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<br />(Ii) to pay the interest on, principal of, and any premium on bonds or notes or other <br />obligations, including refunding bonds or notes or other obligations, issued by the City to finance <br />costs of the Public Improvements until such notes or bonds or other obligations are paid in full; and <br /> <br />(Iii) to reimburse the City for any funds used by the City to pay costs of the Public <br />Improvements, or to pay interest, principal, or premium, on any of the aforesaid notes, bonds, loans <br />or other obligations prior to r~ceipt of Service Payments. <br /> <br />The Fund shall remain in existence so long as Service Payments are collected and used for the <br />aforesaid purposes, after which said Fund shall be dissolved in accordance with said Section 5709.43. <br /> <br />SECTION 7. Pursuant to Section 5709.40 of the Ohio Revised Code, the Clerk of Council is <br />hereby directed to deliver a copy of this Ordinance to the Director of the Department of Development <br />of the State of Ohio within fifteen days after its passage. On or before March 31 of each year that <br />the exemption set forth in Section 2 hereof remains in effect, the Mayor or other authorized officer of <br />this City shall prepare and submit to the Director of the Department of Development of the State of <br />Ohio the status report required under Section 5709.40 of the Ohio Revised Code. <br /> <br />SECTION 8. There is hereby created the City of Lakewood Tax Incentive Review <br />Council (the "TIR Council") pursuant to Section 5709.85 of the Ohio Revised Code. The TIR <br />Council shall perform those duties and functions prescribed under said Section 5709.85. The <br />membership of the TIR Council shall be three members appointed by the Board of Cuyahoga <br />County Commissioners; two members who shall be residents of the City of Lakewood, appointed <br />by the Mayor with the concurrence of this Council; the Cuyahoga County Auditor or his designee, <br />and an individual appointed by the Board of Education of the District. The Clerk of Council is <br />hereby authorized and directed to notify the Clerk of the Board of Cuyahoga County <br />Commissioners, the Cuyahoga County Auditor and the President of the Board of Education of the <br />District of the establishment of the TIR Council and to request the appointment of the respective <br />members of the TIR Council in accordance with this Section 7. <br /> <br />SECTION 9. It is hereby found and determined that all formal actions of this Council <br />concerning and relating to the passage of this Ordinance were passed in open meetings of this <br />Council, and that all such deliberations of this Council and of any of Its committees that resulted in <br />any such formai action, were in meetings open to the public, in compliance with all legal <br />requirements including the City's Charter and Codified Ordinances. <br /> <br />SECTION 10. This ordinance is hereby declared to be an emergency measure necessary <br />for th'é immediate preservation of the public peace, property, health, safety and welfare in the City <br />and for the usual daily operation of the City for the reasons set forth and defined In the preamble <br />to this ordinance, and provided it receives the affirmative vote of at least five (5) of its members <br />elected to Council, this ordinance shall take effect and be in force immediately upon its passage by <br />the Council and approval by the Mayor; otherwise, it shall take effect and be in force after the <br />earliest period allowed by law. <br /> <br />Adopted: ~;(;z:, k.. ?-.JCN( <br /> <br />t?~.~ <br /> <br />President <br /> <br />~ í~ <br />erk o91:;)ncil ' ~ <br /> <br />Approved: ~. 1.¡ ~tlO'1 <br />I <br /> <br />M:!H'/~ <br /> <br />Page 3 of 5 <br />