The Community Improvement Corporation, hereinafter known as the "Corporation" shall prepare a plan for the political subdivision of industrial, commercial, distribution and research development and such plan shall provide therein the extent to which the Corporation shall participate as the agency of the political subdivision in carrying out such plan, which plan shall be confirmed by the legislative authority. Any agreement entered into under Ohio R. C. 1724.10 may be amended or supplemented from time to time by the parties thereto and actions taken under this section shall be in accordance with any applicable planning or zoning regulations. Any debt of the Corporation shall be solely that of the Corporation and shall not be secured by the pledge of any moneys received or to be received from any political subdivision, but such Corporation may incur debt, mortgage its property acquired under this section or otherwise, and may issue its obligations for the purpose of acquiring, constructing, improving and equipping buildings, structures and other properties, and acquiring sites therefor for lease or sale by the Corporation in order to carry out its participation in such plan. Revenue bonds issued by the Corporation under this section are lawful investments of banks, savings banks, building and loan and savings and loan associations, deposit guarantee associations, trust companies, trustees, fiduciaries, trustees or other officers having charge of sinking or bond retirement funds of municipal corporations and other subdivisions of the State, and of domestic insurance companies not withstanding Ohio R. C. 3907.14 and 3925.08. The plan prepared by the Corporation shall include an analysis of the social, economic, geographic and other advantages which the Village can offer in support of industrial, commercial, distribution or research development and shall cause such analysis to be assembled and reproduced in a form suitable for distribution to those which the Corporation seeks to interest in such development in the Village, and from time to time, the Corporation shall prepare and present to Council recommendations for action to be taken in aid of industrial, commercial, distribution and research development. The Village and the Corporation do, by these presents, agree upon the projected plan or plans, herein, and this chapter is not intended to alter the rights and privileges of such Corporation granted by law and its corporate charter, but is intended rather, to give implementation to the Corporation's rights and privileges.
(Ord. 721. Passed 6-5-67.)