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Mrs . Irene K. Gammon <br /> September 17, 1986 <br /> Page 2 <br /> The enclosed inducement resolution and ordinances for <br /> bond financing are in the aggregate amount of $700, 000, with <br /> $175,000 to be allocated to the corporation, and a separate <br /> bond in the amount of $525, 000 for the partnership. Both of <br /> these bonds would be issued with respect to the same project <br /> and to finance cost overruns. <br /> There are currently 17 employees with an approximate <br /> annual payroll of $1,260,000 . The borrowers expect that the <br /> project will create 3 new jobs, with an estimated annual <br /> payroll of $60, 000 . It is currently anticipated that Valley <br /> American Bank and Trust Company will purchase the bonds . <br /> We thank you for your cooperation and assistance. <br /> Very truly yours, <br /> BARNES & THORNBURG <br /> Richard W. Morgan <br /> RWM/cac <br /> Enclosure <br /> cc: Kenneth P. Fedder, Esq. <br /> June Wynen <br /> BARNES a THORNBURG <br />