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<br />promptly issue the Bonds in the form of one or more bonds or notes, <br />maturing in such amounts and times, bearing interest at such rate or <br />rates, payable on such date and containing such optional and mandatory <br />redemption features and prices as are requested by the Owner or his <br />designee or assignee, and will deliver the Bonds to the purchaser or <br />purchasers thereof and cooperate to its fullest extent in consummating <br />the transaction. <br />Prior to the issuance of the Bonds by the Issuer, the Owner <br />shall establish to the satisfaction of the Issuer that the following <br />terms and conditions have been met in addition to the other terms and <br />conditions herein contained: <br />a. The Issuer shall have received a firm commit- <br />ment for a letter of credit securing the Bonds <br />by a bank acceptable to the North Olmsted <br />Community Improvement Corporation or its finan- <br />cial advisor. <br />b. The bonds will be secured by a first mortgage <br />on the land and building and a first security <br />interest on any equipment to be purchased with <br />the proceeds of the loan. <br />c. The bonds will be publicly underwritten or <br />privately placed, in accordance with the letter <br />of The Ohio Company, dated October 29, 1982, <br />and accepted by the applicant. <br />d. The bonds are subject to the unqualified ap- <br />proving legal opinion of Calfee, Halter & <br />Griswold, Cleveland, Ohio, as set forth as <br />follows: <br />(i) As to the validity of the bond issue under <br />the laws, regulations, ruling, and judi- <br />cial decisions existing as of the date of <br />the issue, the interest on the Bonds is <br />exempt from federal income tax, so long as <br />the limitation upon capital expenditures <br />imposed by Section 103(b)(6)(D) of the <br />Internal Revenue Code of 1954 as amended <br />-5-