148-02 Water System Mortgage Revenue Bonds

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interest cost savings with respect to the Series 2002 Refunding Bonds (or any portion thereof), to make application for, and to purchase, with respect to the Series 2002 Refunding Bonds, a municipal bond insurance policy for the Series 2002 Refunding Bonds (or any portion thereof) and hereby ratifies any such application heretofore made. Reasonably standard provisions pertaining to such insurance policy and reasonable changes to the Second Supplemental Indenture relating to such insurance policy shall be approved by the officers executing the Second Supplemental Indenture, which approval shall be evidenced by their execution thereof. In connection with obtaining such a municipal bond insurance policy, the Legislative Authority hereby determines that it is (a) impractical to obtain such a municipal bond insurance policy under competitive bidding procedures and (b) cost-effective and in the best interests of the Issuer to purchase such insurance without competitive bidding; provided, however, that the Fiscal Officer shall obtain informal proposals fi:om more than one provider of such insurance. Prior to the passage of this Series 2002 Refunding Bond Legislation a form o£ the policy of municipal bond insurance from the provider selected by the Fiscal Officer shallbe placed on file with the Clerk for the review and approval by the Legislative Authority, and passage of this Series 2002 Refunding Bond Legislation shall constitute approval of the form of such municipal bond insurance policy. Section II. Non-Utility Moneys. Nothing contained in this Series 2002 Refunding Bond Legislation or in the Indenture shall be deemed to prevent the Issuer from creating or providing such funds or accounts which shall not be subject to the provisions of the Indenture for any ad valorem taxes, grants, gifts, moneys withdrawn by the Tmatee and paid to the Issuer fi:om the General Obligation Debt Service Fund or the Renewal and Replacement Fund, or any other moneys whatsoever which do not constitute Revenues as defined in the Indenture. Section 12. Compliance with Open Meeting Laws. It is found and determined that all formal actions of this Legislative Authority concerning and relating to the passage of this Series 2002 Refunding Bond Legislation were taken in an open meeting of this Legislative Authority, and that all deliberations of this Legislative Authority and of any of its committees that resulted in those formal actions were in meetings open to the public, in compliance with all legal requirements, including Section 121.22 of the Revised Code. Section 13. Findings and Recitals of Validity. It. is hereby determined, represented and reoited that all acts, conditions and things necessary to be done precedent to and in the issuance of the Series 2002 Refunding Bonds in order to make such Series 2002 Refunding Bonds legal, valid and binding special obligations of the Issuer have, or prior to the delivery thereof will have, happened, been done and performed in regular and due form as required by law and the Issuer's Charter; and that no limitation of indebtedness or taxation, either statutory or constitutional, is applicable to the Series 2002 Refunding Bonds or their issuance. It is further found and determined, and is hereby represented and recited, that the provisions of the Issuer's · Charter, the rules of the Legislative Authority and its ordinances and resolutions have been fully complied with and that this Series 2002 Refunding Bond Legislation was passed in conformity therewith. Section 14. Governing Law. The provisions of this Series 2002 Refunding Bond Legislation and the Second Supplemental Indenture are subject to .the laws of the State of Ohio. Section 15. Severability. Each section of this Series 2002 Refunding Bond Legislation and each subsection or provision of any section is hereby deolared to be independent, and the finding or holding that any section or any subsection or provision of any seotion is invalid or void shall not be deemed or held to affect the validity of any other section, subsection or provision of this Series 2002 Refunding Bond Legislation. 12