1983 018 Ordinance - Laserfiche WebLink

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, . AGREEMENT TO ISSUE BONDS ? THIS AGREEMENT, entered into as of , 1983 between the VILLAGE OF MAYFIELD, OHIO, a municipal 'corporation organized and existing under the Constitution and laws of the State of Ohio ("Issuer") and CONERGICS CORP.; a corporation duly organized and validly existing under the laws of the State of Delaware, with.its principal place of business in Fairway, Ransas, . ("Company"), in furtherance of the public purposes of Section 13 of Article VIII, Ohio Constitution, to create or preserve jobs and employment opportuni- ties and to improve the economic welfare of the people of the State.of Ohio under the following circumstances: , A. The Company desires to finance costs of acquiring an existing industrial facility including the site thereof and personal property, fixtures and equipment therein and thereon located within Cuyahoga County on Beta Drive, Mayfield Village, Ohio, more particularly described in Exhibit A at- tached hereto ("Project") within the boundaries of the Issuen; and 9. The Company has requested that the Issuer issue industrial development reveriue bonds or other obligations pursuant to Chapter 165, Ohio Revised Code, in the maximum aggregate face amount of $4,000,000 ("Bonds") to assist in the financing of the.Project, and is agreeable to making papments to the Issuer sufficient to pay all of the principal of and premium, if any, and interest on the Bonds; and C. The Issuer is.willing to issue the Bonds and desires to obtain the economic benefits from such Project. . As an inducement to and in consideration of the Company's plans with respect to the Project, the Issuer and the Companyagree as follows: 1. The Company shall acquire the Project as soon as feasible and will provide, or cause to be provided, at its own expense, the necessary in- terim financing t.o permit such acquisition. Upon the issuance of the Bonds, the Issuer and the Company will enter into one or more agreements ("Financing Agreement") with respect to the Project and the financing therefor. The Financing Agreement shall be in the form of a loan agreement,, a conditional or installment sale agreement or a lease with an option to purchase and may con- tain such terms and conditions as_provided or permitted-under said Chapter 165; provided, however, that the Financing Agreement shall require payments sufficient to pay the principal of and premium, if any, and.interest on such ,- Bonds as may be issued with respect-to the Project, or portion thereof, which is the subject of such Financing Agreement. In order to secure the payment of the principal of and premium, if any,. and;interest on the Bonds, the Issuer shall.also enter into a trust agreement,or an assignment of revenues which shall have such terms and conditions as may be provided or permitted under- . said Chapter 165.. Upon request of.the purchaser or purchasers of the Bonds, the Company may give and the Issuer or the trustee, mortgagee or secured party - designated under such trust agreement or mortgage or security agreement shall, on behalf and for the protection of the holder of the Bonds, accept such other security as may be provided or permitted under said Chapter 165. The Issuer shall not have any financial responsibility with respect to the;Bonds or the- . - - - ,