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PLACED. ON FIRST READING & REFERRED TO FINANCE CMT~i/91
<br />
<br />ORDINANCE NO. 5 3 - 91
<br />
<br />BY:
<br />
<br />Boscia, Gallagher, Gazzana,-George, Graham,
<br /> Roth, Smith
<br />
<br />AN EMERGENCYORDINANCE AUTHORIZING THE ISSUANCE ANDSALE
<br />OF SANITARY SEWER SYSTEM SPECIAL OBLIGATION BOND
<br />ANTICIPATION NOTES IN AN AHOUNT NOT TO EXCEED
<br />$1,000,000, BY THE CITY OF LAKEWOOD, OHIO UNDER
<br />SECTION 3, ARTICLE XViII OF THE CONSTITUTION OF THE
<br />STATE OF OHIO AND CHAPTER 133 OF THE OHIO REVISED CODE
<br />IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THEPURPOSE
<br />oF PROVIDING FUNDS TO PAY THE COSTS OF (i) MAKING
<br />IMPROVEMENTS AND ACQUIRING, CONSTRUCTING AND IMPROVING
<br />CERTAIN UTILITY FACILITIES, TOGETHER WITH THE
<br />ACQUISITION OF CERTAIN REAL PROPERTY, AND ACQUIRING
<br />CERTAIN MACHINERY AND EQUIPMENT FOR THE UTILITY AND
<br />(ii) THOSE CERTAIN COSTS SET FORTH IN SECTION 133.15(B),
<br />OHIO REVISED CODE, INCLUDING WITHOUT LIMITATION
<br />FINANCING COSTS.
<br />
<br /> WHEREAS, pursuant to the Charter and codified ordinances of the City
<br />of Lakewood, Ohio (the "Issuer"), the Issuer ow-ns and operates a sewage disposal
<br />plant and a related system of sanitary sewers, together with all necessary
<br />appurtenances thereto, and related facilities and equipment for the disposal of
<br />wastewater within the corporate boundaries of the Issuer (the "Utility");
<br />
<br /> WHEREAS, pursuant to Article XIV, Section 32 of TheAmendedCharter
<br />of The City of Lakewood, (the "Charter") which Section was adopted by the.
<br />citizens of the City of Lakewood, Ohio on May 5, 1959, the Council of the Issuer
<br />(the "Council") is authorized to lexry and has levied a tax not to exceed two (2)
<br />mills outside of the levies provided in Sections 29, 30 and 31 of Article XIV of
<br />the Charter, for the purpose of financing the reconstruction, expansion,
<br />operation and maintenance of a sewage disposal plant;
<br />
<br /> WHEREAS, this Council, at the time of passage of this ordinance, will
<br />have passed Ordinance No. 52-91 and as the same maybe amended from time to time
<br />in accordance with its provisions (the "General Bond Legislation"), which General
<br />Bond Legislatton was passed in contemplation of this ordinance authorizing bond
<br />anticipation notes andother ordinances authorizing the issuance of bonds or bond
<br />anticipation notes in accordance with the provisions thereof (the "Series
<br />Legislation");
<br />
<br /> WHEREAS, the Issuer has .determined that such construction,
<br />improvements and acquisitions are necessary for the continued efficient operation
<br />of the Utility;
<br />
<br /> WHEREAS, the Council of the Issuer hereby determines that it is
<br />necessary to immediately proceed with making such construction, improvements and
<br />acquisitions (as further defined in Section 2 hereof, the "Project 1991");
<br />
<br /> WHEREAS, in order to furnish funds for the purpose of paying the
<br />costs of Project 1991, the Gouncil hereby determines that it is necessary to
<br />authorize the issuance and sale of sewer notes, to be designated "Sanitary Sewer
<br />System Special Obligation Bond Anticipation Notes, Series 1991" pursuant to
<br />Section 3 of Article XVIII of the Constitution, Chapter 133 of the Ohio Revised
<br />Code, Section 32, Article XIV of the Charter of the Issuer and this Series
<br />Legislation, as hereinafter defined, for such purpose;
<br />
<br />
<br />
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