80-139 Ordinance - Laserfiche WebLink

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- ....,..N~.p~wwww'~.+,..or-«. ~, ~,,...~.ir „ice _ ..... ... ~~ ~. V ~.- ~ VWyyr• gyMNF~: r ' b. Tl~e Bond is to be private;~y placed with TRANSOHIO Savings. Association in accordance with their commitment letter dated October 17, 1980 as modified and accepted by the applicant and approved by TRAN80HI0 Savings Association by letter dated October 27, 1980. c.. The Bond is subject to the unqualified approving opinion of ~Torys, Eater, Seymour & Pease, Bond Counsel, as to the validity of the bond issue under the laws, regulations, rulings and judicial decisions existing as of the date of the issue, the interest on the Band. is exempt from federal income tax, so long as the limitation upon. capital expenditures imposed by Section 103(b)(6)(D) of the Internal Revenue Code of 1954 as amended, (the "code"), is not exceeded, except that the interest on the Bond at any time during which it is held by a "substantial. user" of the Project or a "related person" thereof, as those terms are used in Section 103{b)(8) of the Code, is not so exempt for the period it is so held; and Under the laws of the State of Ohio, the interest on the Project Bond, so long as exempt from Federal Income Tax, is exempt from the Ohio Personal Income Tax, Ohio Municipal Income Taxes and from the Ohio Personal Income Tax, Ohio Municipal Income Taxes and from the income base used in calculating the Ohio Corporate Franchise Tax but the Project Bond is subject to the Ohio Intangible Property Tax to the same extent and in the same manner as other obligations not specifically exempted, and the proceeds of the bond issue is for uses permitted under Chapter 165 of the Revised Code of Ohio. The opinion to be submitted to the Community Improvement Corporation and the City for. advance approval, prior to closing. d. A Lease between Fogg-North Olmsted Ltd. and Bryant & Stratton Business Institute, Inc. for a period of ten (10) years from the date of the bond issue has been executed and submitted to the Community Improvement Corporation and the City for advance approval, prior to closing. e. TRANSOHIO Savings Association agrees to execute an "Investment Letter". The letter to be prepared by Bond Counsel and submitted to the Com - munity Improvement Corporation and the City for advance approval, prior to closing. IN WITNESS WHEREOF, the Issuer, pursuant to ordinance passed on 1980, has caused this Agreement to be executed by the undersigned duly authorized representatives of the City of North Olmsted and Fogg and Corporation bq their duly authorized representatives, all as of the day and year first above written. CITY OF NORTH OLMSTED Attest: By Mayor FOGG-NORTH OLMSTED, LTD., an Ohio Limited Partnership By General Partner Attest: By General Partner Attest: BRYANT & STRATTON BUSINESS INSTITUTE, INC. n__