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86-064 Ordinance
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86-064 Ordinance
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Last modified
1/11/2014 12:50:43 PM
Creation date
1/7/2014 10:56:38 AM
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North Olmsted Legislation
Legislation Number
86-064
Legislation Date
7/15/1986
Year
1986
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<br />or superseaed; provided, however, that no such chanqe shall <br />alter the obligation to pay the Bond Service Charqes in the <br />amounts and manner, at the times, and from the sources provided <br />in this Bond Legislation and the Indenture, except as otherwise <br />herein permitted, or shall be deemeci applicable by reason of <br />this provision it such change would in any way constitute an <br />impairment ot the rights of the Issuer or the Borrowers under <br />the Agreement. <br />Unless the context shall otherwise indicate, words <br />importinq the sinqular number shall include the plural number, <br />and vice versa, any pronoun shall be deemed to cover all <br />gencters, and the terms "herein", "hereof", "hereby", "hereto", <br />"hereunder", and similar terms, mean this Bond Legislation and <br />the Indenture and not solely the portion hereor in which any <br />such word is used. <br />Section 2. Determinations of Issuing Autnority and <br />Approval ot Bond Issuance. Pursuant to Section 165.03 of the <br />Act, the Issuing Authority hereby finds and ctetermines that the <br />Project is a"project" as detined in the Act and is consistent <br />with the provisions of Section 13 of Article VIII, Ohio Constit- <br />ution. <br />The Issuing Authority, as the "applicable elected <br />representative" of the Issuer for the purposes of Section <br />103(k) of the Coae, hereby approves the issuance of the Bonds <br />in the maximum agqregate face amount of $650,000, the proceeds <br />of which will be used to finance the Project as follows: <br />The Project consists of the acquisition, <br />construction, installation and equippinq of <br />a commercial facility consisting of three <br />adjacent two-story buildings containinq a <br />total of approximately 12,000 rentable <br />square feet to be leased as office space. <br />Tne Project will be located at 28900 Lorain <br />Road, North Olmsted, Cuyahoga County, Ohia <br />and will be owned and operated by Jack F. <br />Boss and Jacqueline E. Boss. <br />Section 3. Authorization of Bonds. It is hereby <br />determined to be necessary to, and the Issuer shall, issue, <br />sell ana deliver, as providea rierein ana pursuant to the <br />autnority of the Act, the Bonds in the aqgreqate principal <br />amount of $650,000 for the purpose of financinq costs of <br />acquiring, constructing, installing and equippinq tne Project, <br />incluaing costs inciaental thereto and of the tinancing <br />thereof, all in accordance with the provisions of the Loan <br />Aqreement and the Bond Purchase Aqreement. The Bonds snall be <br />desiqnated "Economic Development Revenue Bonds (Jack and <br />Jacqueline Boss Project)". <br />-9-
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