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LOAN AGREEMENT AND SECURITY AGREEMENT <br /> This Loan Agreement and Security Agreement , made and entered <br /> into as of the day of , 1984 , by and <br /> between the CITY OF BATESVILLE , ARKANSAS , a political subdivision <br /> of the State of Arkansas , hereinafter referred to as THE CITY, <br /> and OMEGA CONTAINER BATESVILLE , INC . , a corporation organized <br /> and existing under the laws of the State of Arkansas , hereinafter <br /> referred to as OMEGA. <br /> W I T N E S S E T H: <br /> WHEREAS , the City is authorized (under the Arkansas Community <br /> and Economic Development Program [ "ACEDP"] conducted under the <br /> auspices of the Planning and Economic Development Division of <br /> the Arkansas Industrial Development Commission [ 'AIDC"] through <br /> funds provided through the Department of Housing and Urban <br /> Development to accomplish the objectives found in the Housing <br /> and Community Development Act) to loan grant funds to qualified <br /> applicants ; and <br /> WHEREAS , the City has applied for such -rant funds and has <br /> been found to be qualified to receive such grant funds ; and <br /> WHEREAS , the loan of these grant funds from the City to <br /> Omega will create new employment opportunities for unemployed <br /> individuals , will fund a project in an area of high and long- <br /> term unemployment , will address and resolve pressing community <br /> and economic development needs , will fund a project which will <br /> be underway quickly and will benefit low and moderate income <br /> families ; and <br /> WHEREAS , Omega will use the loan funds in conjunction with <br /> proceeds received from industrial development bonds issued by <br /> the City and guaranteed by AIDC for the construction of a 34 , 500 <br /> square foot building to operate an ammunititon container facility <br /> in Batesville , Arkansas . <br /> NOW, THEREFORE , for and in consideration of the premises <br /> and mutual covenants hereinafter contained, the parties hereby <br /> covenant and agree as follows : <br /> 1 . Loan of funds . The City agrees to loan and Omega agrees <br /> to borrow the total sum of $225 , 000 . 00 which shall be evidenced <br /> by a Promissory Note of even date (the "Note") providing for <br />