53-91 $1mil Sanitary Sewer Special Obligation Notes

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WHEREAS, the Issuer hereby declares that it intends to reimburse that portion of the costs of Project 1991 paid prior to the issuance of the Notes, as hereinafter defined, from other funds of the Issuer with proceeds of the Notes; WHEREAS, the Fiscal Officer of the Issuer has certified to this Council the estimate of the maxtm%um maturity of the bonds and the maxtm%u~ maturity of notes issued in anticipation of said bonds and that all the permanent improvements have an estimated life or period of usefulness of at least five years; and WHEREAS, this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health, safety and welfare in the City of Lakewood and for the further reason that the immediate issuance and sale of the notes herein authorized is necessary to pay the costs of Project 1991 which has been determined to be necessary for the continued efficient operation of the Utility. NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga County, Ohio: Section 1. This Council determines that: (a) It is necessary and a proper municipal purpose and in the best interest of the Issuer to, and the Issuer shall, issue, sell and deliver bonds in a net aggregate principal amount not to exceed $4,600,000 to pay (i) the costs of making Improvements and acquiring, constructing and improving certain Utility facilities, together with the acquisition of certain real property and certain machinery and equipment for the Utility and (ii) those certain costs set forth in Section 133.t5(B), Ohio Revised Code, including, without limitation, financing costs; and (b) It hereby accepts the certificate of the Fiscal Officer with respect to the maximum maturity of the bonds and the notes in anticipation of the bonds and the estimated life of the permanent improvements to be financed with the proceeds of the Bonds; and (c) In order to further secure the payment of Bond Service Charges and the rights of the Holders, this Series Legislation hereby (i) adopts the provisions of the General Bond Legislation (Ordinance No.52-91), except as may be otherwise provided herein; and (ii) is passed pursuant to the General Bond Legislation. Section 2. Said bonds shall be dated approximately December 15, 1991, shall bear interest at the estimated rate of ten per centum (10%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty (20) annual installments after their issuance. Section 3. It is hereby determined that notes (hereinafter called the "Notes") in a principal amount not to exceed $1,000,000 shall be issued in anticipation of the issuance of a portion of said bonds for the above-described purpose, which principal amount of the Notes shall be determined in the -2-