83-110 Ordinance - Laserfiche WebLink

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Agreement or the Assignment of Rents and Leases, The Proj- ect Bonds shall contain on their face a statement to that effect and that the Project Bonds are payable solely from the Pledged Receipts; provided, that nothing herein shall be deemed to prohibit the Issuer, of its own volition, from using to the extent lawf ully authorized to do so any other resources for the fulfillment of any of the terms, condi- tions or obligations of this Bond Legislation or of the Project Bonds. Section 5. Sale of Project Bonds. The Project Bonds are hereby authorized to be sold and awarded to the Bond- holders, in accordance with the Bond Purchase Agreement, at a purchase price equal to the par value thereof. The Execu- tive, the Fiscal Officer and the Clerk of the Legislative Authority are authorized and directed to make the necessary arrangements with the Bondholders to establish the date, location, procedure and conditions for the delivery of the Project Bonds to the Bondholders, and to take all steps necessary to effect due execution and delivery to the Bond- holders of the Project Bonds under the terms of this Bond Legislation to the extent not provided in the Bond Purchase Agreement; provided that the terms hereof shall control in the event of any inconsistency with the terms of the Bond Purchase Agreement. It is hereby determined that the price for and the terms of the Project Bonds, and sale thereof, all as provided in this Bond Legislation and in the Bond Purchase Agreement, are in the best interests of the Issuer and in compliance with all legal requirements. Section 6. Allocation of Proceeds of Pro'ect Bonds. The proceeds from t e sale o the Project Bonds shall be deposited and,credited to the Construction Fund. There is hereby created by the Issuer and ordered maintained as a separate deposit account in the custody of the Title Company a fund in the name of the Issuer to be designated "City of North Olmsted, Ohio - Great Northern Associates I, Ltd. Con- struction Fund" (the "Construction Fund"). Moneys in the Construction Fund shall be held and disbursed in accordance with the provisions of the Assignment and the Agreement. The Title Campany is authorized and directed to make any such disbursement from the Construction Fund in accordance with the provisions of the Agreement and the Assignment. The moneys to the credit of the Construction Fund shall, pending disbursement pursuant to the Agreement and as above set forth, constitute a part of the Pledged Receipts pledged and assigned as security for the payment of the Bond Service Charges. Section 7. Source of Pa_yment of Pro'ect Bonds As provided in the Agreement and the Note, Loan Payments, sufficient in time and amount to pay the Bond Service 15