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RESOLUTION NO. 40-84 <br />A RESOLUTION AUTHORIZING THE EXECUTION OF A <br />MEMORANDUM OF AGREEMENT (AAR CORP. PROJECT) <br />WHEREAS, AAR Corp., a Delaware corporation authorized to <br />do business in the State of Illinois (the "Company"), wishes to <br />finance the acquisition and equipping of a new commercial facility <br />and wish to have the Village of Elk Grove Village, Illinois (the <br />"Issuer") issue its revenue bonds to finance such acquisition <br />and equipping; and <br />WHEREAS, a Memorandum of Agreement has been presented to <br />the Issuer under the terms of which the Issuer agrees, subject to <br />the provisions of such Agreement, to issue its revenue bonds to <br />finance such acquisition and equipping; <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES <br />OF THE VILLAGE OF ELK GROVE VILLAGE; ILLINOIS, as follows: <br />SECTION 1: That the President of the Issuer is hereby <br />authorized to execute, and the Clerk of the Issuer is hereby <br />authorized to attest a Memorandum of Agreement with the Company in <br />substantially the form of such agreement appended to this Resolution <br />as Exhibit A. <br />SECTION 2. That the officers and employees of the Issuer <br />are hereby authorized to take such further action as is necessary <br />to carry out the intent and purposes of the Memorandum of Agreement <br />as executed and to issue not to exceed $1,300,000 of its revenue <br />