148-02 Water System Mortgage Revenue Bonds

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of the majority of Holders of the Issuer's Water System Mortgage Revenue Bonds Outstanding under the Indenture to the substitution of a surety bond in lieu of cash on deposit in the Bond Reserve Fund and (b) the premium for such surety bond; and (v) paying Financing Costs related to the issuance and sale of the Series 2002 Refunding Bonds, including, without limitation, the premium for a surety bond for the Series 2002 Refunding Bonds; and WHEREAS, by and through the issuance and sale of the Series 2002 Refunding Bonds and the application of their proceeds to the purposes set forth in the immediately preceding recital, the Issuer expects (i) to enjoy a present value savings in Bond Service Charges and similar payments with respect to the Series 2002 Notes and (ii) to eliminate or reduce the use of a cash deposit to satisfy the Bond Reserve Requirement for the Outstanding Bonds, thereby freeing up amounts already on deposit in the Bond Reserve Fund for application to other lawful purposes of the Utility; and WHEREAS, in order to furnish funds for the aforesaid purposes, the Council desires to authorize the issuance and sale of the Series 2002 Refunding Bonds for such purposes, under and in accordance with the Original Indenture, as supplemented by the First Supplemental Indenture and the Second Supplemental Indenture (as defined and authorized herein), and pursuant to Articie XVHI Of the Ohio Constitution, the Issuer's Charter and this ordinance (sometimes hereinafter referred to as the "Series 2002 Refunding Bond Legislation"); and WHEREAS? this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health, safety and welfare and for the further reason that the immediate issuance and sale of the Bonds herein authorized are necessary to lock in the currently low long-term interest rates in order to reduce future Bond Service Charges that would otherwise be payable on the Series 1991 Bonds and to achieve the other finandal benefits described in the aforesaid recitals. NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Ohio, that: Section 1. Definitions. Words and terms used as defined words and terms herein, including the recitals hereto, and not otherwise defined herein shall have the meanings given them in the Original Indenture. In addition to the words and terms defined elsewhere in this Series 2002 Refunding Bond Legislation and in the Original Indenture, the following words and terms as used in. this Series 2002 Refunding Bond Legislation, including the recitals hereto, shall have the following meanings, unless the context or use indicates a different meaning or intent: "Bond Counsel" means Calfee, Halter & Griswold LLP or a firm of attorneys selected by the Issuer of nationally recognized standing on the subject of municipal bonds. "Charter" means the charter of the Issuer, as amended, duly adopted pursuant to Article XVIII of the Ohio Constitution. "Clerk" means the Clerk of the Legislative Authority. "First Supplemental Indenture" means the First Supplemental Indenture of Mortgage, between the Issuer and the Trustee, dated as of April 15, 1995. "indenture" means the Original Indenture, as duly amended or supplemented from time to time, including, but not limited to, as duly amended and supplemented by the First Supplemental Indenture and the Second Supplemental Indenture. "Interest Payment Dates" means, with respect to the Series 2002 Refunding Bonds, the first day of each January and July, commencing 1uly, 2003. "Mandatory Redemption Dates" means, with respect to the Series 2002 Refunding Bonds which are Term Bonds, if any, the dates specified in the Certificate of Award as the dates on which such Term Bonds are to be redeemed through the application of Sinking Fund Requirements. "Mayor" means the Mayor of the Issuer. "Optional Earliest Redemption Date" means, with respect to the Series 2002 Refunding Bonds, the earliest date, as shall be determined by the Fiscal Officer in the Certificate