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Section L~. T~As Co,until reaso~abl~ antic~ates that the <br />amount of "qualified tax exempt obli§ations", as that term is used in <br />Section 802(e)(3) of the Tax Refor~ Act of 1985 as passed by the Onited <br />States House of Representatives on December 17, 1985 (the "Act"), to be <br />issued durin§ calendar yea~ 1986 will not exceed $10,000,000, and hereby <br />determines that this issue is an issue not exceeding $3,000,0~0 and that <br />the City has heretofore desi§nated a total of $-0- of 'qualified project <br />bonds" (as that term is used in the Act). Therei'ore, this Council <br />hereby designates the Notes as "qualified project bonds~. <br /> Section 11. T~at the Mayor anti Director of ~nance, or either <br />of them, are aut~o~izet to prepare, execute and deliver to the orilinal <br />purchaser of the Notes a ~;eliai~ary and final Official Statement or any <br />o~her appropriate disclo~ure documen~ in connection with the sale and <br />delivery of the Notes. <br /> <br /> $;ction 12. It is found and dete~ined that all focal ac- <br /> :ions of this Council concernin; and relatini to the passaEe of this <br /> ordinance were adopted in a~ open meetin; of this Council, and that all <br /> such teltberations of this Council and any of its comittees that re- <br /> sulted in such fomal action, were in =eettni open to the public, in <br /> coapliance with all le;al requirements i~cludin; the City's Charter and <br /> Codified Ordinances and 5ection 121.22 of the Ohio Revised Code. <br /> Section 13. ~at this ordinance is hereby declared to be an <br /> emergency measure necessary for the imediate prese~ation of the public <br /> peace, property, health, safety and welfare tn the City fo; the reasons <br /> set forth and defined in the preamble to this ordinance~ and provided it <br /> receives the affimative vote of two-thirds of all m~bers elected to <br /> Council, this ordinance shall take effect and be in force imediately <br /> upon its passa;e by the Council and approval by the Maym <br /> shall take effect and be in force after <br /> law. <br /> <br />Approved.~~ ~.~3 , 1986 <br /> <br /> r-~e~'wise, it <br /> sident <br />i~e of :il <br /> <br /> Clerk of ~' '' <br /> <br />133Tll/14Z$2C <br /> <br />-4- <br /> <br /> <br />