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ORDINANCE NO. 2486 <br />ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF NOT <br />TO EXCEED $2,363,300 INDUSTRIAL DEVELOPMENT REVENUE <br />BONDS, SERIES 1996 (RAINBOW FISH HOUSE, INC. PROJECT) TO <br />FINANCE A LOAN TO RAINBOW FISH HOUSE, INC. SO AS TO <br />FINANCE THE COST OF ACQUISITION, CONSTRUCTION AND <br />EQUIPPING OF A MANUFACTURING FACILITY, AUTHORIZING <br />THE EXECUTION AND DELIVERY OF A LOAN AGREEMENT AND <br />AN INDENTURE SECURING THE BONDS, AND AUTHORIZING <br />OTHER MATTERS RELATIVE THERETO. <br />A. The Village of Elk Grove Village, Illinois (the "Issuer"), is a duly constituted and <br />existing municipality within the meaning of Section 1 of Article VII of the 1970 Constitution of <br />the State of Illinois (the "Constitution") having a population in excess of 25,000 and is a home <br />rule unit of government under Section 6(a) of Article VII of the Constitution; and <br />B. As a home rule unit and pursuant to the Constitution and Ordinance No. 1486 of <br />the Issuer (the 'Enabling Ordinance"), the Issuer is authorized and empowered to issue revenue <br />bonds for the purpose of financing the cost of acquisition, purchase, construction, reconstruction, <br />improvement, equipping, betterment or extension of economic development projects. <br />C. The Company desires that the Issuer issue, sell and deliver its Industrial <br />Development Revenue Bonds, Series 1996 (Rainbow Fish House, Inc. Project) in the aggregate <br />principal amount of not to exceed $2,363,300 (the 'Bonds"), to be issued under the terms and <br />conditions of this Ordinance and secured by a Trust Indenture to be entered into between the <br />Issuer and Amalgamated Bank of Chicago (the "Trustee") dated as of April 1, 1996 (the <br />"Indenture"), and loan the proceeds therefrom to Rainbow Fish House, Inc. (the "Company") to <br />enable it to finance a portion of the cost of acquisition, construction and equipping of an <br />approximately 28,800 square foot manufacturing facility for the processing of seafood and <br />seafood products located at 950 Chase Avenue, Elk Grove Village, Illinois, and pay a portion of <br />the costs of issuance and other costs in connection therewith (the "Project"). <br />D. The Bonds, together with interest thereon, shall be a special, limited obligation of <br />the Issuer secured under the Indenture, for the holders of the Bonds. The Bonds will be payable <br />from the loan payments received by the Issuer pursuant to a Loan Agreement, dated as of April 1, <br />1996 (the "Loan Agreement"), between the Issuer and the Company, pursuant to which the Issuer <br />will lend the proceeds of the Bonds to the Company to finance the cost of the Project in return <br />for loan payments sufficient to pay when due, the principal of, redemption premium, if any, and <br />interest on the Bonds, and from amounts paid by American National Bank and Trust Company of <br />Chicago (the 'Bank") pursuant to its Letter of Credit. <br />