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January 15, 1983 <br /> <br /> Howell's Child Care Center, Inc. <br /> <br /> Re: Proposed acquision of land and construction and <br /> equipping of a t20-bed nursing home (the "Project") <br /> situated in CabarrL~s County, North Carolina, and the <br /> financing thereof with First Mortgage Revenue Bonds <br /> <br /> Gentlemen: <br /> <br /> It is the understanding of Cabarrus County Health Development Authority <br />Inc. (the "Issuer") ~hat Rowell's Nealth Care Center, Inc. (the "Company'~ <br />or the "Lessee'~) is currently considering the acquisition of land and <br />construction and equipping o'f a 120-bed nurszng home (the "Project") to be <br />leased from the Issuer, situated in Cabarrus County, North Carolina, and <br />that the Project, including costs of financing, and a Debt Service Reserve <br />Fund and capitalized interest and other costs, will cost approximately <br />$5,000,000 and that the willingness of the Issuer to issue and sell <br />First Mortgage Revenue Bonds [the "Bonds") for ~he purpose of financing tile <br />Project is an important fact under consideration by the Company in determining <br />the extent of the feasibility of the Project. <br /> <br /> The Issuer has determined that the Issuer's issuance of its Bonds <br />finance such Project will result in the operation of ~ necessary facility <br />and that the issuer's issuance of such Bonds will serve a public purpose by <br />providing nursing care facilities, and the general welfare of the people of <br />Cabarrus Colmty. <br /> <br /> Accordingly, in order to induce the Company to incur expenses for the <br />initiation of such Project and its financing, the Issuer hereby makes the <br />following proposal: <br /> <br /> 1~ The Issuer will ~ssue its First Mortgage Revenue Bonds in one or <br />more installments totaling in the aggregate principal amount a sum not to <br />exceed $5,000,000 for tile purpose of paying the cost of the Project, including <br />costs of issuance and other costs. The Bouds will be issued in such aggregate <br />principal amount, mature at such times, bear interest at such rates and be <br />subject to such other terms as shall be agreed upon between the Issuer, the <br />Company and the Underwriter. <br /> <br /> <br />