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PLEASE SUBSTITUTE FOR ORDINANCE 32-89
<br />SUBMITTED ON MAY 15, 1989, and PLACED
<br />ON FIRST READING ON MAY 15, 1989
<br />
<br /> ORDINANCE NO. 32-89 BY: Brown, Chinnock, Gallagher,
<br /> Gazzana, George, Wendling
<br /> AN ORDINANCE AUTHORIZING THE ISSUANCE ~ SALE OF
<br /> HOSPITAL IMPRO¥~MENT REFUNDING REVENUE BONDS, SERIES
<br /> ONE (LAKEWOOD HOSPITAL ASSOCIATION), OF THE CITY OF
<br /> LAKEWOOD, OHIO FOR THE PURPOSE OF REFUNDING CERTAIN
<br /> OBLIGATIONS OF SAID CITY PREVIOUSLY ISSUED FOR THE
<br /> PURPOSE OF -ACQUIRING, CONSTRUCTING, IMPROVING,
<br /> : REMODELING, ENLARGING, FURNISHING AND EQUIPPING
<br /> HOSPITAL FACILITIES AND REFUNDING PRIOR OBLIGATIONS
<br /> OF SAID CITY ISSUED FOR THE SAME PURPOSE IN AN
<br /> AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $36,000,000
<br /> (EXCEPT IN THE EVE~f THAT AN~f SERIES ONE BONDS ARE
<br /> OFFERED AT AN ORIGINAL ISSUE DISCOUNT AS SET FORTH
<br /> HEREIN); AUTHORIZING THE ISSUANCE AND SALE OF
<br /> HOSPITAL IMPROVEMENT REVENUE BONDS, SERIES TWO
<br /> (LAKEWOOD HOSPITAL ASSOCIATION), OF THE CITY OF
<br /> LAKEWOOD, OHIO FOR THE PURPOSE OF ACQUIRING, CON-
<br /> STRUCTURING, IMPROVING, REMODELING, ENLARGING,
<br /> FURNISHING AND EQUIPPING ADDITIONAL HOSPITAL FACILI-
<br /> TIES, INCLUDING AN OBSTETRICS SERVICE FACILITY
<br /> INCLUDING A PATIENT CARE UNIT AND ANCILLARY AND
<br /> SUPPORT SERVICE FACILITIES INCIDENT THERETO; SUPPLE-
<br /> MEN~fING AND AMENDING ORDINANCE NO. 8-83, PASSED
<br /> FEBRUARY 26, 1983; Ab~fHORIZING THE EXECUTION AND
<br /> DELIVERY OF A FIRST SUPPLEMEh"rAL TRUST Ihq)ENTURE TO
<br /> SECURE SAID SERIES ONq5 BONDS AND SERIES TWO BONDS;
<br /> AUTHORIZING THE EXECUTION AND DELIVERY OF A FIRST
<br /> AMENDMENT OF LEASE; PROVIDING FOR CERTAIN OTHER
<br /> MATTERS RELATED TO THE ISSUANCE AND SALE OF THE
<br /> SERIES ONE BONDS AND SERIES TWO BONDS; A~q] DECLARING
<br /> AN EMERGENCY.
<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 ("Lakewood Hospital") affording hospital care and
<br />treatment for its residents and for the general public; and
<br />
<br /> WHEREAS, the Issuer and Lakewood Hospital Association (the
<br />"Lessee"), an Ohio nonprofit corporation, no part of the net earnings of
<br />which inures or may lawfully inure to the benefit of any private share-
<br />holder or individual and which has authority to own or operate Hospital
<br />Facilities, as defined in Section 140.01, Ohio Revised Code, entered
<br />into a Lease dated as of June 26, 1987 (as supplemented and amended, from
<br />time to time, the "Lease") wherein the Lessee assumed (i) sole and
<br />exclusive charge of the operation, maintenance, management, use,
<br />occupancy and repair of Lakewood Hospital, and (ii) all existing and
<br />future liabilities of the Issuer and the Hospital Trustees, as defined
<br />herein, associated with or arising from the Issuer's ownership of
<br />Lakewood Hospital and the Issuer's and Hospital Trustees' operation
<br />thereof ;~ and
<br />
<br />
<br />
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