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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 92-46
<br />BY: DAVID LIND
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE
<br />OF $1,990,000 OF CITY OF NORTH OLMSTED, OHIO
<br />INDUSTRIAL DEVELOPMENT REFUNDING REVENUE
<br />BONDS, SERIES 1992 (HEALTH CLEVELAND
<br />ENTERPRISES, INC. PR07EC'1) FOR THE PURPOSE OF
<br />ASSIST'ING HEALTH CLEVELAND ENTERPRISFS, INC., AN
<br />OHIO CORPORATION IN REFUNDING THE $2,500,000 CTTY
<br />OF NORTH OLMSTED, OHIO INDUSTRIAL DEVELOPMENT
<br />FIRST MORTGAGE REVENUE NOTE (FAIRVIEW
<br />ENTERPRISES, INC. PROJECT), AND ALTTHORIZING THE
<br />EXECUTION AND DELIVERY OF A LOAN AGREEMENT,
<br />AND OF A TRUST INDENTURE SECURING THE PAYMENT
<br />OF SUCH BONDS, AND RELATED MATTERS, AND
<br />DECLARING AN EMERGENCY, AS AMMID.
<br />WHEREAS, the City of North Olmsted, Ohio, a municipal corporation and
<br />political subdivision of the State of Ohio (the "Issuer"), pursuant to Ordinance Number 83-152
<br />passed by this City Council on December 20, 1983, heretofore issued the $2,500,000 City of
<br />North Olmsted, Ohio Industrial Development First Mortgage Revenue Note (Fairview
<br />Enterprises, Inc. Project) dated December 22, 1983 (the "Prior Issue") for the purpose of
<br />financing the cost of acquiring, constructing, installing, equipping or improving a"project", as
<br />defined in Section 165.01, Ohio Revised Code (the "Project"), located within the boundaries of
<br />the Issuer and owned by Fairview West Partners, Ltd.; and
<br />WHEREAS, the Issuer is authorized and empowered, by virtue of the laws of the
<br />State of Ohio, including without limitation, Section 13 of Article VIII, Ohio Consdtution, and
<br />Chapter 165, Ohio Revised Code, (a) to issue its revenue bonds for the purpose of making a loan
<br />to assist in the refunding of obligations previously issued to pay the costs of the Project, pursuant
<br />to Section 165.07(D), Ohio Revised Code, (b) to enter into a loan agreement and to provide for
<br />"revenues", as defined in such Section 165.01, sufficient to pay the principal of and interest and
<br />any premium on those revenue bonds, (c) to secure those revenue bonds by a trust indenture, as
<br />provided herein, and (d) to enact this Bond Legislation and to enter into the Indenture and the
<br />Agreement, all as defined herein, upon the terms and conditions provided herein and therein; and
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