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. , , . <br />BY: MR. WILAM(P''.Y <br />. ,?,.. <br />CITY OF NORTH OLMSTED, OHIO <br />ORDINANCE NO. 85 - 103 <br />AN ORDINANCE DECLARING AN <br />INTENTION TO ISSUE INDUSTRIAL <br />DEVELOPMENT REVENUE BONDS, <br />AUTHORIZING EXECUTION OF AGREEMENT WITH <br />DON AND DORIS SCHMIDT AND ALAN AND PAULINE KASERMAN <br />AND DECLARING AN EMERGENCY <br />WHEREAS, the City of North Olmsted, Ohio, a municipal <br />corporation organized and existing under the laws of the State <br />of Ohio (the "City"), pursuant to the authority of Article <br />VIII, Section 13, of the Constitution of the State of Ohio and <br />Chapter 165 of the Ohio Revised Code, is empowered and <br />authorized and desires to take certain necessary actions toward <br />the issuance, in one or more series, industrial development <br />revenue bonds (the "Bonds") to finance the acquisition, <br />construction, rehabilitation, installation and equipping of <br />certain industrial facilities for the rental, sale and service <br />of construction equipment, both for general contractors and <br />ho,neowners, including the sale of lawnmower parts and service <br />of lawnmowers and other related items (the "Project") within <br />the City for the benefit of Don and Doris Schmidt and Alan and <br />Pauline Kaserman (the "Borrowers"); and <br />WHEREAS, this Council on behalf of the City has <br />determined that an Agreement between the City and the <br />Borrowers, in the form attached hereto (the "Agreement"), which <br />is incorporated by reference herein, adequately sets forth the <br />general terms and conditions upon which the City is willing to <br />proceed with the financing of the Project; and <br />-3-