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MEMORANDUM OF INTENT <br /> This MEMORANDUM OF INTENT is between the CITY OF <br /> BATESVILLE, ARKANSAS, party of the first part (hereinafter <br /> referred to as the "Municipality" ) , and IDEAL BAKING COMPANY, <br /> INCORPORATED, an Arkansas corporation, party of the second part <br /> (hereinafter referred to as the "Company" ) . <br /> IN CONSIDERATION of the undertakings of the parties <br /> set forth herein and the benefits to be derived therefrom and of <br /> other good and valuable considerations, receipt of which is <br /> hereby acknowledged by the parties, the Municipality and the <br /> Company AGREE: <br /> 1 . Preliminary Statement. (a) The Municipality is a <br /> duly organized and existing city of the first class under the <br /> laws of the State of Arkansas and is authorized by the laws of <br /> the State of Arkansas, including particularly Act No. 9 of the <br /> First Extraordinary Session of the Sixty-Second General Assembly <br /> of the State of Arkansas, approved January 21, 1960, as amended <br /> ( "Act 9" ) , to issue revenue bonds for financing the costs of <br /> acquiring, constructing and equipping industrial facilities (as <br /> defined in and authorized by Act 9) and to lease, sell and/or <br /> make loans to finance the same for such rentals and payments and <br /> upon such terms and conditions as the Municipality deems <br /> advisable. <br /> (b) The Company presently operates an existing <br /> manufacturing plant at the Municipality and proposes to <br /> undertake an expansion which will consist of buildings, <br /> improvements, machinery, equipment and facilities for the <br /> manufacture of bakery products (the "Industrial Facilities" ) . <br /> (c) The Company has determined that prior to <br /> commencement of acquisition, construction and equipment of the <br /> Industrial Facilities, it must obtain a commitment from the <br /> Municipality that it will issue revenue bonds under Act 9 as the <br /> company and the Municipality, upon advice of counsel, shall deem <br /> appropriate and make the proceeds available for the permanent <br /> financing of any part or all of the costs and expenses incurred <br /> in acquiring, constructing and equipping the Industrial <br /> Facilities. <br /> (d) The Municipality is willing to so commit and to <br /> proceed with the issuance of such bonds as and when requested by <br /> the Company, in principal amounts necessary to furnish such <br /> permanent financing subject to compliance with all conditions <br /> set forth in Act 9. <br />