51-91 $4,750,000 Water System Mortgage Revenue Bonds

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approval shall be evidenced by their execution thereof. In connection with obtaining such a municipal bond insurance policy, the Legislative Authority hereby determines that it is impractical and cost- effective and in the best interests of the Issuer to purchase such insurance without competitive bidding~ provided, however, that the Fiscal Officer shall obtain informal proposals from more than one provider of such insurance. Prior to the passage of this Bond Legislation a form of the policy of municipal bond insurance from the provider selected by the Fiscal Officer shall be placed on file with the Clerk for the review and approval by the Legislative Authority and passage of this Bond Legislation shall constitute approval of the form of' the municipal bond insurance policy. Section 14. Non-Utility Moneys. Nothing contained in this Bond Legislation or in the Indenture shall be deemed to prevent the Issuer from creating or providing such funds or accounts which shall not be subject to the provisions of the Indenture for any ad valorem taxes, grants, gifts, moneys withdrawn by the Trustee and paid to the Issuer from the General Obligation Debt Service Fund or the Renewal and Replacement Fund, or any other moneys whatsoever which do not constitute Revenues as defined in the Indenture. Section 15. ADDlication Of the Indenture to General Obliqatio.. Bonds. It is hereby declared that the provisions of the Indenture relating to deposits to the General Obligation Debt Service Fund shall be applicable to (i) the $1,200,000 City of Lakewood, Ohio 1987 Water System Improvement Bonds, dated May 1, 1987 and outstanding as of January 1, 1991 in the principal amount of $840,000, (ii) the $1,200,000 City of Lakewood, Ohio 1988 Water System Improvement Bonds, dated October 1, 1988 and outstanding as of January 1, 1991 in the principal amount of $960,000 and (iii) $1,080,000 of the $5,250,000 City of Lakewood, Ohio Various Purpose General Obligation Bonds Series 1990, dated May 1, 1990, which $1,080,000 represents the outstanding portion of the aggregate principal amount of such bonds that was used for water system improvements. For purposes of the deposits in accordance with Section 5.06(c)(6) of the Indenture, the initial Deposit Date, as defined therein, shall be Septemer 15, 1991. Section 16. COmDlianc~ with O~en Meet~q Law.'l. It is found and determined that all formal actions of this Legislative AuthOrity concerning and relating to the passage of this Bond Legislation were taken in an open meeting of this Legislative Authority, and that all deliberations of this Legislative Authority and of any of its committees that resulted in those formal actions were in meetings open to the public, in compliance with all legal requirements, including Section 121.22 of the Revised Code. Section 17. Governin Law. The provisions of this Ordinance and the Indenture are subject to the laws of the State of Ohio. Section 18. Severabilit . Each section of this Ordinance and each subsection or provision of any sec=ion is hereby declared to be independent, and the finding or holding that any section or any subsection or provision of any section is invalid or void shall not be deemed or held to affect the validity of any other section, subsection or provision of this Ordinance. -13-