01-92 Sanitary Sewer Bonds $6,500,000

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ORDINANCE NO. PLEASE SUBSTITUTE FOR ORDINANCE NO. 1-92 ORIGINALLY SUBMITTED WITH THIS EVENING'S DOCKET, PLACED ON FIRST READING & REFERRED TO FINANCE CMTE 1-92 ON 1/6/92~y: Boscia, Gallagher, George, Gibbons, Roth, Seelie, Smith AN EMERGENCY ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF SANITARY SEWER SYSTEM SPECIAL OBLIGATION BONDS IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $6,500,000, BY THE CITY OF LAKEWOOD, OHIO %~DER SECTION 3, ARTICLE XVIII OF THE CONSTITUTION OF THE STATE OF OHIO AND CHAPTER 133 OF THE OHIO REVISED CODE FOR THE pURPOSE OF PROVIDING FUNDS (I) TO PAY THE COSTS OF MAKING IMPROVEMENTS AND ACQUIRING, CONSTRUCTING AND ]iMPROVING CERTAIN UTILITY FACILITIES, TOGETHER WITH THE ACQUISITION OF CERTAIN REAL PROPERTY, AND ACQUIRING CERTAIN MACHINERY AND EQUIPMENT FOR THE UTILITY, (II) TO REFUND AT THEIR MATURITY THE PRINCIPAL AMOUNT OF CERTAIN NOTES ISSUED IN ANTICIPATION OF SUCH BONDS AND (III) TO PAY THOSE CERTAIN COSTS SET FORTH IN SECTION 133.15(B), OHIO REVISED CODE, INCLUDING, WITHOUT LIMITATION, FINANCING COSTS, AND AMENDING THE GENERAL BOND LEGISLATION. WHEREAS, pursuant to the Charter and codified ordinances of the City of Lakewood, Ohio (the "Issuer"), the Issuer owns and operates a sewage disposal plant and a related system of sanitary sewers, together with all necessary appurtenances thereto, and related facilities and equipment for the disposal of wastewater within the corporate boundaries of the Issuer (the "Utility"); WHEREAS, pursuant to Article XIV, Section 32 of The Amended Charter of The~ City of Lakewood, (the "Charter") which Section was adopted by the citizens of 'the City of Lakewood, Ohio on May 5, 1959, the Council of the Issuer (hereinafter the "Council,, or "Legislative Authority") is authorized to levy and has levied a tax not to exceed two (2) mills outside of the levies provided in Sections 29, 30 and 31 of Article XIV of the Charter, for the purpose of financing the reconstruction, expansion, operation and maintenance of a sewage disposal plant; WHEREAS, on July 15, 1991 this Council passed Ordinance No. 52-91 and as the same may be amended from time to time in accordance with its provisions (the "General Bond Legislation"), which General Bond Legislation was passed in contemplation of this ordinance (the "Series Legislation") authorizing bonds and other ordinances authorizing the issuance of bonds or bond anticipation notes in accordance with the provisions thereof; WHEREAS, pursuant to Ordinance No. 53-91 passed by the Council on July 15, 1991 the Council authorized the issuance of sanitary sewer system special obligation bond anticipation notes (the "Series 1991 Notes") in the principal amount of $1,000,000 for the purpose of providing funds to pay (i) the costs of making improvements and acquiring, constructing and improving certain