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2 <br />limitation, Section 13 of Article VIII, Ohio Constitution, and <br />Chapter 165, Ohio Revised Code, (a) to issue its revenue bonds <br />for the purpose of refunding its Old Bond pursuant to Section <br />165.07(D), Ohio Revised Code; (b) to enter into a loan <br />agreement and to provide for "revenues," as defined in Section <br />165.01, sufficient to pay the principal of and interest and any <br />premium on those revenue bonds; (c) to secure those revenue <br />bonds by a trust indenture, as provided herein; and (d) to <br />enact this Bond Legislation and to enter into the Indenture and <br />the Agreement, all as defined herein, upon the terms and <br />conditions provided herein and therein; and <br />WHEREAS, the interest rate per annum on the Old Bond <br />is ten and one-quarter percent (10 1/4$), and the interest rate <br />on the Project Bond will be the Applicable Rate (as defined <br />herein) which rate will be adjustable subject to a 16$ maximum <br />and will be initially approximately 7$; and <br />WHEREAS, there have been duly presented to this <br />meeting and considered by the members of the Council (the <br />"Council") (and there are hereby incorporated by reference into <br />these proceedings) the proposed forms of the Indenture, <br />Purchase Agreement and Loan Agreement (as such terms are herein <br />defined); and <br />WHEREAS, the Council held a public hearing on December <br />15, 1987 pursuant to Section 147(f) of the Internal Revenue <br />Code of 1986 for the purpose of informing interested parties of <br /> <br />