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a. <br />lie <br />Hutchinson Utilities, Inc. <br />September 7, 1963 <br />Page Two <br />nary general plans and specifications relating to such f._:cilities <br />which are on file in the office of the Clerk of the Governing <br />Body, The bonds will be issued in such aggregate principal <br />amount, mature at such times, bear interest at such rates and be <br />subject to such other terms as shall he agreed upon among you and <br />the Issuer and the bondholders. <br />2. You and the Issuer will erste- into a Loan Agreement, <br />Mortgage and Security Agreement (the "Agreement") which shall <br />provide for a lagan of bond proceeds by the Issuer to you for the <br />purpose of the acquisition, construction and equipment of the <br />Projekt, and you will execute and deliver a promissory note (the <br />"Note"') evidencing the loan. The Agreement shall be assigned <br />either to a bank trustee for the benefit and protection of the <br />bondholders, or to the bondholders. The installment payments to <br />be made by you pursuant to the Agreement and Nate shall be <br />pledged to the payment of the principal of, interest on and <br />redemption premium, if any, applicable to the bonds and the fees <br />and expenses of the trustee, if any. The aggregate principal <br />amount of the bonds shall only be fully sufficient to pay the <br />cost of the Project, the cost and expenses of financing the same <br />and the expenses of you, the trustee, if any, and the Issuer <br />related thereto. <br />3. The Issuer will cooperate in the preparation of the <br />Agreement, the Note, the trust indenture, if any, and the <br />necessary resolutions for the authorization and sale of the <br />bonds. <br />4. Upon delivery of the bonds, the provisions of this <br />proposal and the agreement resulting from its acceptance by you <br />shall have no further effect, and in the event of any incon- <br />sistency between the terms of this proposal and the terms of the <br />Agreement and the Note in the form in which they shall be finally <br />approved by resolution of the Governing Body, the provisions of <br />the Agreement and Note as so approved shall control. <br />5. Upon acceptance by you of this proposal, the Issuer <br />shall keep open and outstanding this commitment and inducement to <br />you for a reasonable time so long as you shall be proceeding with <br />appropriate efforts toward conclusion of any arrangements <br />necessary to the 'Project, and (after finding the Borrower finan- <br />cially responsible as described in paragraph 8 hereof) so long as <br />