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ORI INANLI', NO. 34-70
<br />
<br />BY: blessrs. Graber, lluffman, Kelley,
<br /> Usher, Ward, Wendlit~g
<br />
<br />Ail Oi",DIKAi~Cil TO }'F, OV.ii;f. fOR
<br />$~,900,(i03 OF iUi',q'.i;UE lO:h;l; Oi,' 'i'~i~,
<br />LAi'U;UOgD PUR:;UAST TO A!i'i'fCI,l, XVilJ, i;l..CS"l(;h .,
<br />Si" 'J'i/i.; OlitO C0iif;'f~TUT~Oi;, !"()i~
<br />
<br />Ii.?iiOV];M55;]' OF TiM CITY'[; i!CZP!':'Ai,
<br />TO AUTiiOI:IZE THE E)[i.;CUTIO;: 0F A TiiUUT Ilii;i..i;'IIL;}J
<br />PLEDGING THE REVEiiUE5 O1,' CERTAii~ ilOS}'iTAi,
<br />FACII,ITii.~S T0 S]::CUEE SAID i{EVJ';:'.Ui.; SOi;OZ; T0
<br />SECURE /~DITIONAL COl[DE; ilE!{iYd,'TLil ISCULD
<br />A P;~RITY THERI.2./ITil AI[D TO FROVIDE,
<br />OF DEFAULT, FOR TIiE AFFOiti'i'IS;iiT OF A RECEI','32~
<br />TO 7~I,iIi~I[;TER SAID FACILITIES~ Ai.~D DEC~d{ii;G
<br />AN EMERGENCY.
<br />
<br /> %',qlER]'~\S, the City of Lahewood (herein called the "Issuer") has
<br />heretofore, p'~'suan% to its Charter, established and is tile owner of a general
<br />hospital afl'ording~b, ospital care and treatment for its residents; the existing
<br />general hospital building of the Issuer, improvements ~ remodeling, equi?ment
<br />and furnishings therefor and appurtenances thereto together with the real
<br />estate and interests therein used as a site thereof, as now existing or
<br />hereafter acquired, exter, ded and improved, including the Project hereinafter
<br />defined, being herein collectively called the Hospital Facilitics~ and
<br />
<br /> W}iER'.~:S, based upon the reports and recor~aendations of an ,,:~.~. ........
<br />hospital consultant, the Council of the Issuer has determined it to be~'..,.._',--.~o-~--
<br />essential to undertake improvements to and enlargement of its existing ~. ...... ;
<br />hospital facilities to provide improved hospital care and treatment for its
<br />residents, such improvements and enl~gement, being hereinafter collectively
<br />called the "Project" and consisting of the- 'rehabilitation ~ remodeling, improving:
<br />furnishing and equipp~ing, the existing hospita.1 building facilities; and
<br />
<br /> WHEREAS, it is contemplated that a portion of the cost of the Project
<br />will be paid from other funds available to the Issuer including a federal
<br />donations and revenues .of the Hospital Facilities, and it is desired to finance
<br />the remaining costs of the Project and expenditures incident thereto smd incidenu
<br />to such financing by the issu~.~ce and sale of revenue bonds, which bonds
<br />(hereinafter called "Improvement Bonds") together with any additional bonds
<br />subsequently issued on a parity therewith (hereinafter called "Adaz~ona!' '~ .... Bonas
<br />or "Parity Obligations", the Improvement Bonds and the Additional Bondsbe_..~;. ~,~
<br />herein collectively referred to as the "Bonds") are to be secured by the
<br />Trust Indenture hereinafter provided for (hereinafter referred to as the
<br />"Indenture") and by a pledge of revenues derived by the Issuer from
<br />l{ospital Facilities (hereinafter sbmetimcs referred to as "Pledged Revenues");
<br />and
<br />
<br /> WttER:.YtS, this ordinance is 'legi:;lation determined to be an emcr;'cncv
<br />measure the i~.~.~cdiate passage of whidh is necessary for the ir~mediate prcserva%f~:.
<br />
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