09-93 Sanitary Sewer System Bonds $1,650,000

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WHEREAS, the Council of the Issuer hereby determines that it is necessary to · immediately proceed with making such construction and improvements (as further defined in Section 1 hereof, the "Project 1993"); WHEREAS, in order to furnish funds for the purpose of paying the costs of Project 1993, the Council hereby determines that it is necessary to authorize the issuance and sale of sewer notes, to be designated ~Sanitary Sewer System Special Obligation Bond Anticipation Notes, Series 1993" pursuant to Section 3 of Article XVIH of the Constitution, Chapter 133 of the Ohio Revised Code, Section 32, Article XIV of the Charter of the Issuer and this Series Legislation, as hereinafter defined, for such purpose; WHEREAS, the Fiscal Officer of the Issuer has certified to this Council the estimate of the maximum maturity of the bonds and the maximum 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 1993 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 mount not to exceed $1,650,000 to pay (i) the costs of constructing Improvements to the Utility, including, but not limited to, providing for the separation of the storm and sanitary sewers, constructing connections to the storm sewers and providing for waste water treatment plant improvements and (ii) those certain costs set forth in Section 133.15(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 (i) hereby 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.