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..,.. m.~. A~,,~,,_ _. <br />CITY OF NORTH~,MSTED '"" <br />ORDINANCE N0. ~-139 ~° <br />PAGE 2. <br />d) The City Council and Fogg jointly and severally find and <br />determine that the acquisition, purchase, installation and <br />constructing. by Fogg and leasing of the Project will promote the <br />welfare of the people of the City, stabilize the economy, pro- <br />vide employment, and assist in the development of industrial and com- <br />mercial activities to the benefit of the people of the City and <br />will provide additional opportunities for their gainful employment, <br />and that such acquisition, construction and equipment of the Project <br />by Fogg and leasing to corporation will be authorized by and will be <br />consistent with the laws of the State of Ohio, particularly Article <br />VIII, Section 13 of the Constitution of Ohio and Chapter 165 of the <br />Ohio Revised Code. <br />Section 2. That the Mayor is and he is hereby authorized and directed to <br />execute on behalf of the City of North Olmsted, an Agreement <br />substantially in the form attached hereto and marked Exhibit "A" providing for <br />the City to issue its Industrial Development First Mortgage Revenue Bond for the <br />purpose of financing the acquisition, construction, improvement, installation <br />and equipment of the aforesaid real and personal property consisting of such <br />commercial facility and equipment. <br />Section 3. This ordinance is hereby declared to be an emergency measure <br />necessary for the immediate preservation of the public peace, <br />health and safety and for the further reason that this ordinance must take <br />effect at the earliest possible time in order to reduce the amount of taxes <br />required for welfare programs, by maintaining and creating jobs, maintaining <br />and improving the standard of living and maintaining and increasing property <br />values by immediately stimulating and increasing industrial, commercial, dis- <br />tribution and research development in the City; wherefore, this ordinance shall <br />be in force and take effect immediately upon its passage and approval by the <br />Mayor. <br />Passed: ~~ ~~ 1980 <br />Attest: .r9tsc~C~ C~ • ~ ___ __- <br />Clerk of Council <br />Approved:~~j / ~ 1980 <br />I hereby certify that the above-is a true end correct copy of the ordinance <br />passed by Council on J~~„^y~i~,~ / ~ , 1980. <br />fittest: <br />Clerk o~ Council <br />-2- <br />