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<br />~ <br /> <br />~ <br /> <br />Section 1. It is hereby found that the financing of the <br /> <br /> <br />economic development facilities referred to in the Loan Agree- <br /> <br /> <br />ment, Mortgage and Security Agreement approved by the Moores- <br /> <br />ville Economic Development Commission and presented to this <br /> <br />Board of Trustees, the issuance and sale of a revenue bond, the <br /> <br />loan of the proceeds of the revenue bond to Miller's Merry <br /> <br />Manor, Inc, for the acquisition, construction and renovation of <br /> <br />such facilities and the equipping thereof, the payment of the <br />revenue bond by the note payments of Miller's Merry Manor, Inc, <br /> <br />under the Loan Agreement, Mortgage and Security Agreement and <br /> <br />Note, the guaranty of payment of principal and interest on the <br />revenue bond by V, Richard Miller, Jane K, Miller, Wallace T, <br />Miller, Jr. , Phyllis Miller, James Miller, Terry Stevens, <br /> <br />Beverly Stevens, Gary Miller and Barbara Miller and the secur- <br /> <br /> <br />ing of said bond by the mortgaging of such facilities to the <br /> <br /> <br />Bondholder under the Loan Agreement, Mortgage and Security <br /> <br /> <br />Agreement complies with the purposes and provisions of I,C, <br /> <br />36-7-12 and will be of benefit to the health and welfare of the <br />Town of Mooresville and its citizens, <br />Section 2, The substantially final forms of the Loan <br />Agreement, Mortgage and Security Agreement, Note, and Bond <br /> <br />Purchase Agreement approved by the Mooresville Economic <br /> <br />Development Commission are hereby approved (herein collectively <br />referred to as the "Financing Agreement" referred to in I,C, <br />36-7-12), and the substantially final form of the Guaranty <br />Agreement approved by the Mooresville Economic Development <br /> <br />- 2 - <br />