92-046 Ordinance - Laserfiche WebLink

Home Browse Search

"Trustee" means Society Nadonal Bank, Cleveland, Ohio, until a successor Trustee shall have become such pursuant to the applicable provisions of the Indenture, and thereafter "Trustee" shall mean the successor Trustee. The captions and headings in this Bond Legislation are solely for convenience of reference and do not define, limit or describe the scope or intent of any provisions or Sections of this Bond Legislation. Secdon 2. Determinations bv Legislative Authority. This Legislative Authority finds and determines that: (i) the Project is a"project", as defined in the Act, and is consistent with the purposes of Section 13 of Article VIII, Ohio Constitution; and (u) the utilizadon of the Project is in furtherance of the purposes of the Act and will benefit the people of the Issuer and of the State by creadng jobs and employment opportunides and improving the economic welfare of the people of the Issuer and the State; and (iii) provision of the loan to refund the Prior Issue, will require the issuance, sale and delivery of the Series 1992 Bonds in the principal amount of $1,990,000; and (iv) there is a reasonable and well-founded expectation that the final interest cost of the Series 1992 Bonds, computed to absolute maturity, will be less than the final interest cost of the Prior Issue. Section 3. Authorization of Series 1992 Bonds; Addirional Bonds. This Legislative Authority determines it to be necessary to, and the Issuer shall, issue, sell and deliver, as provided and authorized herein and in the Indenture and pursuant to the authority of the Act, $1,990,000 principal amount of Series 1992 Bonds for the purpose of refunding the Prior Issue. The Series 1992 Bonds shall be designated "City of North Olmsted, Ohio Industrial Development Refunding Revenue Bonds, Series 1992 (Health Cleveland Enterprises, Inc. Project)". The Issuer may issue, sell and deliver Addidonal Bonds for any purpose authorized by the Act, upon satisfaction of the conditions and in the manner provided in Secdon 2.04 of the Indenture. Section 4. Terms and Provisions of Series 1992 Bonds. (a) Ggn r 1. The Series 1992 Bonds (i) shall be issued, unless a Supplemental Indenture shall have been executed and delivered pursuant to Section 8.02(h) of the Indenture, only in fully registered form, substandally as set forth in Exhibit A to the Indenture; (ii) shall be exchangeable for Series 1992 Bonds of authorized denominations, as provided in the Indenture; (iu) shall be numbered in such manner as to distinguish each Series 1992 Bond from any other Series 1992 Bond; (iv) shall be in authorized denominations; (v) shall be subject to opdonal and mandatory redemption, in the amounts, upon the conditions, and at the times and prices, and shall have such other terms as are set forth in the Indenture; and (vi) shall be dated lune 1, 1992. Each Series 1992 Bond shall bear interest, in accordance with the Indenture, from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from its date. (b) Interest Rate and Princival Maturides. The Series 1992 Bonds shall bear interest from time to dme at the rate or rates per annum W'::*4;:;:;** as set forth in the -5-