2022-078 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE. NO. 2022-78 BY: Mayor Dailey Jones AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED S2,180,000 ECONOMIC DEVELOPMENT REVENUE NOTES OF THE CITY UNDER SECTION 13, ARTICLE VIII OF THE OHIO CONSTITUTION AND CHAPTER 165 OF THE OHIO REVISED COME TO PAY COSTS OF A "PROJECT" AS DEFINED IN SECTION 165.01 OF THE 0I110 REVISED CODE, FOR THE PURPOSE OF CREATING OR PRESERVING .TORS AND EMPLOYMENT OPPORTUNITIES AND IMPROVING THE ECONOMIC WELFARE OF THE CITY AND ITS RESIDENTS AND THE STATE OF OHIO; PROVIDING FOR THE PLEDGE FOR THAT PURPOSE OF CER"LAIN NONTAX REVENUES; ESTABLISHING AN ACCOUNT OR FUND OF THE CITY; AND APPROVING RELATED DOCUMENTS W'HFRF;AS. the C'ily of North Olmsted is authorized by virtue of the laws of the State of Ohio, including, without limitation, Section 13 of Article VIIL Ohio Constitution, and Chapter 165 of the Ohio Revised Code (the "Act ), among other things, to (it issue bonds, and notes in anticipation of those bonds. to acquire_ construct. equip, or improve a "'project" as defined in Section 165.01 of the Ohio Revised Code fir the purpose of creating or preserving jobs and employment opportunities and improving the economic welfare of the City and its residents and of the State of Ohio, and (ii) secure such notes and bonds by a pledge of nontax revenues. as provided herein: and WHEREAS, to create and preserve jobs and employment opportunities, the City has determined to issue its economic development revenue bond anticipation notes (the '"Notes ) pursuant to the Act to pay the City s direct and indirect costs of purchasing certain property (the "Property'), Which such Property is to he used for the furthering of economic development of the City (the -Project-): NOW. TI IBRFFORFi 13k fl ORDAINED by the Council of the City of North Olmsted. Cuyahoga County. Ohio. that: Section I. Definitions. In addition to the words and terms elsewhere defined in this Ordinance, the fallowing words and terns as used in this Ordinance shall have the meanings set forth below. "Certificate of Award" means the certificate authorized by Section 3 to be signed by the Director of Finance. setting firth and determining those terms or other matters pertaining to the Notes and their issuance, sale and delivery as this Ordinance requires or authorizes to be set forth or determined therein. "('losing Datemeans the date of physical deliyery ol: and payment of the purchase price for, the Notes. Rohl eVmc Acyuisionn Nunwx Ne,. nuc "P_•