10-82 Issue Hospital Improvement Bonds

Home Browse Search

ORDINANCE NO. 10-82 By: Brown, Chinnock..P Gallagher, Graham, McBride, Salmon~ Wendling An Ordinance to provide for the issuance of $23,750,000 of Hospital Improvement Revenue Bonds - Series 1982 of the City of Lakewood pursuant to Article XVIII., Section 3 of the Ohio Constitution, for the purpose of provid- ing funds for the enlargement and improvement of the City's Hospital Facilities, which Revenue Bonds are to be secured by the Trust Indenture, dated August 1, 1970, between the City and the Trustee, and are to be issued on a parity with outstanding bonds issued under said Trust Indenture; to authorize the execution of a First Supplemental Trust Indenture pledging the reve- nues of the Hospital Facilities to secure said Revenue Bonds; to provide for the pledge of and lien on the pledged revenues for the payment of said Revenue Bonds; and to declare an emergency. WHEREAS, the City of Lakewood (the "Issuer") is a municipal corporation and political subdivision in and of the State of Ohio duly organized and existing under and by virtue of the Constitution and laws of the State of Ohio; and WHEREAS, by Ordinance No. 34-70, duly adopted by this Council of the Issuer on July 20, 1970 (the "Original Bond Ordinance"), the Issuer authorized the issuance of $5,900,000 principal amount of Hospital Improvement Revenue Bonds, dated August 1, 1970 (the "Original Bonds"), tke proceeds of which were used for the purpose of improving and enlarging the Issuer's Hospital Facilities; and WHEREAS, the Issuer and the Ohio National Bank of Columbus, Columbus, Ohio (which is referred to hereinafter with its successor, BancOhio National Bank, Columbus, Ohio, as the "Trustee") entered into that certain Trust Indenture, dated August 1, 1970 (the "Original Indenture"), to secure the Original Bonds with a pledge of and lien upon the Pledged Revenues; and WHEREAS, the Original Bond Ordinance, in Section 8 thereof, and the Original Indenture, in subsection (2) of