83-152 Ordinance - Laserfiche WebLink

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EXHIBIT A U N I T E D S T A T E S 0 F A M E R I C A STATE OF OHIO CITY OF NORTH OLMSTED INDUSTRIAL DEVELOPMENT FIRST MORTGAGE REVENUE NOTE (FAIRVIEW ENTERPRISES, INC. PROJECT) December , 1983 The City of North Olmsted (the "Issuer"), a municipal corporation and political subdivision in the State of Ohio, for value received, promises to pay to SOCIETY NATIONAL BANK, Cleveland, Ohio, or registered assigns, but solely from the sources and in the manner hereinafter referred to, the principal sum of TWO MILLION FIVE HUNDRED THOUSAND DOLLARS ($2,500,000) with interest thereon from the date hereof to April 14, 1989 at the rate of eight and three quarters percent (8 3/4X) per annum and thereafter for each subsequent Interest Period (as hereinafter defined) at a rate per annum which shall be 175 basis points in excess of the Interest Index (as hereinafter defined) determined as of the first day of each such Interest Period. The new interest rate hereunder as determined pursuant to such Interest Index shall be communicated by the Holder to the Owner not later than a.m. on the first day of each Interest Period. "Interest Period(s)" means the period of time from the date hereof to March 14, 1989 and each of the following periods: March 15, 1989 to March 14, 1994 March 15, 1994 to March 14, 1999 March 15, 1999 to maturity "Interest Index" means the five year Prime GO Rate for Municipal Bonds published in the weekly Solomon Brothers, Inc. Bond Market Round Up; provided that in the event the publication of such index is discon- tinued, the Interest Index for subsequent Interest Periods shall be the Alternative Interest Zndex. "Alternate Interest Index" means the aver- age five year coupon rate of at least five new general obligation state and/or municipal bond issues rated AAA or AA or their equivalents by either Moody's Investor's Service, Inc. or Standard 6 Poor's Corporation issued within the preceding five business days to a combination of at least three recognized dealers in government securities (including U.S. Govemment, state and municipal securities), as determined by the Hold- er; provided, that to the extent at least five of such issues have not been issued within said period, the Holder may include in computing such Index the five year coupon rate of any such recent issues not issued within said period but currently selling at 95% to lOSX of their par 35