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. ~ _ --. <br />w BY : -,~ ~ <br />ORDINANCE N0. 89-76 <br />DATE `~ -' ~9 <br />AN ORDINANCE AUTHORIZINL ~1:~E EXL"t:UTION OF AN AGREEMENT <br />WITH ROBERT L. SMIGEL AND KETAINING THE LEGAL SERVICES <br />OF AMER CUNNINGHAM BRENNAN CO., L.P.A. AS BOND COUNSEL <br />IN CONNECTION WITH FINANCING THE CONSTRUCTION OF AN <br />INDUSTRIAL MANUFACTURING FACILITY AND PURCHASE OF <br />RELATED MANUFACTURING EQUIPMENT FOR MANUFACTURING <br />FACILITIES LOCATED WITHIN THE BOUNDARIES OF THE CITY, <br />AND DECLARING AN EMERGENCY. <br />WHEREAS, the City of North Olmstead, Ohio (the "Issuer") by <br />virtue of the laws of the State of Ohio, particularly Chapter <br />165, Ohio Revised Code, wishes to take the necessary actions for <br />the issuance of industrial development revenue bonds in the <br />aggregate principal amount now estimated not to exceed $1,500,000 <br />for the purpose of financing the acquisition, construction, <br />purchase, equipping and installation of manufacturing facilities <br />(the "Project") identified in the agreement herein authorized <br />within the boundaries of the Issuer, which Project will be owned <br />by Robert L. Smigel, his heirs, executors, administrators, <br />successors, nominees and assigns (the "Borrower") and will be <br />leased to Therm-All, Inc., an Ohio corporation; and <br />WHEREAS, Section 165.02(G), Ohio Revised Code, authorizes <br />the Issuer to retain attorneys at law as are necessary in the <br />judgment of the Issuer to carry out the provisions of said <br />Chapter 165; and <br />WHEREAS, the Issuer has determined to retain the legal <br />services of the law firm of Amer Cunningham Brennan Co., L.P.A. <br />as bond counsel in connection with legal matters relating to the <br />financing of the Project, such legal services to be paid for as <br />herein provided at no expense whatsoever to the taxpayers of the <br />Issuer; <br />NOW THEREFORE, BE IT ORDAINED by the Council of the City of <br />North Olmstead, in the State of Ohio: <br />Section 1. This Council hereby finds and determines that: <br />(a) The Project will be a "project" within the meaning <br />of that term as defined in Section 165.01, Ohio Revised <br />Code; and <br />(b) The Project is consistent with the purposes of <br />Section 13 of Article VIII, Ohio Constitution, to create or <br />preserve jobs and employment opportunities and to improve <br />the economic welfare of the people of the State of Ohio. <br />-1- <br />