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Ordinance No. 2003-43 Page 3 Section 4. This Council hereby establishes pursuant to and in accordance with the provisions of Section 5709.43 of the Ohio Revised Code, the Beta Drive Municipal Public Improvement Tax Increment Equivalent Fund (the "Fund"), into which shall be deposited a11 of the service payments in Iieu of taxes distributed to the Village with respect to the Improvements on the Property, by or on behalf of the County Treasurer as provided in Section 5709.42 of the Ohio Revised Code, and hereby provides that all of the moneys deposited in the Fund shall be used for the following purposes: (i) to pay any and all planning, engineering, acquisition, construction, installation, property acquisition, financing costs, and any and a11 other direct and indirect costs of the Public Improvements, including those costs set forth in Ohio Revised Code Section 133.15(B); (ii) to pay the interest on, principal of, and any preanium on bonds or notes or other obligations, including refunding bonds or notes or other obligations, issued by the Village to fmance costs of the Public Improvements until such notes or bonds or other obligations aze paid in full; and (iii) to reimburse the Village for any funds used by the Village to pay costs of the Public Improvements, or to pay interest, principal or premium on any of the aforesaid notes, bonds or other obligations, prior to receipt of service payments in lieu of taxes as described in Section 3 hereof. The Fund shall remain in existence so long as such service payments are collected and used for the aforesaid purposes, after which said Fund shall be dissolved in accordance with said ^ Section 5709.43. - Section 5. Pursuant to Section 5709.40 of the Ohio Revised Code, the Clerk of this Council is hereby directed to deliver a copy of this Ordinance to the Director of the Department of Development of tlie State of Oluo within fifteen days after its passage. On or before March 31 of each year that the exemption set forth in Section 2 hereof remains in effect, the Director of Finance or other aut}iorizeci officer of this Village sha11 prepare and submit to the Director of the Department of Development of the State of Ohio the status report required under Section 5709.40 of the Ohio Revised Code. Section 6. This Council finds and deternines that all formal actions of this Council and of any of its committees concerning and relating to the passage of this Ordinance were taken in an open meeting of this Council or of any of its cornmittees, and that all deliberations of this Council and of any of its committees that resulted in those formal actions were in meetings open to the public, in compliance with the law. Section 7. This Ordinance is declared to be an emergency measure necessary for the immediate preservation of the public peace, health and safety of the Village and for the further reason that the immediate effectiveness of this Ordinance is required to provide for the funding for the Public Improvements so that such Improvements may be constructed as quickly as possible, thereby providing immediately necessary public road and other improvements, and thereby permitting the Company's project to be constructed as quickly as possible, in