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WHEREAS, this Ordinance is legislation determined to be an <br />emergency measure, the immediate passage of which is necessary for the <br />immediate preservation of the public peace, property, health, safety and <br />welfare, in that it is necessary that prompt provision be made for the <br />acquisition of the Medical Office Building in order for the City to <br />continue to provide efficiently, effectively and economically for the <br />health care, safety and welfare of its residents and of the general <br />public; <br /> <br /> NOW, THEREFORE, BE IT ORDAINED BY TIlE COIfNCIL OF THE CITY OF <br />LAKEW00D, OHIO: <br /> <br /> Section 1. This Council hereby (a) acknowledges that the form <br />of an Agreement of Purchase and Sale (the "Agreement of Purchase and Sale") <br />by and between the City and Lakewood Medical Associates, an Ohio partnership <br />("LMA"), providing for the City's purchase and LMA's sale of the Medical <br />Office Building, has been placed on file with the Clerk of this Council; <br />(b) authorizes the City's Purchase of the Medical Office Building for a <br />purchase price of $5,100,000 and on the other terms and subject to the <br />conditions set forth in the Agreement of Purchase and Sale as executed and <br />delivered in accordance with this Section. 1;(c) approves the Agreement of Pur- <br />chase and Sale substantially in the form on file with the Clerk with such <br />changes therein not substantially adverse to the City as may be approved by <br />the officer executing the same on behalf of the City, whose approval of such <br />changes and whose determination that such changes are not substantially <br />adverse to the City shall be conclusively evidenced by his execution thereof; <br />and (d) authorizes and directs the Mayor of the City to execute and deliver <br />the Agreement of Purchase and Sale, after approval as to the form and <br />correctness thereof by the Director of Law of the City, to LMA. <br /> <br /> Section 2. There is hereby appropriated from the City's <br />Hospital Fund the sum of $1,500,000, which sum represents surplus revenues <br />derived from the Hospital Facilities other than moneys representing funded <br />depreciation. The sum appropriated by this Ordinance together with the proceeds <br />of revenue bonds to be subsequently authorized by this Council shall be <br />sufficient to pay the entire purchase price for the Medical Office Building. <br />The Director of Finance of the City is hereby authorized and directed to cause <br />the amount hereby appropriated, or any lesser amount that may be required, to <br />be deposited and paid for the purchase of the Medical Office Building in <br />accordance with the Agreement of Purchase and Sale. <br /> <br /> Section 3. It is understood and acknowledged that the Medical <br />Office Building shall, upon the eonsu-..~tion of the City's purchase thereof, <br />constitute part of the Hospital Facilities and that the revenues derived by <br />the City therefrom shall constitute Hospital Receipts, as such terms are <br />defined in the Trust Indenture that will secure the Bonds. <br /> <br /> Section 4. It is found and determined that all formal actions <br />of this Council concerning and relating to the adoption of this Ordinance <br />were adopted in an open meeting of this Council, and that all deliberations <br />of this Council and of any df its committees that resulted in such formal action <br />were in meetings open to the public in compliance with all legal requirements, <br />including Section 121.22, Ohio Revised Code. <br /> <br />-2- <br /> <br /> <br />