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<br />AGREEMENT TO ISSUE BONDS
<br />EXHBIT I
<br />THIS AGREEMENT, entered into as of between the City of
<br />North Olmsted, Ohio a municipal corporation duly organized and validly existing under the
<br />Constitution and laws of the State of Ohio and its Charter, and Horizon Activities Centers, Inc.
<br />("Borrower"), a non-profit corporation duly and validly existing under the laws of the State of Ohio
<br />m furtherance of the public purposes of Section 13 of Article VIII, Ohio Constitution, to create or
<br />preserve jobs and employment opportunities and to improve the economic welfare of the people of
<br />the State under the following circumstances:
<br />A. The Borrower desires to finance costs of acquiring, constructing, equipping andlor
<br />improving a commercial facility to be operated by the Borrower as a day care facility to be located
<br />within the boundaries of the Issuer at 23675 Lorain Road, North Olmsted OH (the "Project").
<br />B. The Borrower has requested that the Issuer issue industrial development revenue
<br />bonds or other obligations, in one or more series, pursuant to Chapter 165, Ohio Revised Code, in
<br />the maximum aggregate face amount of $2,000,000 ("Bonds") to assist in the financing of the
<br />Project, and is agreeable to making payments to the Issuer sufficient to pay all of the principal of
<br />and premium, if any, and interest on the Bonds.
<br />C. The Issuer is willing, subject to receipt from the North Olmsted Community
<br />Improvement Corporation (the "CIC") of a certification that the Project is in accordance with the
<br />Issuer's Plan for the industrial, commercial, distribution and research development of the Issuer
<br />heretofore prepared and approved by the CIC and confirmed by the Issuer pursuant to Chapter 165
<br />of the Ohio Revised Code, to issue the Bonds and desires to obtain the economic benefits from
<br />operation of such Project.
<br />As an inducement to and in consideration of the Issuer's execution of a Declaration of
<br />Intent with respect to the Bonds and the Borrower's plans with respect to the Project, the Issuer and
<br />the Borrower agree as follows:
<br />1. The Borrower may commence and continue, or cause to be commenced and
<br />continued, the acquisition, construction, equipping and improving of the Project, and the Borrower
<br />shall provide, or cause to be provided, at its own expense, the necessary interim financing to permit
<br />such acquisition, construction, equipping and improving of the Project to commence and contmue.
<br />Upon the issuance of the Bonds, the Issuer and the Borrower will enter into one or more agreements
<br />("Financing Agreements") with respect to the Project and the financing therefor. The Financing
<br />Agreement shall be in the form of a loan agreement or, if subsequently requested by the Borrower,
<br />another form of agreement pernutted under said Chapter 165, and may contain such terms and
<br />conditions as provided or permitted under said Chapter 165; provided, however, that the Financing
<br />Agreement shall require payments sufficient to pay the principal of and premium, if any, and
<br />interest on such Bonds as may be issued with respect to the Project, or portion thereof, which is the
<br />subject of such Financing Agreement. The Issuer shall not have any financial responsibility with
<br />respect to the Bonds or the Project except from "revenues" (as defined in Section 165.01(I), Ohio
<br />Revised Code) derived by the Issuer with respect to the Bonds and the Project. It is understood that
<br />the Project is that of the Borrower and any contracts made by the Borrower with respect thereto,
<br />whether acquisition contracts, construction contracts or otherwise or any work done by the
<br />Borrower on the Project are made or done by the Borrower, as the case may be, in its own behalf
<br />and not as agent or contractor for the Issuer.
<br /># 133632 v I - Ordinance
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