1983 022 Ordinance - Laserfiche WebLink

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, "hereby", "herein", "hereto", "hereunder" and similar terms mean this Bond Legislation; and the term "hereafter" means after, and the term "heretofore" means before, the effective date of this Bond Legislation. Words of any gender includes the correlative words of the other genders, unless the sense indicates otherwise. The captions and headings of this Bond Legislation are solely for convenience of reference and do not define, limit or describe the scope or intent of any provisions or Sections of this Bond Legislation. Section 2. Determinations by Legislative Authority. This Legisla- tive Authority determines that (i) the Project is a"project" as defined in the Act and is consistent with the purposes of Section 13 of Article VIII, Ohio Constitution; (ii) the utilization of the Project is in furtherance of the purposes of the Act and will benefit the people of the Issuer and of the State by creating and preserving jobs and employment opportunities and improv- ing the economic welfare of the people of the Issuer and of the State; and (iii) the provision of the loan to finance costs of the Project, including, without limitation, the financing thereof, will require the issuance, sale and delivery of the Bond in the principal amount of $3,500,000, which shall be payable and secured as provided herein and in the Agreement and the Mortgage. The Legislative Authority also determines that, following reasonable notice, and prior to the adoption of this Bond Legislation, a public hearing was held with respect to the issuance of the Bond as required by Section 103(k) of the Code. Section 3. Authorization and Terms of Bond. This Legislative Au- thority determines it to be necessary to, and the Issuer shall issue, sell and deliver, as provided and,,authorized herein and pursuant to the authority of the Act, the $3,500,000 in principal amount Bond for the purpose of making a loan to assist the Company in the financing of costs of the Project for the Project Purposes. The Bond shall be designated "Industrial Development First Mortgage Revenue Bond (Mayfran International, Incorporated Project) (Conergics Corporation - Guarantor)." The Bond shall be issued (i) as a single instrument in the denomina- tion of $3,500,000, in fully registered form substantially as set forth in Exhibit A attached hereto (which is incorporated herein by reference and made a part hereof fully as if set forth in full herein); (ii) shall be subject to optional prepayment, in the amounts, upon the cor.ditions, and at the times and prices set forth in the Bond and in the Agreement; (iii) shall be numbered R1 and upwards upon any exchange of the Bond for a new Bond; and (iv) shall be dated as of the purchase;-:date and shall bear interest from the date of its delivery to the Original E'urchaser (wfiich date shall appear on the face of the Bond), at a rate equal to seventy-five per centum (75%) of the Prime Rate of Bank One, Columbus, NA, with such rate to change concurrently with each change in that Prime Rate (subject to adjustment by reason of a Determination of Taxability as therein provided). The Bond shall be payable as to interest quarterly, commencing April 1, 1984 and as to principal and interest in consecutive equal quarterly payments, commencing April 1, 1984, in the amounts and for such period of time as set forth in the.Bond. The Bond shall mature on January 1, 1999; provided that the unpaid principal balance of the Bond is 5