85-004 Ordinance - Laserfiche WebLink

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_ _ . ..»,.?......_ _ CITY OF NORTH OLMPW.ED , ORD. N0. 85-4 ?,. 2 NOW, THEREFORE, BE IT RESOLVED by Council of the City of North Olmsted, Ohio ("Council") that: Section 1. This Council finds, determines and declares that the purpose of the transfer restrictions to which the Bond and related documents are subject was solely to protect against transfers of the Bond and related documents without full disclosure of relevant information required by applicable securities laws. Section 2. This Council finds, determines and declares that the Issuer no longer has any interest in restricting transfers of the Bond and related documents, that the purpose of those transfer restrictions, as stated in Section 1 hereof, has been served, and that the Issuer has an affirmative interest in, and benefits from, cooperating with holders of the Issuer's obligations, including the Bond and related documents, in their investment activities, including permitting transfers of those obligations in a manner which does not adversely affect the Issuer. Section 3. This Council finds, determines and declares that amendment of the optional redemption provisions of the Bond, with a conforming amendment to the related Loan Agreement, as set forth in the letter dated November 21, 1984 from the holder of the Bond to the owner of the Bryant & Stratton Project (a copy of which has been presented to this Council and is attached as Exhibit A to this Ordinance) is not adverse to the interest of the Issuer. Section 4. In light of these findings and determinations, (a) consent is hereby given irrevocably for and in the name and on behalf of the Issuer to any transfer, conveyance, assignment and/or endorsement of the Bond and related documents, (b) any rights which the Issuer may have to enforce the restrictions are hereby waived, and (c) any holder or purchaser of the Bond and related documents is hereby authorized to rely on this consent and waiver. This consent and waiver shall include all future transfers of the Bond, any instrument or document substituted or exchanged for the Bond, any related document and any amendment, extension or renewal of any of the foregoing. Consent is also given to amendment of the optional redemption provisions of the Bond, with a conforming amendment to the related Loan Agreement, as set forth in a letter dated November 21, 1984 from the original Purchaser of the Bond to the owner of the Project. To the extent that any provision of any prior ordinance relating to the Bond is inconsistent herewith, such provision of such ordinance is amended in conformity herewith. Section 5. Copies of this Ordinance may be attached to the Bond and related documents by any holder of the Bond to evidence the actions taken hereby. _,. . ,.. ._. _ _ _