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<br />4 <br />„>,...,y, .~. <br />CITY OF NORTH OLMSTED <br />ORDINANCE N/O.l 87-135 <br />By: G~ _ <br />AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF <br />$545,000 AGGREGATE PRINCIPAL AMOUNT OF CITY OF <br />NORTH OLMSTED, OHIO VARIABLE RATE DEMAND <br />INDUSTRIAL DEVELOPMENT REVENUE REFUNDING BONDS <br />(BRYANT & STRATTON PROJECT), FOR THE PURPOSE OF <br />REFUNDING CITY OF NORTH OLMSTED, OHIO INDUSTRIAL <br />DEVELOPMENT FIRST MORTGAGE REVENUE BONDS (BRYANT <br />& STRATTON PROJECT) AND MAKING A LOAN TO ASSIST <br />FOGG-NORTH OLMSTED, LTD. IN THE REFINANCING OF <br />COSTS OF ACQUIRING, CONSTRUCTING, IMPROVING AND <br />EQUIPPING OF A COMMERCIAL FACILITY CONSTITUTING A <br />COMMERCIAL 'PROJECT' WITHIN THE MEANING OF CHAPTER <br />165, OHIO REVISED CODE, AND AUTHORIZING THE <br />EXECUTION, DELIVERY AND PERFORMANCE OF A LOAN <br />AGREEMENT AND RELATED DOCUMENTS PERTAINING TO THE <br />PROJECT AND OF A TRUST INDENTURE SECURING THE <br />PAYMENT OF THE BONDS AND DECLARING AN EMERGENCY <br />WHEREAS, the City of North Olmsted, Ohio, a municipal <br />corporation created and existing under the laws of the State of <br />Ohio (the "Issuer"), has previously duly authorized and issued <br />its City of North Olmsted, Ohio Industrial Development First <br />Mortgage Revenue Bonds (Bryant & Stratton Project) (the "Old <br />Bond") which was issued for the purpose of making a loan to <br />assist in the financing of costs of acquiring, constructing, <br />improving and equipping a "project" as defined in Section <br />165.01, Ohio Revised Code, comprising a commercial facility <br />(the "Project") owned by Fogg-North Olmsted, Ltd., an Ohio <br />limited partnership (the "Company"), and which is located <br />within the boundaries of the City of North Olmsted; and <br />WHEREAS, the Issuer is authorized and empowered, by <br />virtue of the laws of the State of Ohio, including without <br />