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BY: <br /> <br />Brown, Chinnock, <br />Gallagher, Graham, <br />McBride, Salmon, <br />Wendling <br /> <br />ORDINANCE NO. <br /> <br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF <br />SIX-MONTH DEMAND FLOATING RATE SUBORDINATED <br />HOSPITAL IMPROVEMENT REVENUE BONDS, SERIES <br />1983 OF THE CITY OF LAKEWOOD, OHI0 FOR THE <br />PURPOSE OF PAYING CERTAIN COSTS OF HOSPITAL <br />FACILITIES OF SAID CITY, TO WIT, COSTS OF THE <br />ACQUISITION OF A MEDICAL OFFICE BUILDING; <br />AUTHORIZING THM ISSUANCE OF ADDITIONAL BONDS; <br />AUTHORIZING THE EXECUTION AND DELIVERY OF AN <br />INDENTURE APPROPRIATE FOR SECURING THE PAY- <br />MENT OF BOND SERVIOE CHARGES AND PROVIDING <br />FOR THE PLEDGE OF AND LIEN ON THE DEBT SER- <br />VICE FUND HEREBY ESTABLISHED TO SECURE THE <br />PAYMENT THEREOF; AUTHORIZING THE EXECUTION <br />AND DELIVERY OF A LE'rr~R OF CREDIT AND <br />RELATED AGREEMENTS FURTHER TO SECURE THE <br />PAYMENT THEREOF; AUTHORIZING CERTAIN OTHER <br />ACTIONS RELATED TO THE ISSUANCE OF SAID <br />BONDS; AND DECLARING ANEMERGENCY. <br /> <br /> WHEREAS, the City of Lakewood, Ohio (the "Issuer"), a munici- <br />pal corporation and political subdivision in and of the State of Ohio <br />(the "State") and duly organized and existing under and by virtue of the <br />laws of the State, has heretofore established and is the owner of a <br />general hospital affording hospital care and treatment for its residents <br />and for the general public; and <br /> <br /> WHEREAS, this Council (the "Legislative Authority") has <br />determined that the Issuer's acquisition of the medical office building <br />known as the Professional Building and located at 14601 Detroit Avenue, <br />Lakewood, Ohio (the "Medical Office Building") will enable the Issuer to <br />improve and enhance its Hospital Facilities (as hereinafter defined) by <br />providing additional, conveniently located space currently needed by the <br />Issuer for the administration and operation of its Hospital Facilities <br />and eventually expected to be needed to accommodate anticipated growth <br />of the Hospital Facilities, which determination is supported by findings <br />of independent hospital consultants; and <br /> <br /> WHEREAS, this Legislative Authority has determined that it is <br />necessary and desirable for the Issuer to acquire the Medical Office <br />Building and that its doing so will serve a proper municipal public <br />purpose and has authorized the execution and delivery of an Agreement of <br />Purchase and Sale with respect to such purchase; and <br /> <br /> WHEREAS, the Issuer has further determined that, in order to <br />provide funds for such acquisition of the Medical Office Building, it <br /> <br /> <br />