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this Ordinance (the "Bond Ordinance ") is of public benefit to the <br />economic welfare of the City and County by tending to overcome the <br />deficiencies previously found to exist, to -wit: insufficient employ- <br />ment opportunities and insufficient diversification of economic develop- <br />ment, and that such benefit is greater than the cost of public facili- <br />ties (as that phrase is defined in the Act) which will be required by <br />the Project and further that the proposed financing will be of <br />benefit to the welfare of the City and complies with the purposes <br />and provisions of the Act. <br />Section 3. Authorization of $1,100,000 Ecomomic Develop- <br />ment Revenue Bonds: <br />In order to pay the cost of acquiring and con- <br />structing the Project, there are hereby authorized to be issued, <br />sold and delivered $1,100,000 aggregate principal amount of the <br />Bonds. It is hereby recognized that pursuant to the terms of the <br />Agreement, any balance of the cost of the Project will be paid for <br />by the User unless paid for out of the proceeds of additional parity <br />bonds (the "Additional Bonds ") as identified in the Indenture. <br />Section 4. <br />Definitions: In addition to the words and <br />terms defined in this Bond Ordinance, the words and terms used in <br />this Bond Ordinance shall have the meanings set forth in the Inden- <br />ture and Agreement unless the context or use indicates another or <br />different meaning or intent and the form of the Bonds and the forms <br />of the Agreement and Indenture, which forms are before the meeting, <br />are hereby incorporated by reference in this Bond Ordinance and the <br />Clerk is hereby directed to insert them into the minutes of the <br />Common Council and to keep them on file. <br />Section 5. Terms of the Bonds: The total principal amount <br />of the Bonds that may be issued is hereby expressly limited to <br />$1,100,000 provided, however, that Additional Bonds may be issued <br />as hereinafter provided. The terms of the Bonds will be such as <br />are set forth in the Indenture and particularly as set forth in <br />Articles II and III of the Indenture, and such terms are adopted <br />herein by reference and by approval of the Indenture. <br />-4- <br />