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PLACED ON l~t R~g ~ R~f~r~d to FINANCE COMMITTEE on 3/6/95.
<br />
<br /> PLACED ON 2nd Reading 3/20/95.
<br />
<br />ORDINANCE NO. I g-95
<br /> Bosci~,y:Flannerv, George,
<br /> Gibbons. Roth. Seelie, Smith
<br /> AN EMERGENCY ORDINANCE AUTHORIZING THE ISSUANCE AND SKLE
<br /> OF NOT TO EXCEED $3,300,000 WATER SYSTEM MORTGAGE
<br /> P~ BONDS, SERIES 1995, OF THE CITY OF LAKEWOOD,
<br /> OHIO UNDER SECTION 12, ARTICLE XVIII OF THE CONSTITUTION
<br /> OF THE STATE OF OHIO FOR THE PURPOSE OF MAKING
<br /> IMPROVEMENTS TO THE CITY' S WATER SYSTEM AND ANY
<br /> ANCILLARY SYSTEMS THERETO; AUTHORIZING THE EXECUTION OF
<br /> A FIRST SUPPLEMENTAL INDENTURE OF MORTGAGE TO SECURE THE
<br /> SERIES 1995 BONDS AND OF A BOND PURCHASE AGREEMENT;
<br /> AUTHORIZING THE PREPARATION, USE A~D DISTRIBUTION OF A
<br /> PRELIMINARY OFFICIAL STATF/V~_/~T AND THE PREPARATION, USE,
<br /> DISTRIBUTION AND EXECUTION OF A FINAL OFFICIAL STATEMENT
<br /> RELATING TO THE ORIGINAL ISSUANCE OF THE SERIES 1995
<br /> BONDS; AUTHORIZING THE APPLICATION OF THE SERIES 1991
<br /> BOND LEGISLATION TO THE ISSUANCE AND SALE OF THE sERIES
<br /> 1995 BONDS AUTHORIZED HEREIN AND AUTHORIZING RELATED
<br /> MATTERS.
<br />
<br /> WHEREAS, the City of Lakewood, Ohio (the"Issuer.) has made' during
<br />1993 and 1994, and has prepared a plan for making during 1995, certain
<br />improvements to the Issuer's Utility (as such improvements are further defined
<br />and described in Section i hereof, "Project 1995");
<br />
<br /> WHEREAS, the Issuer has determined that Project 1995 is necessary for
<br />the continued efficient operation of the Utility;
<br />
<br /> WHEREAS, the Council of the IsSuer hereby determines that it is
<br />necessary to immediately proceed with Project 1995;
<br />
<br /> WHEREAS, the Issuer has heretofore issued its $4,670,000 Water System
<br />Mortgage Revenue Bonds, Series 1991, under and in accordance with the Original
<br />Indenture (as hereinafter defined) and pursuant to Article XVIII of the Ohio
<br />Constitution, the Issuer's Charter and the Series 1991 Bond Legislation (as
<br />hereinafter defined), for the purpose of making certain improvements to and
<br />acquiring certain machinery and equipment for the Utility constituting Project
<br />1991;
<br />
<br /> WHEREAS, in order to furnish funds for the purpose of paying the Cost
<br />of the Improvements constituting Project 1995, the Council desires to authorize
<br />the issuance and sale of Additional Bonds, to be designated "Water System
<br />Mortgage Revenue Bonds, Series 1995" (the "Series 1995 Bonds"), under and in
<br />accordance with the Original Indenture, as supplemented by the First Supplemental
<br />Indenture (as defined and authorized herein), and pursuant to Article XVIII of
<br />the Ohio Constitution, the Issuer's Charter and this ordinance (sometimes
<br />hereinafter referred to as the "Series 1995 Bond Legislation") for such purpose;
<br />and '
<br />
<br /> WHEREAS, this ordinance is an emergency measure which is necessary
<br />for the immediate preservation of the public peace, property, health, safety and
<br />welfare and for the further reason that the immediate issuance and sale of the
<br />bonds herein authorized are necessary to pay the Cost of the Improvements
<br />constituting Project 1995 which is determined to be necessary for the continued
<br />efficient operation of the Utility.
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Ohio, that:
<br />
<br /> Section 1. Definitions. Words and terms used as defined words and
<br />terms herein, including the recitals hereto, and not otherwise defined herein
<br />shall have the meanings given them in the Original Indenture. In addition to the
<br />words and terms defined elsewhere in this Series 1995 Bond Legislation and in the
<br />Original Indenture, the following words and terms as used in this Series 1995
<br />Bond Legislation, including the recitals hereto, shall have the following
<br />meanings, unless the context or use indicates a different meaning or intent:
<br />
<br />
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