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interest at the rate of six percent (6%) per annum with the first <br /> year principal payments deferred. <br /> The City shall advance the total sum of $225 , 000 . 00 upon <br /> the presentation by the Company of appropriate documentation. <br /> Interest shall not accrue on any amount not advanced until such <br /> sum is advanced and the first interest payment shall be adjusted <br /> accordingly. Such first payment of interest only shall be due <br /> April 1 , 1985 . The second interest only payment in the amount <br /> of $6 , 750 . 00 shall be due October 1 , 1985 . Successive semi- <br /> annual payments shall be principal and interest in the amount <br /> of $16 , 359 . 46 for the next eighteen (18) payments . <br /> 2 . Use of funds . Omega agrees to use the funds loaned <br /> hereunder to construct and equip (does not include manufacturing <br /> or production equipment) a 34 , 500 square foot building for its <br /> facility located in the City of Batesville, Independence County, <br /> Arkansas . <br /> To accomplish the objectives of the ACEDP, Omega agrees <br /> to use its best efforts to hire at least sixty-one (61) people <br /> of which thirty-two (32) or fifty-one percent (51%) is comprised <br /> of individuals of low and moderate income (LMI) at the time of <br /> their hiring. During the first twelve (12) months , forty-five <br /> (45) new positions will be created, twenty-three (23) of which <br /> will be LMI ; the second twelve (12) months , eight (8) new <br /> positions , four (4) of which will be LMI ; and the third twelve <br /> (12) months , eight (8) new positions , four (4) of which will <br /> be LMI . For purposes of this paragraph "low and moderate income" <br /> shall be defined as less than $11 , 009 gross annual family income . <br /> Additional financing of the collateral (identified <br /> hereinbelow) and of the facilities of which the collateral <br /> constitutes a part is being provided by industrial development <br /> revenue bonds to be issued by the City in the principal amount <br /> of $475 , 000 designated "City of Batesville , Arkansas Industrial <br /> Development Revenue Bonds - Omega Project , Series 1984" (the <br /> "Bonds") . The Bonds are not general obligations of the City <br /> but are special obligations , secured solely by a pledge of <br /> revenues to be derived from the facilities financed by the Bonds <br /> and a mortgage lien on and security interest in such facilities , <br /> -2- <br />