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145 <br />Council went into Executive Session at this time, (7:30 p.m.). <br />Council reconvened at 7:35 p.m. <br />Mr. Etzler said he wants to be sure the.records clearly show the non-liability <br />on the part of the Village for their irivolvement with these bonds. <br />Mr. Kramer stated the bonds would be issued by separate action pursuant to <br />the agreement which would be authorized by this ordinance. These revenue <br />bonds are authorized by Article 8, Section 13, of the Ohio Constitution and <br />Chapter 165 of the Ohio.Revised Code. As such the bonds would be required <br />to be paid only from revenues. derived from the project. They could and would <br />not constitute a pledge of the taxing power of the Village. Any money <br />received from taxation would.not be permitted to pay any of the principal <br />interest premium, if any, on any of the bonds. The company would be obligated <br />under a loan agreement or other similar financial document to pay, as loan <br />payments on behalf of the Village an amount suffifient to pay the principal <br />interest ori the premium of the bonds as it becomes due. <br />Mr. Feneli pointed out that this is included on page two of the agreement which <br />states the Village will be held harmless from any cost that is in any way <br />connected with the issuance of the bonds. <br />Mr. Etzler said, barring any legal ramifications, Council feels the request <br />stated in the alternate page three is reasonable and should be included in the <br />agreement.. <br />Mr. Kramer said it will be necessary to notify the company of the revised page <br />in the agreement. As he understands it, it will state that after one year from <br />the date of the issuance of the bonds the company would be required to pay a <br />$500.00 penaTty for every person under 15 not hired. <br />Mr. Carmen noted that Council does not consider this to be a penalty. <br />Discussion was held regarding the $500.00 payment being on an annual basis, <br />which was not stated in this copy of the agreement. . <br />Councilmembers Etzler, Flynn, Hanus, and Spellman felt the payment should be on <br />an annual basis and the agreement should include this. <br />Mr. Carmen was not in favor of the payment being on an annual basis because <br />he did not want it to discourage someone from locating in the Village. <br />Mr. Kramer was asked what the duration of the bonds would be. <br />Mr..Kramer stated the duration of the bonds has not yet been establishedo <br />Council decided payments should be made until the bonds are paid in full. <br />