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

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and to pay the costs of Project 1992 which has been determined to be necessary for the continued efficient operation of the Utility. NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lakewood, Cuyahoga County, Ohio: Section 1. Words and terms used as defined words and terms in this Series Legislation and not otherwise defined herein shall have the meaning given them in the General Bond Legislation. meaning: In addition, the following term shall have the following "Bond Purchase Agreement" means the Bond Purchase Agreement between the Issuer and the Original Purchaser executed in connection with the sale of the Series 1992 Bonds, as hereinafter defined. Section 2. 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 the aggregate principal amount of not to exceed $6,500,000 (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 certain machinery and equipment for the Utility, (ii) to refund the principal amount of the'Series 1991 Notes at maturity and (iii) to pay those certain costs set forth in Section 133.15(B), Ohio Revised Code, including, without limitation, financing costs; and (b) Said bonds shall be designated "Sanitary Sewer System Special Obligation Bonds, Series 1992" (the "Series 1992 Bonds") and shall be issued in one lot and the Series 1991 Notes have been issued in anticipation of a portion of the Series 1992 Bonds; and (c) It hereby accepts the certificate of the Fiscal Officer with respect to the maximum maturity of the Series 1992 Bonds and the estimated life of the permanent improvements to be financed with the proceeds of the Bonds; and (d) 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 3. ' The Series 1992 Bonds shall be dated February 1, 1992 and shall bear interest (computed on a 360-day per -3-