Laserfiche WebLink
252/13 9/2/83 GNRTHN.S,,, <br />. , <br />CITY OF NORTH OLMSTED <br />? <br />-,.,.. <br />ORDINANCE NO. 83 - 110 <br />BY: <br />AN ORDINANCE AU RIZING THE ISSUANCE AND SALE OF <br />$2,000,000 INDUSTRIAL DEVELOPMENT MORTGAGE REVENIIE <br />BONDS OF THE CITY OF NORTH OLMSTED, OHIO FOR THE <br />PURPOSE OF MARING A LOAN TO ASSIST GREAT NORTHERN <br />ASSOCIATES I, LTD. IN THE FINANCING OF COSTS OF A <br />"PROJECT" WITHIN THE MEANING OF CHAPTER 165, OHIO <br />REVISED CODE; PROVIDING FOR THE PLEDGE OF REVENUES <br />FOR THE PAYMENT OF SAID BONDS; AUTIiORIZING THE <br />EXECUTION AND DELIVERY OF A LOAN AGREEMENT WITH <br />RESPECT TO THE PROCEEDS DERIVED FROM THE SALE OF <br />SAID BONDS; AND DECLARING AN EMERGENCY. <br />WHEREAS, the City of North Olmsted, Ohio (hereinafter <br />called the "Issuer"), a municipal corporation organized and <br />existing under the laws of the State of Ohio, is by virtue <br />of the laws of said State, including Section 13 of Article <br />VIII of the Ohio Constitution and Chapter 165 of the Ohio <br />Revised Code, and other authorities mentioned therein, <br />authorized and empowered, among other things, (a) to issue <br />revenue bonds for the purpose of making a loan to assist in <br />the financing of costs of acquiring, constructing, equipping <br />and improving a"project" as defined in Section 165.01, Ohio <br />Revised Code, comprising a commercial facility, located <br />within the bodndaries of the Issuer, (b) to enter into a <br />loan agreement providing for revenues, as defined in Section <br />165.01, sufficient to. pay the principal of and interest and. <br />any premium on such revenue bonds, (c) to secure such reve- <br />nue bonds by a pledge and assignment of such revenues, as <br />provided for herein, and (d) to enact this Bond Legislation <br />and enter into the Agreement and other instruments, as <br />hereinafter identified, upon the terms and conditions pro- <br />vided herein and therein; and <br />NOW, THEREFORE, BE IT ORDAINED by the City Council of <br />the City of North Olmsted, Ohio: <br />Section 1. Definitions. In addition to the words <br />and terms elsewhere defined in this Bond Legislation or in <br />the Agreement hereinafter identified, the following words <br />and terms as used in this Bond Legislation and in the Agree- <br />ment hereinafter identified shall have the following meani- <br />ngs unless the context or use clearly indicates another or <br />different meaning or intent: <br />"Act" means Chapter 165 of the Ohio Revised Code, <br />enacted and amended pursuant to Section 13 of Article VIII <br />and other provisions of the Ohio Constitution. <br />1