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?..:,. ._ ?.. ?.???.. <br />. • . or <br />' CITY OF NORTH OLMSTED <br />,.` ORDINANCE N0. 85 - 4 <br />B Y : (iV <br />AN ORDINANCE DECLARING PURPOSE OF RESTRICTIONS <br />ON TRANSFER OF $590,000 CITY OF NORTH OLMSTED, <br />OHIO INDUSTRIAL DEVELOPMENT FIRST MORTGAGE <br />REVENUE BOND (BRYANT & STRATTON PROJECT) AND <br />RELATED DOCUMENTS, WAIVING SUCH RESTRICTIONS, <br />CONSENTING TO TRANSFER, AND DECLARING AN EMERGENCY <br />WHEREAS, a$590,000 Industrial Development First <br />Mortgage Revenue Bond (Bryant & Stratton Project) dated as of <br />December 15, 1980 (the "Bond") issued by the City of North <br />Olmsted, Ohio (the "Issuer") is outstanding; <br />WHEREAS, the Bond and related documents are subject to <br />certain restrictions on transfer which were imposed to protect <br />against transfer of the Bond and related documents; <br />WHEREAS, the Issuer does not have an interest in <br />restricting transfer of the Bond and related documents; <br />WHEREAS, the purpose of the restrictions on transfer <br />of the Bond and related documents was solely to minimize the <br />risk of failing to comply with federal and state securities <br />laws; <br />WHEREAS, the Issuer and the original purchaser have <br />been advised by counsel that the original purchaser has held <br />the Bond for a period of time sufficient to establish that such <br />restrictions on transfer are no longer required to assure that <br />the original issuance of the Bond is in compliance with federal <br />and state securities laws and that the Bond is exempt from <br />registration and qualification under applicable securities laws; <br />WHEREAS, the original purchaser is fully aware of the <br />requirements of applicable federal and state securities laws; <br />WHEREAS, the original purchaser and current holder of <br />the Bond and related documents has requested a concurrence by <br />the Issuer in a statement of the purpose of the restrictions <br />and a consent and waiver by the Issuer with respect to all <br />future transfers which are in accord with that purpose; and <br />WHEREAS, the holder of the Bond and the owner of the <br />Bryant & Stratton Project financed with the proceeds of the <br />Bond have agreed to amend the optional redemption provisions of <br />the Bond, with a conforming amendment to the related Loan <br />Agreement, as set forth in a letter dated November 21, 1984 <br />from the holder of the Bond to the owner of the project, and <br />have requested concurrence of the Issuer with respect thereto. <br />