82-156 Ordinance - Laserfiche WebLink

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(the "Code"), is not exceeded, except that the interest on the Bonds at any time during which they are held by a"substan- tial user" of the Project or is a"related person" thereof, as those terms are used in Section 103(b)(13) of the Code, are not so exempt for the period they are so held; and Under the laws of the State of Ohio, the interest on the Project Bonds, so long as exempt from Federal Income Tax, is exempt from the Ohio Personal Income Tax, Ohio Municipal Income Taxes and from the income base used in calculating the Ohio Corpo- rate Franchise Tax but the Project Bonds are subject to the Ohio Intangible Prop- erty Tax to the same extent and in the same manner as other obligations not specifically exempt, and the proceeds of the bond issue is for uses perroitted under Chapter 165 of the Revised Code of Ohio. The opinion to be submitted to the Commun- ity Improvement Corporation and the City for advance approval, prior to closing. e. The application is subject to the "time limita- tions" as imposed by the rules of the Community Improvement Corporation. 3. All wages paid to laborers and mechanics employed on the Project shall be paid at the prevailing rates of wages of laborers and mechanics for the class of work called for by the Project, which wages shall be determined in accordance with the requirements of Chapter 4115, Ohio Revised Code, for determination of prevailing wage rates; provided that the requirements of this section do not apply where the federal government or any of its agencies furnished by loan or grant all or any part of the funds used in connection with such project and prescribes predetermined minimum wages to be paid to such laborers and mechanics; and provided further that if the Owner or his designee undertake, as pgrt of the Project, construction to be performed by their or its regu- -6-