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ORDINANCE NO. ~J 9 -- ~ ~ DATE: AN ORDINANCE AUTHORIZING THE ISSUANCE OF $1,410,000 "ADJUSTABLE RATE INDUSTRIAL DEVELOPMENT REVENUE BONDS (THERM-ALL, INC. 1989 PROJECT)" OF THE CITY OF NORTH OLMSTED, OHIO FOR THE PURPOSE OF MAKING A LOAN TO ASSIST ROBERT SMIGEL IN FINANCING THE COSTS OF A "PROJECT" WITHIN THE MEANING OF CHAPTER 165, OHIO REVISED CODE; AND DECLARING AN EMERGENCY. WHEREAS, the City of North Olmsted (the "Issuer") is a political subdivision organized and existing under the laws 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, among other things, (a) to issue its revenue bonds for the purpose of making a loan to assist in the financing of costs of acquiring, constructing, installing, improving, furnishing and equipping a "project" as defined in Section 165.01 of the Ohio Revised Code, comprising an industrial manufacturing facility to be owned by Robert Smigel (the "Borrower") and leased to Therm- All, Inc., an Ohio corporation, which is engaged in the manufacture and distribution of faced fiberglass insulation materials and related products, (b) to enter into a loan agreement and to accept security interests to evidence and secure such indebtedness and to provide for "revenues" as defined in Section 165.01, sufficient to pay the principal of, premium, if any, and interest on the bonds, (c) to secure such bonds by a pledge and assignment of revenues, and (d) to enact this Bond Legislation and to enter into the Loan Agreement, the Indenture and the Bond Purchase Agreement and to assign the Loan Agreement, all as hereinafter defined, upon the terms and conditions provided therein; and WHEREAS, the North Olmsted Community Improvement Corporation (the "CIC"), a non-profit Ohio corporation lawfully constituted and duly designated as an agent of the Issuer in accordance with the provisions of Section 1724.10 of the Ohio Revised Code, has determined and certified to the Issuer that the issuance by the Issuer of industrial development revenue bonds pursuant to Chapter 165 of the Ohio Revised Code to provide funds for the purpose of acquiring, constructing, installing, improving, furnishing and equipping an industrial manufacturing facility to be owned by Robert Smigel, and leased to Therm-A11, Inc., an Ohio corporation, within the boundaries of the Issuer, would be in accordance with the plans for development of the Issuer prepared by the CIC and approved by the Issuer pursuant to Chapter 1724.10 of the Ohio Revised Code. - 1 -