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Section 3. Authorization of Amended Bonds. In order to reflect the <br />amendments set forth in the First Amendment and the First Supplement, this <br />Council hereby authorizes execution and delivery of the Amended Bonds in sub- <br />stantially the form attached to the First Supplement as Exhibit A, to super- <br />sede, replace and be exchanged for the Original Bonds. The Amended Bonds <br />shall be dated and executed in the manner prescribed by Section 4 of the Bond <br />Legislation, as amended by Section 1 of this ordinance. <br /> <br /> The Clerk of Council and such other officials as may be appropriate <br />are authorized and directed to make the necessary arrangements with the Compa- <br />ny, the Trustee and the Holders to establish the date, location, procedures <br />and conditions for the delivery of the Amended Bonds, the First Amendment and <br />the First Supplement, to take all steps necessary to effect due execution and <br />delivery of the Amended Bonds under the terms of this ordinance, and to ex- <br />change the Amended Bonds for the Original Bonds, which then shall be can- <br />celled. <br /> <br /> Section 4. Federal Tax Election. This Council hereby elects to have <br />the limitation on capital expenditures specified in Section 144(a)(4) of the <br />Internal Revenue Code of 1986, as amended, applied to the Amended Bonds. <br /> <br /> Section 5. Repeal of Section 4 of Ordinance No. 116-84. Section 4 <br />of Ordinance No. 116-84 passed on December 3, 1984 is hereby repealed. <br /> <br /> Section 6. Compliance with Open Meeting Requirements. It is found <br />and determined that all formal actions of this Council concerning and relating <br />to the passage of this ordinance were passed in open meetings of this Council, <br />and that all deliberations of this Council and of any of its committees that <br />resulted in those formal actions, were in meetings open to the public, in <br />compliance with all legal requirements, including Section 121.22, Ohio Revised <br />Code. <br /> <br /> Section 7. Effective Date. This ordinance is hereby declared to be <br />an emergency for the reasons stated in the preambles hereto and shall be in <br />force and effect immediately after its passage and approval by the Mayor <br />provided it receives the affirmative vote of at least two-thirds of all <br />Members elected to Council; otherwise, this ordinance shall take effect and be <br />in force from and after the earliest time allowed by law. <br /> <br />Passed: ~~ _~, 1988 <br /> <br />PresiSe'nt- of Council <br /> <br />I -- lerk of Council <br /> <br />-4- <br /> <br /> <br />