84-060 Ordinance - Laserfiche WebLink

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? ?. a) The property to be acquired, by purchase and construc- tion with the proceeds of the bonds to be hereafter authorized will, after improvement, be useful to the Pro- ject and will be a"project" within the meaning of that term as defined in Section 165.01 of the Ohio Revised Code ; b) The utilization of such property in the kcreation and location of the Project would be econompcally sound and would benefit the people of the City and the State of Ohio by creating jobs and increasing oppor... unities for employment and strengthening the economic welfare of the City, and promoting the industrial, commercial and economic development of the City; c) The industrial, commercial and economic welfare of the City will be benefited by Borrower acquiring and pro- ceeding with the Project, and the City by the Agreeme nt hereafter identified, has negotiated with Borrower whereby it has been determined that the Project should be acquired for the purpose and upon the terms and conditions to -be provided in a Loan Agreeme nt and such other agreeme nts as - may be required to be hereafter submitted to this Council for its approval; d) The City and Borrower jointly and severally find and determine, that the acquisition, purchase, construc- tion improveme nt, installation and equipping by Borrower of the Project will promote the welfare of the people of the City, stabilize the economy, provide employme nt, and assist in the development of industrial and commercial activities to the benefit of the people of the City and will provide additional opportunities for their gainful employment, and that such acquisition, purchase, construction, improveme nt, installation and equipping of the Project by Borrower will be authorized by and will be consistent with the laws of the State of Ohio, particularly Article VIII, Section 13 of the Constitution of Ohio and Chapter 165 of the Ohio Revised Code. Section 2. That in order to provide funds to pay costs of the Project, this City Council will authorize and issue revenue bonds of the City, pursuant to Chapter 165, Ohio Revised Code, in aggregate principal amount now estimated not to exceed $420,000 upon the terms provided in the form of the Agreement by and between the City and Borrower, providing for Borrowe r's acquisition, construction, improveme nt, installation and equip- ping and financing the Project at a site within the City, in the form attached as Exhibit A, which is hereby in all respects approved. The Mayor is hereby authorized and directed to exe- cute such Agreement substantially in such form, with such changes as he determines are not adverse to the City, such execution being conclusive evidence of such determination. Section 3. That it is found and determined that all formal actions of this Council concerning and relating to the passage of this Ordinance were adopted in an open meeting of this Council, and that all deliberations of this Council and of any of its committees that resulted in such formal action, were in meetings ope n to the public, in compliance with all applicable legal requireme nts, including Section 121.22 of the Ohio Revised Code. -2-