and sale of said Economic <br />Development Revenue Bond, (iii) the loan of the net proceeds of <br />said Economic Development Revenue Bond to the Company for the <br />acquisition and construction of such facility, such loan to be <br />evidenced by said Promissory Note, (iv) the repayment of said <br />loan by the Company pursuant to said Loan Agreement, Mortage <br />and Security Agreement, and said Promissory Note, and (v) the <br />securing of said Economic Development Revenue Bond by said Loan <br />Agreement, Mortgage and Security Agreement and said Trust <br />Indenture. <br />Section 5. The City shall issue its Economic Develop- <br />ment Revenue Bond (Metal Resources Corporation Project), in the <br />aggregate principal amount of Three Million Eight Hundred <br />Seventy -Five Thousand One Hundred Twenty -Five Dollars <br />($3,875,125.00) for the purpose of procuring funds to loan to <br />-3- <br />