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II <br /> I <br /> (G) In view of rising construction costs, rising interest <br /> rates and other factors, it is believed essential that the <br /> acquisition and construction of the Project commence at the <br /> earliest practical date, and the Company is unwilling to make <br /> commitments therefor without satisfactory assurances from the <br /> County that, upon satisfaction of all requirements of law, and <br /> other conditions to be met by the Company, the Bonds will be issued <br /> and sold and the proceeds thereof will be made available to finance <br /> the cost of the Project, to the extent of such proceeds; and <br /> (H) It is necessary and desirable and in the best interest of <br /> the County that the County and the Company enter into a Memorandum <br /> of Agreement (the "Memorandum of Agreement") , providing among other <br /> things for the issuance and sale by the County of the Bonds; for <br /> the use and application of the proceeds of the issuance and sale of <br /> the Bonds to pay all or any part of the "cost" (as defined in the <br /> Act) of the Project, to the extent of such proceeds; and for the <br /> loan of the proceeds of the sale of the Bonds by the County to the <br /> Company pursuant to a financing agreement requiring the Company to <br /> pay the loan in installments sufficient to pay all of the interest, <br /> principal, redemption premiums (if any) and other costs due under <br /> and pursuant to the Bonds when and as the same become due and <br /> payable, to operate, repair and maintain the Project at the <br /> Company's own expense, and to pay all other costs incurred by the <br /> County in connection with the financing of the acquisition, <br /> rehabilitation and administration of the Project which are not paid <br /> out of the Bond proceeds or otherwise; and <br /> 4 <br />