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CITY OF NORTH OLMSTED ORDINANCE. N0. 80 - 110 BY: MR. WILAMOSKY AN ORDINANCE AUTHORIZING THE EXECUTION OF AN AGREEMENT WITH WEST SHORE CABLE TV, AN OHIO LIMITED PARTNERSHIP, PERTAINING TO THE FINANCING OF THE COSTS OF ACQUISITION, CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF A COMMERCIAL FACILITY FOR USE AS A CABLE TELEVISION SYSTEM WITHIN THE BOUNDARIES OF THE CITY OF NORTH OLMSTED, OHIO, TO BE OWNED BY WEST SHORE CABLE TV AND DECLARING AN EMERGENCY. WHEREAS, the Council of the City of North Olmsted (herein called the "Issuer") by virtue of the laws of the State of Ohio, particularly Chapter 165, Ohio Revised Code, including amendments thereto included in Amended Substitute Senate Bill No. 104 of the 111th General Assembly, and the authorities therein mentioned, wishes to take the necessary actions for the issuance of revenue bonds in the aggregate principal amount of $1,500,000 for the purpose of financing the acquisition, construction, improvement and equipping of a commercial .facility for use as a cable television system within the boundaries of the City of North Olmsted, Ohio (herein called the "Project"), which Project will be owned by West Shore Cable TV, an Ohio limited partnership (herein called the "Owner"). NO!~V, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, COUNTY OF CUYAHOGA AND STATE OF OHIO: SECTION 1: This Council hereby finds and determines that: (a) This Project will be a "project" within the meaning of that term as defined in Section 165.01, Ohio Revised Cade; and (b) This Project is consistent with the purposes of. Section 13 of Article VIII, Ohio Constitution, to create or preserve jobs and employment opportunities and to improve the economic welfare of the people of the State of Ohio. SECTION 2: In order to provide funds to pay costs of this Project, this Council hereby agrees to authorize and issue revenue bonds of the Issuer pursuant to Chapter 165, Ohio Revised Code, upon the terms provided in the form of Agreement to Issue Bonds by and between the Issuer and the Owner, attached hereto as Exhibit A, which is hereby in all respects approved. The Mayor is hereby author- ized and directed to execute such Agreement substantially in such form with such changes as are not adverse to the Issuer as he may approve, such execution being conclusive evidence of approval of any such changes. SECTION 3: It is found and determined that all formal actions of this Council concerning and relating to the adoption of this ordin- ance were adopted in an open meeting of this Council and that all deliberations of this Council and of any of its committees that re- sulted in such formal action were in meetings open to the public, in compliance with all legal requirements, including Section 121.22 of the Ohio Raised Code.