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_ r.?. . ?. ?... . : . __ <br />? <br />. ? <br />By: Mr. Wilamosky <br />? <br />CITY OF NORTH OLMSTED, OHIO <br />ORDINANCE NO. 85-128 <br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF $450,000 IN <br />AGGREGATE PRINCIPAL AMOUNT OF INDUSTRIAL DEVELOPMENT <br />REVENUE BONDS (DON F. SCHMIDT, DORIS L. SCHMIDT, <br />ALAN R. KASERMAN AND PAULINE H. KASERMAN PROJECT) OF <br />THE CITY OF NORTH OLMSTED, OHIO, THE PROCEEDS OF WHICH <br />SHALL BE LOANED TO DON F. SCHMIDT, DORIS L. SCHMIDT, <br />ALAN R. KASERMAN AND PAULINE H. KASERMAN TO ASSIST IN <br />THE FINANCING OF AN INDUSTRIAL FACILITY; PROVIDING FOR <br />THE PLEDGE OF REVENUES FOR THE PAYMENT OF SUCH BONDS; <br />AUTHORIZING A LOAN AGREEMENT, TRUST INDENTURE, BOND <br />PURCHASE AGREEMENT AND ASSIGNMENTS APPROPRIATE FOR THE <br />PROTECTION AND DISPOSITION OF SUCH REVENUES AND TO <br />FURTHER SECURE SUCH BONDS; AUTHORIZING OTHER ACTIONS <br />IN CONNECTION WITH THE ISSUANCE OF SUCH BONDS; AND <br />DECLARING AN EMERGENCY. <br />WHEREAS, the City of North Olmsted, Ohio (the . <br />"Issuer"), is a municipality and political subdivision in and <br />of the State of Ohio, and by virtue of the laws of the State of <br />Ohio, including Article VIII, Section 13 of the Constitution of <br />Ohio and Chapter 165 of the Ohio Revised Code, is authorized <br />and empowered among other things (a) to make a loan for the <br />acquisition, construction, installation and equipping of a <br />industrial facility within the boundaries of the Issuer, (b) to <br />issue and sell its revenue bonds to provide moneys for such <br />loan, and (c) to enact this Bond Legislation and execute and <br />deliver the assignments and agreements hereinafter identified; <br />and <br />WHEREAS, this Issuing Authority has determined and <br />does hereby confirm that the acquisition, construction, <br />installation and equipping of the Project, as hereinafter <br />defined, will promote the welfare of the people of the Issuer, <br />create or preserve jobs and employment opportunities, and <br />assist in the development of industrial activities to the <br />benefit of the people of the Issuer, and that the Issuer, by <br />assisting with the financing of tne Project through the <br />issuance of revenue bonds in the aggregate principal amount of <br />$450,000, will be acting in a manner consistent with and in <br />furtherance of the provisions of Article VIII, Section 13 of <br />the Constitution of tne State of Ohio, and the laws of sucn <br />State, particularly Chapter 165 of the Ohio Revised Code; <br />NOW, THEREFOI2E, BE IT ORDAINED BY THE COUNCIL OF THE <br />CITY OF NORTH OLMSTED, CUYAHOGA COUNTY, OHIO: