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ORDINANCE N0.'83- 22
<br />*TRODUCED BY:
<br />?
<br />i
<br />Council as a Whole. , ' ?, -?
<br />G..-?, ? :2 ? -•??: ?. ? ?? ; ?,.
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF A
<br />$3,500,000 INDUSTRIAL DEVELOPMENT FIRST MORTGAGE REVENUE
<br />BOND (MAYFRAN INTERNATIONAL, INCORPORATED PROJECT)
<br />(CONERGICS CORPORATION - GUARANTOR) OF MAYFIELD VILLAGE,
<br />OHIO, FOR THE PURPOSE OF MAKING A LOAN TO ASSIST MAYFRAN
<br />INTERNATIONAL, INCORPORATED IN THE FINANCING OF COSTS OF
<br />A"PROJECT" WITHIN THE MEANING OF CHAPTER 165, OHIO
<br />REVISED CODE, AND AUTHORIZING THE EXECUTION AND DELIVERY
<br />OF A LOAN AGREEMENT PERTAINING TO TIiE PROJECT AND AN
<br />ASSIGNMENT SECURING THE PAYMENT OF SAID BOND, AND
<br />DECLARING AN EMERGENCY.
<br />WAEREAS, Mayfield Village, Ohio (the "Issuer") a municipal
<br />corporation and political subdivision duly organized and validly existing
<br />under the laws of the State of Ohio, is authorized and empowered, by virtue of
<br />the laws of said State, including, without limitation, Section 13 of Article
<br />VIII, Ohio Constitution, and Chapter 165, Ohio Revised Code, among other
<br />things, (a) to issue its revenue bonds for the purpose of making a loan to
<br />assist in the financing of costs of acquiring a"project", as defined in
<br />Section 165.01, Ohio Revised Code, comprising an industrial facility, located
<br />within the boundaries of the Issuer, (b) to enter into a loan agreement and to
<br />provide for "revenues", as defined in said Section 165.01, sufficient to pay
<br />the principal of and premium, if any, and interest on those revenue bonds, (c)
<br />to secure such revenue bonds by an assignment of revenues, as provided herein,
<br />and (d) to enact this Bond Legislation and to enter into the Agreement and the
<br />Assignment, all as defined herein, upon the terms and conditions provided -
<br />therein;
<br />NOW THEREFORE, BE IT ORDAINED by the Council ct- Mayfield Village,
<br />Cuyahoga County, Ohio, that:
<br />Section 1. Definitions. In addition to the words and terms else-
<br />where defined in this Bond Legislation or any other document, unless the
<br />-context or use clearly indicates another meaning or intent:
<br />"Act" means Chapter 165, Ohio Revised Code, as enacted and amended
<br />pursuant to Section 13 of Article VIII, Ohio Constitution.
<br />"Agreement" means the Loan Agreement, dated as of December 1, 1983,
<br />between the Issuer and the Company as amended or supple)a:nted from time to
<br />time.
<br />"Assignment" means the Assignment of Loan Ag•..?aement and Revenues,
<br />dated as of December 1, 1983, from the Issuer to the Original Purchaser as
<br />amended or supplemented from time to time.
<br />"Authorized Company Representative" means the person at the time
<br />designated pursuant to the Agreement to act on behalf of the Company.
<br />"Bond" means the $3,500,000 Industrial Development First Mortgage
<br />Revenue Bond (Mayfran International., Incorporated Project) (Conergics Corpora-
<br />tion - Guarantor) of the Issuer authorized in Section 3 hereof.
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