9408-03 Authorizing the issuance of Bonds to evidence a loan from the Indiana Department of Environmental Management Brown-Fields Cleanup Revolving Loan Fund

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ARTICLE I. AMOUNT AND TERMS OF THE LOAN Section 1. Subject to the terms and conditions hereof, and relying upon the representations, warranties and covenants herein set forth, IDFA agrees to make a secured loan to the Borrower in the aggregate principal amount of up to One Million Dollars ($1,000,000) (the "Loan") to be used for the remediation of hazardous substances (the "Project Activities") in conjunction with the redevelopment of a former un-permitted landfill area in order to establish an environmental educational facility (the "Brownfields Project"). A description of the Brownfields Project is attached hereto and made a part hereof as Attachment A. Initially, the amount of the Loan shall be Seven Hundred Eighty Nine Thousand Nine Hundred Dollars and No Cents ($789,900.00) (the "Initial Loan Amount"), however, the Loan amount may be increased, at any time and from time to time, up to a maximum aggregate principal amount of $1,000,000, in accordance with Article I, Section 3, below. The Loan is intended to be a partially forgivable Loan, and percent (_%) of the Loan shall be forgiven if the Borrower timely attains its Economic Development Goals as stated in Attachment C. The Loan shall be available for disbursement and shall be disbursed in accordance with the conditions set forth in this Loan Agreement and in the Bonds, defined below. Section 2. The Bonower's obligation to repay the Loan shall be evidenced by bonds issued by Borrower, designated as "Taxable Revenue Bonds of 2003, Series ~". The Initial Loan Amount shall be evidenced by two bonds of the Borrower, designated as "Taxable Revenue Bonds of 2003, Series A" (the "Series A Bond") and "Taxable Revenue Bonds of 2003, Series B" (the Series B Bond"), attached hereto and made a part hereof as Attachment D. In the event that the Loan amount is increased, at any time and from time to time, in accordance with Article I, Section 3, below, the Borrower's obligation to repay the increased portion of the Loan shall be evidenced by additional bonds with the same designation, other than the Series designation, which will be the next consecutive letter of the alphabet (the "Additional Bonds", and together with the Series A Bond and the Series B Bond, collectively, the "Bonds"). Section 3. In the event that additional funds become available to the BCRLF for the Brownfields Project, IDFA shall loan such additional funds, up to an additional Two Hundred Ten Thousand One Hundred Dollars ($210,100), to Borrower hereunder ("Additional Loans"). Each Additional Loan hereunder shall constitute a part of the "Loan" evidenced hereby. The Borrower's Obligation to repay each Additional Loan shall be evidenced by two Additional Bonds of Borrower, designated as set forth in Article I, Section 2, hereof. One of such Additional Bonds (the "Non- Forgivable Additional Bond"), in an amount equal to eighty percent (80%) of the principal amount of such Additional Loan, shall evidence the non-forgivable portion of such Additional Loan; and the other Additional Bonds (the "Forgivable Additional Bond"), in an amount equal to percent (_%) of the principal amount of such Additional Loan, shall evidence the forgivable portion of such Additional Loan. Section 4. The Loan shall be available for disbursement after satisfaction of the following: (A) the execution of this Loan Agreement and the Bonds (collectively, the "Loan Documents"), and (B) satisfaction of conditions stipulated by the IDFA in Resolution G36-2002. IDFA shall then periodically disburse the proceeds of the Loan to the Borrower based upon the completion of Project Activity milestones provided in the RWP. A summary of the Project Activity milestones, provided in the RWP as the "Construction Schedule", is attached hereto and is made a part hereof as Attachment F. -2-