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ORDINANCE NO.
<br />
<br />101 -84
<br />
<br />BY: Brown, Chinnock, Gallagher,
<br /> Graham, McBride, Salmon,
<br /> Wendling
<br />
<br /> AN EMERGENCY ORDINANCE authorizing the issuance and sale of
<br />$1,780,000 of City of Lakewood, Ohio Industrial Development First
<br />Mortgage Revenue Bonds (Detroit/Warren Building Project) for the pur-
<br />pose of making a loan to assist Lakewood-Warren-Detroit Partnership,
<br />Ltd. in the financing of costs of a "project" within the meaning of
<br />Chapter 165, Ohio Revised Code, and authorizing the execution and
<br />delivery of a loan agreement pertaining to the project and of a Trust
<br />Indenture securing the payment of the bonds.
<br />
<br /> WHEREAS, the City of Lakewood, Ohio, a municipal corporation and
<br />political subdivision duly organized and validly existing under the laws of
<br />the State of Ohio, is authorized and empowered, by virtue of the laws of the
<br />State of Ohio, including without limitation, Section 13 of Article VIII, Ohio
<br />Constitution, and Chapter 165, Ohio Revised Code, (a) to issue its revenue
<br />bonds for the purpose of making a loan to assist in the financing of costs of
<br />acquiring, constructing, installing, equipping or improving a "project", as
<br />defined in Section 165.01, Ohio Revised Code, comprising a commercial office
<br />building with retail space on the ground floor facility, located within the
<br />boundaries of the City of Lakewood, Ohio, in the County of Cuyahoga at
<br />14801-13 Detroit Avenue, Lakewood, Ohio (b) to enter into a loan agreement and
<br />to provide for "revenues", as defined in Section 165.01, sufficient to pay the
<br />principal of and interest and any premium on those revenue bonds, (c) to
<br />secure those revenue bonds by a trust indenture, as provided herein, and (d)
<br />to enact this Bond Legislation and to enter into the Indenture and the Agree-
<br />ment, all as defined herein, upon the terms and conditions provided herein and
<br />therein; and
<br />
<br /> WHEREAS, this Council by two-thirds of the members elected thereto
<br />determines that this ordinance is an emergency measure which is necessary for
<br />the immediate preservation of the public peace, property, health and safety
<br />and for the further reason that this ordinance must take effect at the earli-
<br />est possible time in order to proceed promptly with the issuance and sale of
<br />the Bonds in order to maintain and create jobs and advance and promote commer-
<br />cial and economic development within the boundaries of the Issuer;
<br />
<br />Ohio:
<br />
<br />NOW THEREFORE, BE IT ORDAINED by the Council of the City of Lakewood,
<br />
<br /> Section 1. Definitions. In addition to the words and terms defined
<br />elsewhere in this Bond Legislation, unless the context or use clearly indi-
<br />cates another meaning or intent:
<br />
<br /> "Act" means Chapter 165, Ohio Revised Code, as enacted and amended
<br />from time to time pursuant to Section 13 of Article VIII of the Ohio Constitu-
<br />tion.
<br />
<br /> "Additional Bonds' means bonds which may be issued under Section 2.04
<br />of the Indenture.
<br />
<br /> .Additional Notes" means any nonnegotiable promissory note or notes,
<br />in addition to the Project Note, delivered by the Company to the Trustee in
<br />connection with the issuance of Additional Bonds, as provided in the Agree-
<br />
<br />merit.
<br />
<br /> "Agreement" means the Loan Agreement, dated as of even date with the
<br />Indenture, between the Issuer and the Company, as amended or supplemented from
<br />time to time.
<br />
<br />"Bond Fund" means the Bond Fund created in Section 5.04 of the Inden-
<br />
<br />ture,
<br />
<br />
<br />
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