81-144 Ordinance - Laserfiche WebLink

Home Browse Search

_1"k "Trustee" means the bank or trust company at the time serving as Trustee under the Indenture, initially Ohio Citizens Bank. Any reference herein to the Issuer or to any officers thereof, shall include those which succeed to their functions, duties or respon- sibilities pursuant to or by operation of law or who are lawfully per- forming their functions. Any reference to a section or provision of the United States Code, the Constitution of the State, the Act, or to a section, provision or chapter of the Ohio Revised Code shall include such section or provision or chapter as from time to time amended, modified, revised, supplemented, or superseded, provided that no such change in the Constitution or laws shall be deemed applicable by reason of this provision if such change in any way constitutes an impairment of the rights or obligations of the Issuer or the Company under this Bond Legislation or the Indenture, including, without limitation, the obliga- tion to pay the Bond service charges in the amount and manner, at the times, and from the sources provided in the Bond Legislation and the Indenture, except as otherwise herein permitted. Words of the masculine gender shall be deemed and construed to include correlative words of the feminine and neuter genders. Terms used herein and not otherwise defined herein shall have the meanings set forth in the Agreement. Unless the context shall otherwise indicate, words importing the singular number shall include the plural number, and vice versa, and the terms "hereof", "hereby", "hereto", "hereunder", and similar terms, mean this Bond Legislation and the Indenture. Section 2. Determination of Legislative Authorit . It is hereby determined that (a) the Project is a"project" as defined in the Act and is consistent with the purposes of Section 13 of Article VIII, Ohio Constitution; (b) the utilization of the Project is in furtherance of the purposes of the Act, and the Agreement with the Company to loan the proceeds of the Project Bonds to the Company will benefit the people of the Issuer and of the State by creating or preserving jobs and employ- ment opportunities and improving the economic welfare of the people of the Issuer and of said State; and (c) the amount necessary to finance the costs of or related to ttre acquisition, construction, improvement, furnishing and equipping of the Project, including the financing there- of, will require the issuance, sale and delivery of the Project Bonds in the principal amount of $3,000,000 and hereafter may require the Issuer`s best efforts to issue, sell and deliver Additional Bonds on a parity therewith, all of which Bonds shall be equally and ratably payable and secured as provided herein. ' . ' Section 3. Authorization and Terms of Proiect Bonds. It is hereby determined to be necessary to, and the Issuer shall issue, sell and deliver, as provided and authorized herein and pursuant to the authority of the Act, Project Bonds in the principal amount of $3,000,000 for the purpose of making a loan to assist the Company in the financing BR-7