1998 032 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 98- 32 PAGE 3 Law, the Director of Finance, and other appropriate officers of the Village, to provide such information and certifications, and execute and deliver or accept delivery of such instruments, as are necessary and incidental to carrying out the Agreement, and to make such arrangements as are necessary and proper for payment of said service payments in lieu of taxes. Section 4. This Council hereby establishes pursuant to and in accordance with the provisions of Section 5709.43 of the Ohio Revised Code, the North Chagrin Commons Municipal Public Improvement Tax Increment Equivalent Fund (the "Fund"), into which shall be deposited all of the service payments in lieu 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, financing costs, and any and all other direct and indirect costs of the Public Improvements, other than those costs to be paid by State grant funds, or Special Assessment Financing, as described below; or (ii) to pay principal and interest on any loans made by the State of Oluo to the Village to pay costs of die Public Improvements, other than those costs to be paid by Special Assessment Financing; or (iii) to pay the interest on and principal of bonds or notes, and premium, if any, including refunding bonds or notes, issued by the Village to finance costs of the Public Improvements until such notes or bonds are paid in full, other than those costs to be paid by State grant funds, or Special Assessment Financing; or (iv) to reimburse the Village for any funds used by the Village to pay costs of the Public Improvements, or to pay interest or principal, or premium, on any of the aforesaid notes, bonds, or loans, other than those costs or financing to be paid from State grant funds, or Special Assessment Financing, prior to receipt of service payments in lieu of taxes as described in Section 3 hereof. Provided, however, that the Village intends to pay part of the costs of the Public Improvements by use of State grant funds, and by the levy and collection of special assessments on the Property pursuant to Chapter 727of the Ohio Revised Code, and by one or more loans from the State of Oluo, and/or by the issuance of notes and bonds of the Village, in anticipation of the collection of said special assessments (collectively referred to as "Special Assessment Financing"); and the service payments in lieu of taxes shall be applied to pay those costs of the Public Improvements and financing therefor which are not paid or to be paid from said State grant fiends or said Special Assessment Financing. 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. Library: Cleveland; Document#: 50091v4