12/15/1987 Meeting Minutes - Laserfiche WebLink

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MINUTES OF PUBLIC .HEARING DECEMBER 15, 1987 7:00 P.M. Present: President Janet Saringer, Councilmen Lackey, McKay, O'Grady, Rademaker, Wilamosky. Also present: Mayor Yvonne Petrigac, Law Director Michael Gareau, Finance Director Edward Boyle, Clerk of Council Florence Campbell. Absent: Councilmen Bohlmann and Tallon. Public Hearing was called to order by President Saringer at 7:10 P.M. President Saringer announced that the Public Hearing was being held with re- spect to Ordinance No. 87-135, an ordinance authorizing the issuance and sale of $545,000 aggregate principal amount of City of North Olmsted, Ohio, variable rate demand Industrial Development Revenue Refunding Bonds (Bryant and Stratton Project), for the purpose of refunding City of North Olmsted, Ohio Industrial Development First Mortgage Revenue Bonds (Bryant and Stratton Project) and making a loan to assist Fogg-North Olmsted, Ltd. in the refinancing of costs of acquiring, constructing, improving and equipping of a commercial facility constituting a commercial 'project' within the meaning of Chapter 165, Ohio Revised Code, and authorizing the execution, delivery and performance of a loan agreement and related documents pertaining to the project and of a trust indenture securing the payment of the bonds, and declaring an emergency. Mr. Wilamosky stated this is basically the information he had discussed at the last meeting. There is only one change in the copies received by council this evening: on Page Four, the applicable rate was changed to "75%" of the base lending rate. Mr. Zachary Paris, from the law firm Jones, Day, Reavis and Pogue, stated that the change mentioned by Mr. Wilamosky was the only substative change, however he would like to point out that there are two other very minor changes: on Page Two, first Whereas, last line, was changed to read "7%"; prior draft had read "6%". The affect of the change of the applicable rate from "70%" of base lending rate to "75%" of base lending rate means that the face rate of the bonds will be closer to "7%" than it will be to "6%" so to make that an accurate statement, it had to be corrected to "7%". This is part of the recital; it is not part of the operative part of the ordinance. There was one other very minor correction: on Page Four, again not a substative change; in the second paragraph, the phrase "or as otherwise provided in" was added after the phrase, "commencing October 1, 1988". This deals with the ability of the bank to adjust the rate under certain circumstances. The reason for that being that there are certain other circum- stances other than just in April and October of every year when the bank is authorized to adjust the rate and Jones, Day, Reavis and Pogue wanted that phrase to be added to make the ordinance consistent with the trust indenture. There being no further discussion, President Saringer adjourned the Public Hearing at 7:15 P .M. lorence E. Campbell, C rk of Council J et A. Saringer, Pr~etlt of Council