85-019 Ordinance - Laserfiche WebLink

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. ?._.o . _ _ CITY OF NORTH OLMSTED, OHIO ORDINANCE N0. AN ORDINANCE AUTHORIZING THE ISSUANCE OF $430,000 IN AGGREGATE PRINCIPAL AMOUNT OF INDUSTRIAL DEVELOPMENT REVENUE BONDS (CARRIAGE CARPET C0. PROJECT) OF THE CITY OF NORTH OLMSTED, OHIO, THE PROCEEDS OF WHICH SHALL BE LOANED TO CARRIAGE CARPET C0. TO ASSIST IN THE FINANCING OF A COMMERCIAL FACILITY; PROVIDING FOR THE PLE DGE OF REVENUES FOR THE PAYMENT OF SUCH BONDS; AUTHORIZING A LOAN AGREEMENT, TRUST INDENTURE, BOND PURCHASE AGREEMENT AND ASSIGNMENTS APP ROPRIATE FOR THE PROTECTION AND DISPOSITION OF SUCH REVENUES AND TO FURTHER SECURE SUCH BONDS; AND AUTHORIZING OTHER ACTIONS IN CONNECTION WITH THE ISSUANCE OF SUCH BONDS AND DECLARING AN EMERGENCY. WHEREAS, the City of North Olmsted, Ohio (the "Issuer"), is a political subdivision in and of the State of Ohio, and by virtue of the laws of the State of Ohio, including Article VIII, Section 13 of the Constitution of Ohio and Chapter 165 of the Ohio Revised Code, is authorized anc3 empowered among other things (a) to make a loan for the acquisition, construction, installation and equipping of a commercial facility within the boundaries of the Issuer, (b) to issue and sell its revenue bonds to provide moneys for such loan, and (c) to enact this Bond Legislation and execute and deliver the assignments and agreements hereinafter identified; and WHEREAS, this Issuing Authority has determined and does hereby confirm that the construction, installation and equipping of the Project, as hereinafter defined, will promote the welfare of the people of the Issuer, create or preserve jobs and employment opportunities, and assist in the development of commercial activities to the benefit of the people of the Issuer, and that the Issuer, by assisting with the financing of the Project through the issuance of revenue bonds in the aggregate principal amount of $430,000, will be acting in a manner consistent with and in furtherance of the provisions of Article VIII, Section 13 of the Constitution of the State of Ohio, and the laws of such State, particularly Chapter 165 of the Ohio Revised Code; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE C'ITY OF NORTH OLMSTED, OHIO: Section l. Definitions. In addition to the words and terms defined in the recitals and elsewhere in this Bond Legislation and in the Indenture, the words and terms defined in this Section shall have the meanings herein specified unless the context or use clearly indicates another or different meaning or intent. Those words and terms not expressly defined herein and used herein with initial capitalization where rules of grammar do not otherwise require capitalization shall have the meanings assigned to them in the Agreement, as hereinafter defined. "Act" means Chapter 165 of the Ohio Revised Code, as enacted and amended pursuant to Section 13 of Article VIII and other provisions of the Ohio Constitution. "Aqreement" or "Loan Aqreement" means the Loan Agreement dated as of March 1, 1985 between the Issuer and the Borrower, and any permitted amendments or supplements thereto.