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RESOLUTION NO. X•424 <br /> A RESOLUTION REGARDING THE ISSUANCE OF NOT TO EXCEED <br /> $600,000 IN AGGREGATE PRINCIPAL AMOUNT OF COMMERCIAL <br /> DEVELOPMENT REVENUE BONDS (REAMES FOODS, INC. PROJECT) <br /> SERIES 1986, OF THE CITY OF CLIVE, IOWA AND AUTHO- <br /> RIZING EXECUTION OF A MEMORANDUM OF AGREEMENT. <br /> WHEREAS, the City of Clive, Iowa (the "Issuer ") is a <br /> municipal corporation organized and existing under the <br /> Constitution and laws of the State of Iowa, and is <br /> authorized and empowered by Chapter 419 of the Code of Iowa <br /> (the "Act "), to issue Commercial Development Revenue Bonds <br /> • and loan the proceeds from the sale of said Bonds to one or <br /> more parties to be used to defray all or a portion of the <br /> cost of acquiring, constructing, improving and equipping a <br /> "Project ", as that term is defined in the Act, for the <br /> purpose of securing and developing industry and trade within <br /> or near the Issuer in order to create jobs and employment <br /> opportunities and to improve the economic welfare of the <br /> residents of the Issuer and of the State of Iowa; and <br /> WHEREAS, the Issuer has been requested by Reames Foods, <br /> Inc., an Iowa corporation (the "Borrower "), to authorize <br /> and issue its Commercial Development Revenue Bonds pursuant <br /> to the provisions of the Act for the purpose of defraying <br /> all or a portion of the cost of the acquisition and <br /> installation of machinery and equipment in existing <br /> facilities of the Company for use in the processing of pasta <br /> products (hereinafter referred to as the "Project "), which <br /> Project will be owned and operated by the Borrower; and <br /> WHEREAS, said Project will create and maintain <br /> additional employment opportunities for residents of the <br /> Issuer and the surrounding area; will enhance the tax base <br /> of the Issuer and overlapping taxing jurisdictions and will <br /> provide and induce other public benefits flowing from the <br /> conduct of increased operations which will add to the <br /> welfare and prosperity of the Borrower and its inhabitants; <br /> and <br /> WHEREAS the Issuer has determined that the amount <br /> necessary to defray all or a portion of the cost of <br /> acquiring, constructing, improving and equipping the <br /> Project, including necessary expenses incidental thereto, <br /> 11, -3- <br />