99-081 Ordinance - Laserfiche WebLink

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???-? ?/?/?? ? ?? CITY OF NORTH OLMSTED ORDINANCE NO.: 99- 81 BY: COUNCILMAN DUANE LIMPERT AN ORDINANCE EXPRESSING THE CONDITIONAL INTENT \ ( OF THE CITY OF NORTH OLMSTED TO ISSUE INDUSTRIAL REVENUE BONDS OF THE CITY PURSUANT TO CHAPTER ` 165, OHIO REVISED CODE, AUTHORIZING A DECLARATION ? OF OFFICIAL INTENT UNDER U.S. TREASURY ?f REGULATIONS WITH RESPECT TO REIMBURSEMENTS FROM PROCEEDS OF THOSE BONDS, TO ASSIST HORIZON ACTIVITIES CENTERS, INC. IN FINANCING CERTAIN CONIlVIERCIAL FACILITIES, AUTHORIZING THE ? EXECUTION OF AN AGREEMENT RELATING TO SUCH BONDS, AND RELATED MATTERS. WHEREAS, the City of North Olmsted, Ohio ("Issuer"), by virtue of the laws of the State of Ohio, particularly Chapter 165, Ohio Revised Code, as amended, and the authorities therein mentioned, wishes to take the necessary actions for the issuance of revenue obligations of the Issuer ("Bonds") in order to assist Horizon Activities Centers, Inc., an Ohio non-profit corporation ("Borrower"), in the financing of a commercial facility to be located within the boundaries of the Issuer at 23675 Lorain Road, North Olmsted, and to be operated by the Bonower as a day care facility ("Project"); and WHEREAS, it is proposed that the proceeds of the Bonds shall be loaned to the Borrower and the debt service on, and any other obligations with respect to the Bonds shall be paid solely from amounts received by the City from the Borrower or the proceeds of the Project and not from any other source; WHEREAS, United States Treasury Regulations Section 1.150-2 (the "Reimbursement Regulations") prescribe conditions under which proceeds of bonds, notes or other obligations used to reimburse advances made for certain expenditures paid before the issuance of such obligations, will be deemed to be expended (or properly allocated to expenditures) for purposes of Sections 103 and 141-150 of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), so that upon such reimbursement the proceeds so used will not further be subject to requirements or restrictions under those sections of the Internal Revenue Code; and WHEREAS, certain provisions of the Reimbursement Regulations require that there be a Declaration of Official Intent not later than 60 days following payment of the expenditure expected to be reimbursed from proceeds of such obligations, and that the reimbursement occur within prescribed time periods after the expenditure is paid or after the property is placed in service; and WHEREAS, the Issuer wishes to take steps for compliance with those Regulations in connection with the Project and to assist the Borrower in issuing the Bonds; NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, CUYAHOGA COUNTY, OHIO, THAT: Section 1. This Council does hereby find and determine: (a) It is in the best interest of this City, subject to the determination and certification of the North Olmsted Community Improvement Corporation (the "CIC") # 133632 v 1 - Ordinance