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(f) The Company has requested the Authority to enter into this Memorandum of Agreement for the purpose of declar- ing the Authority's intention to provide financing to pay all or a portion of the cost of the Project. (g) The Company has represented that neither it nor any affiliate has financed the Project, that neither acquisition, construction nor installation of the Project has yet com- menced and that it is essential that the Company let con- tracts in connection with the acquisition, construction and installation of the Project shortly. (h) This Memorandum of Agreement is entered into to induce the Company to proceed with the necessary plans for the Project and to incur costs in connection with various phases of the Project (including the costs of the acquisition and installation of the equipment and related expenses) and to assure the Company, prior to the issuance of bonds of the Authority, that the Authority will, in accordance with and s'ubject to the provisions of the Act, issue bonds to cover costs so incurred by the Company in connection with the Project, including such costs incurred by the Company prior to the issuance of the bonds. (i) The Company proposes that the Authority agree to issue its bonds under the Act in an aggregate principal amount sufficient to pay all or a portion of the cost of the Project, such bonds to be secured by the obligation of the Company to pay the debt service thereon and by virtue of the provisions of Sections 103(b)(6)(A) and.(D) of the Code as now existing or hereafter amended, to be exempt from Federal income taxation, (j) The Authority h~s determined, based upon represen- tations made by the Company and without any independent investigation having been made by the Authority, that the acquisition, construction and installation (Acquisition) of the Project by, the Company and the financing of all or a portion of the cost of the Project by the Authority will be in furtherance of the purposes of the Act in that it will induce the Company to expand a manufacturing operation in North Carolina and will thereby aid in alleviating unemploy- ment and raising below average manufacturing wages in Cabarrus County inasmuch as the Project will create new job opportunities and pay better wages than those prevalent in Cabarrus County. 2. Undertakings On the Part Of the Author~t_X. In accord- ance with and subject to the limitations of the Act, the Authority agrees as follows: (a) It will authorize the issuance and sale of one or more issues of its revenue bonds, pursuant to the terms of the Act as then in force, in an aggregate - 2 -