81-144 Ordinance - Laserfiche WebLink

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BY : P`__JILAMOSKY ORDINANCE fl- 1$ey AN ORDINANCE AUTHORIZING THE ISSUANCE OF $3,000,000 INDUSTRIAL DEVELOPMENT REVENUE BONDS OF THE CITY OF NORTH OL.*iSTED, OHIO, IN ORDER TO ASSIST WEST SHORE CABLE TV, AN OHIO LIMITED PART- NERSHIP, IN FINANCING THE COSTS OF THE ACQUISITION, CONSTRUC- TION, IMPROVEMENT, FURNISHING AND EQUIPPING OF A CO*LMERCIAL FACILITY TO BE OWNED BY SAID PARTIvERSHIP TO BE USED AS A CABLE TELEVISION SYSTEM LOCATED WITHIN THE BOUNDARIES OF THE MUNICI- PALITY; AUTHORIZING THE ISSUANCE OF ADDITIONAL BONDS; PROVIDING FOR THE PLEDGE (3F, REVENUES AND RECEIPTS FOR THE PAYMENT OF SAID BONDS; AUTHORIZING A LOAN AGREEMENT WITH RESPECT TO THE PROCEEDS DERIVED FROfi THE SALE OF SAID BONDS AND DECLARING AN EMERGENCY. WHEREAS, the City of North Olmsted, Ohio (the "Issuer") is a lnunicipality and political subdivision in and of the State of Ohio and by virtue of the laws of said State, including Section 13 of Article VIII of the Ohio Constitution and Chapter 165 of the Ohio Revised Code is authorized and empowered (a) to finance, acquire, construct, improve, install, furnish, and equip real and personal property comprising a commercial facility to serve as a cable television system within the boundaries of the Issuer to be owned by West Shore Cable TV, an Ohio limited partnership (the "Company"), (b) to issue revenue bonds to finance the costs thereof, (c) to enter into an agreement with the Company to loan the proceeds of said revenue bonds, (d) to secure and provide for the payment of such revenue bonds by Letters of Credit issued by The Toronto-Dominion Bank (the "Bank") and by a pledge and assignment of revenues and receipts and (e) to enact this Bond Legisla- tion and enter into the Agreement and Indenture hereinafter identified, upon the terms and conditions provided therein; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Ohio: Section 1. Definitions. In addition to the words and terms elsewhere defined in this Bond Legislation, in the Indenture or in the Agreement, the following words and terms as used in this Bond Legislation and in the Indenture shall have the following meanings unless the context or use clearly indicates another or different meaning or intent: "Act" meansChapter 165 of the Ohio Revised Code, as enacted and amended pursuant to Section 13 of Article VIII of the Ohio Constitution. "Additional Bonds" means Bonds of the Issuer which may be issued under Section 8 of this Bond Legislation. "Additional Payments" means the amounts to be paid by the Company pursuant to Section 4.3 of the Agreement. BR-2