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ORDINANCE NO. 85-23 <br />I NTRODUCED BY : Mavor Carmen and Council <br />EMERGENCY ORDINANCE AUTHORIZING THE ISSUANCE <br />AND SALE OF $5,750,000 AGGREGATE PRINCIPAL <br />AMOUNT OF MAYFIELD VILLAGE, OHIO VARIABLE RATE <br />DEMAND INDUSTRIAL DEVELOPMENT REVENUE BONDS <br />(BETA CAMPUS COMPANY PROJECT), FOR THE PURPOSE <br />OF MAKING A LOAN TO ASSIST BETA CAMPUS COMPANY <br />IN THE FINANCING OF COSTS OF ACQUIRING, <br />CONSTRUCTING, IMPROVING AND EQUIPPING OF A <br />MULTI-TENANT OFFICE COMPLEX AND RELATED <br />FACILITIES CONSTITUTING A COMMERCIAL "PROJECT" <br />WITHIN THE MEANING OF CHAPTER 165, OHIO REVISED <br />CODE, AND AUTHORIZING THE EXECUTION, DELIVERY <br />AND PERFORMANCE OF A LOAN AGREEMENT AND RELATED <br />DOCUMENTS PERTAINING TO THE PROJECT AND OF A <br />TRUST INDENTURE SECURING THE PAYMENT OF THE <br />BONDS; AND DECLARING AN EMERGENCY <br />WHEREAS, Mayfield Village, Ohio, a municipal <br />corporation created and existing under the laws of the State of <br />Ohio (the "Issuer"), is authorized and empowered, by virtue of <br />the laws of the State of Ohio, including without limitation, <br />Section 13 of Article VIII, Ohio Constitution, and Chapter 165, <br />Ohio Revised Code, (a) to issue its revenue bonds for the <br />purpose of making a loan to assist in the financing of costs of <br />acquiring, constructing, improving and equipping a"project," as <br />defined in Section 165.01, Ohio,Revised Code, comprising a <br />commercial facility consisting of a multi-tenant office complex <br />and related facilities (the "Project") to be owned by Beta <br />Campus Company, an Ohio general partnership (the "Company"), and <br />which will be located within the boundaries of Mayfield Village,. <br />(b) to enter into a loan agreement and to provide for <br />"revenues," as defined in Section 165.01, sufficient to pay the <br />principal of and interest and any premium on those revenue <br />bonds, (c) to secure those revenue bonds by a trust indenture,