#06-07

PASSED 2/26/07

COMMITTEE REVIEW:	FINANCE COMMITTEE
INTRODUCED BY:	COUNCILMEMBER FRASHER
INTRODUCED ON:	FEBRUARY 26, 2007
DATE OF FIRST READING:	FEBRUARY 26, 2007
DATE OF SECOND READING:
DATE OF THIRD READING:
EMERGENCY CLAUSE:	YES/NO
TITLE ONLY PURSUANT TO SECTION 4.07 OF THE CHARTER:	YES/NO

AN ORDINANCE AUTHORIZING AND DIRECTING THE MUNICIPAL MANAGER TO ENTER INTO A LOAN AGREEMENT WITH RICHARD A. KERR AND KIM K. KERR TO REFINANCE A LOAN NOT TO EXCEED $54,500.00; AND DECLARING AN EMERGENCY.

WHEREAS Village Council had through the passage of Ordinance 1752-01 previously entered into a loan agreement with Richard A. Kerr and Kim K. Kerr for the acquisition and enhancement of 286 North Fifteenth Street; and

WHEREAS Village Council has identified a mutual advantage in extending the original five year loan agreement for an additional year; and 

WHEREAS the loan note shall be secured with assignment of leases and personal guarantees and any other security that is deemed necessary in the discretion of the Municipality of Sebring.

NOW, THEREFORE BE IT ORDAINED BY THE COUNCIL OF THE MUNICIPALITY OF SEBRING, MAHONING COUNTY, OHIO:

Section 1:        That the Municipal Manager is hereby authorized and directed to refinance a previous loan to Richard A. Kerr and Kim K. Kerr with a remaining balance of Fifty Four Thousand Five Hundred Dollars ($54,500.00) at a rate of 5.4% interest per annum compounded monthly for a term not to exceed one (1) year to be secured by assignments of rents and leases and personal guarantees as well as any other security that the Municipality may deem necessary. 

Section 2:        That it is FOUND and DETERMINED that all formal actions of this Council relating to the passage of this Ordinance were adopted in an open meeting of this Council, and that all deliberations of this Council, and of any of its committees which resulted in such formal actions were made in compliance with all legal requirements, including those of section 121.22 of the Ohio Revised Code, all pursuant to Section 3.11 of the Charter of the Village of Sebring.

Section 3:        That this Ordinance is hereby determined to be an EMERGENCY MEASURE necessary for the immediate preservation of the public health, safety and welfare of the citizens of the Municipality of Sebring, Ohio and for the further reason that the same is necessary to ensure the timely repayment of the refinanced note.

	_____________________________ JOHN W. SMITH Mayor/President of Council
ATTEST:	APPROVED AS TO LEGAL FORM:
_________________________ Malea G. Sanor Clerk of Council	_________________________ Andrew L. Zumbar Assistant Solicitor