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?. , .,..? . ..___:-...?..??._ _ <br />.. <br />' BY: <br />?M <br />CITY OF NORTH OLMSTED <br />ORDINANCE NO. 86-64 <br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF <br />$650,000 IN AGGREGATE PRINCIPAL AMOUNT OF <br />ECONOMIC DEVELOPMENT REVENUE BONDS (JACK AND <br />JACQUELINE BOSS PROJECT) OF THE CITY OF <br />NORTH OLMSTED, OHIO, THE PROCEEDS OF WHICH <br />SHALL BE LOANED TO JACK F. BOSS AND <br />JACQUELINE E. BOSS TO ASSIST IN THE <br />FINANCING OF A COMMERCIAL FACILITY; <br />PROVIDING FOR THE PLEDGE OF REVENUES FOR THE <br />PAYMENT OF SUCH BONDS; AUTHORIZING A LOAN <br />AGREEMENT, TRUST INDENTURE, BOND PURCHASE <br />AGREEMENT AND ASSIGNMENTS APPROPRIATE FOR <br />THE PROTECTION AND DISPOSITION OF SUCH <br />REVENUES AND TO FURTHER SECURE SUCH BONDS; <br />AUTHORI2ING OTHER ACTIONS IN CONNECTION WITH <br />THE ISSUANCE OF SUCH BONDS; AND DECLARING AN <br />EMERGENCY. <br />WHEREAS, the City ot North Olmsted, Ohio (the <br />"Issuer"), is a municipality and political subdivision in and <br />of the State ot Onio, and by virtue of the laws of the State ot <br />Ohio, includinq Article VIII, Section 13 of the Constitution of <br />Ohio, its Charter and Cnapter 165 of the Ohio Revisecf Code, is <br />autnorized ana empowered among other thinqs (a) to make a loan <br />for the acquisition, construction, installation and equippinq <br />ot a commercial tacility within the boundaries of the Issuer, <br />(b) to issue and sell its revenue bonds to provide moneys tor <br />sucn loan, and (c) to enact this Bond Legislation and execute <br />and deliver the assiqnments ana agreements hereinatter <br />identitied; and <br />WHEREAS, this Issuinq Authority has determined and <br />aoes hereby confirm that the acquisition, construction, <br />installation and equipping of the Pro]ect, as hereinafter <br />ctetined, 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 activities to the benefit of the <br />people of the Issuer, and that the Issuer, by assisting with <br />the financing of the Project throuqh the issuance of revenue <br />bonds in tne aggreqate principal amount of $650,000, will be <br />acting in a manner consistent with and in furtherance of the <br />provisions of Article VIII, Section 13 of the Constitution of <br />the State of Ohio, the laws of such State, particularly Chapter <br />165 of the Ohio Revisea Code and its Charter; <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE <br />CITY OF NORTH OLMSTED, CUYAHOGA COUNTY, OHIO: <br />Section 1. Detinitions. In addition to the words and <br />terms detined in the recitals and elsewhere in this Bond <br />Legislation ana in the Indenture, the words and terms defined <br />in tnis Section shall nave the meanings nerein specitied unless