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WHEREAS, this Council by a vote of two-thirds of the members elected <br />thereto determines that this ordinance is an emergency measure which is <br />necessary for the immediate preservation of the public peace, property, health <br />and safety and for the further reason that it is necessary to amend the Bond <br />Legislation, execute and deliver the First Amendment, the First Supplement and <br />the Amended Bonds as soon as possible to resolve an outstanding event of <br />default under the Original Agreement, Original Indenture and Original Bonds <br />and to protect the economic viability of the Project; <br /> <br /> NOW, THEREFORE, BE IT ORDAINED BY T~ COUNCIL OF THE CITY OF <br />LAKEWOOD, CUYAHOGA COUNTY, STATE OF OHIO: <br /> <br />Section 1. Amendments to the Bond Le~islation. <br /> <br />Section 4 of the Bond Legislation which now reads in full as follows: <br /> <br />Section 4. Terms and Provisions of Pro~ect Bonds. <br /> <br /> (a) Generally. The Project Bonds (i) shall be <br />issued, unless a Supplemental Indenture shall have been <br />executed and delivered pursuant to Section 8.02(h) of <br />the Indenture, only in fully registered form, <br />substantially as set forth in Exhibit A to the <br />Indenture; (ii) shall be exchangeable for Project Bonds <br />of authorized denominations, as provided in the <br />Indenture; (iii) shall be numbered in such manner as to <br />distinguish each Project Bond from any other Project <br />Bond; (iv) shall be in the denominations of $5,000.00 <br />and any integral multiple thereof but not to exceed the <br />principal amount of Project Bonds maturing on any one <br />date; (v) shall be subject to optional and mandatory <br />redemption in the amounts, upon the conditions, and at <br />the times and prices set forth in the Indenture; and <br />(vi) shall be dated as of December 1, 1984. Each <br />Project Bond shall bear interest, in accordance with the <br />Indenture, from the most recent date to which interest <br />has been paid or duly provided for or, if no interest <br />has been paid or duly provided for, from December 1, <br />1984. <br /> <br /> (b) Interest Rate and Principal Matu.rt.t~l The <br />Project Bonds shall bear interest at the rate of <br />thirteen per centum (13%) per annum, payable <br />semiannually on the first day of each June and December, <br />beginning June 1, 1985, until the principal sum shall <br />have been paid or provided for in full, and shall mature <br />on December 1, 2004. <br /> <br /> (c) Execution. The Project Bonds shall be signed <br />by the Mayor and the Director of Finance in their <br /> <br />-2 - <br /> <br /> <br />