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 polic~, the Legialative Authority hereby determinea that it is impractical and cost- effective and in the beat intereata of the Iaauer to purchaae such insurance without competitive bidding~ provided, however, that the Flacal Officer shall obtain informal proposals from more than one provider of such insurance. Prior to the paaaage of thia Bond Legialation 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 paaaage of thia Bond Legislation shall conatitute approval of the form of' the municipal bond inaurance policy. Section 14. Non-Utility Moneys. Nothing contained in thia Bond Legislation or in the Indenture ahall be deemed to prevent the Iaauer from creating or providing auch funda or accounta which shall not be aubJect to the provisiona of the Indenture for any ad valorem taxes, granta, gifta, moneya withdrawnby the Trustee and paid to the Iaauer from the General Obligation Debt Service Fund or the Renewal and Replacement Fund, or any other moneya whatsoever which do not constitute Revenuea as defined in the Indenture. Section 15. APplication of the Indenture to General Obliqatio. Bonda. It la hereby declared that the proviaiona of the Indenture relating to deposits to the General Obligation Debt Service Fund shall be applicable to (l) the $1,200,000 City of Lakewood, Ohio 1987 Water System Improvement Bonds, dated May 1, 1987 and outatanding 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 Bonda, 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 Varioua Purpose General Obligation Bonda Seriea 1990, dated May 1, 1990, which $1,080,000 repreaents the outatandingportion of the aggregate principal amount of auch bonda that was uaed for water aystemimprovementa. For purpoaes of the deposits in accordance with Section 5.06(c)(6) of the Indenture, the initial Depoait Date, as defined therein, ahall be Septemer 15, 1991. Section 16. Compliance with OPen Meetina Laws. It is found and determined that all formal actions of thia Legislative Authority concerning and relating to the paaaage of thia Bond Legialation were taken in an open meeting of thia Legialative Authority, and that all deliberationa of this Legialative Authority and of any of its comittees that reaulted in thoae formal actions were in meetinga open to the public, in compliance with all legal requirementa, including Section 121.22 of the Reviaed Code. Section 17. ov~_~L~~. The proviaions of thia Ordinance and the Indenture are aubJect to the lawa of the State of Ohio. Section 18. Severabilit_-. Each aection of thia Ordinance and each aubaection or provision of any aection is hereby declared to be independent, and the finding or holding that any aection or any aubaection or proviaion of any aection is invalid or void ahall not be deemed or held to affect the validity of any other aection, aubaection or proviaion of thia Ordinance. -13-