Title
AN ORDINANCE AUTHORIZING THE EXECUTION AND DELIVERY BY THE CITY OF GAHANNA, OHIO OF A MODIFICATION AGREEMENT, WHICH AMENDS AND SUPPLEMENTS THE TRUST INDENTURE AND LEASE AGREEMENT, SECURING THE OUTSTANDING $4,360,000 ADJUSTABLE RATE HEALTH CARE FACILITIES REVENUE BONDS, SERIES 1995 (GAHANNA CARE CENTER, INC. PROJECT) OF THE CITY, AND OF A SUBORDINATION AGREEMENT RELATED THERETO, AND TO DECLARE AN EMERGENCY.
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Body
WHEREAS, the City of Gahanna, Ohio (the "Issuer") is a municipal corporation and political subdivision organized and existing under the laws of the State of Ohio and by virtue of the laws of said State, including Chapter 140 of the Ohio Revised Code (the "Act"), an ordinance adopted on April 18, 1995 by the City Council of the Issuer (the "Council"), and a certificate of award dated April 26, 1995, has issued its $4,360,000 Adjustable Rate Health Care Facilities Revenue Bonds, Series 1995 (Gahanna Care Center, Inc. Project) dated April 26, 1995, (the "Bonds"), of which $3,395,000 in principal amount will remain outstanding on October 1, 2001; and
WHEREAS, the proceeds of the Bonds were used to pay costs of acquiring, constructing, improving and equipping "hospital facilities" as defined in the Act, consisting of a 100-bed nursing home (the "Project"); which Project was leased to Traditions at Stygler Road, formerly known as Gahanna Care Center, Inc. (the "Borrower"), pursuant to the Lease Agreement dated as of April 1, 1995 (the "Lease"), between the Issuer and the Borrower; and
WHEREAS, the Bonds are secured by a Trust Indenture dated as of April 1, 1995 (the "Indenture"), between the City and Chase Manhattan Trust Company, National Association (successor to Mellon Bank, F.S.B., successor to KeyBank National Association, formerly known as Society National Bank), as trustee (the "Trustee");
WHEREAS, KeyBank National Association ("KeyBank"), successor to Society National Bank, is currently the registered owner of a...
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