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<br />ORDINANCE NO.
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<br />PLACED ON 1 ST READ ING & REFERRED TO THE
<br />COMMITTEE OF 'THE WHOLE 6/5/06.
<br />SECOND READING 6/19/06.
<br />BY'
<br />AAtQnio~ B~t~e~~ Deve~~Madigan, Seelie
<br />
<br />AN ORDINANCE to take effect immediately provided it received the affinnative
<br />vote of at least five (5) members elected to Council, otherwise, it shall take effect and be in force
<br />after the earliest period allowed by law, to provide for the issuance and sale of sewer system
<br />revenue bonds of the City of Lake wood, Ohio, in the principal amount of not to exceed
<br />$16,500,000 for the pmposes described herein.
<br />WHEREAS, pursuant to Ordinance No. 45-05, passed May 16, 2005, the Council
<br />of the City authorized the issuance of notes in anticipation of the issuance of bonds in the
<br />principal amount of$4,700,000 for the pmpose of improviug stann and sanitary sewers, which
<br />notes were dated June 15,2005 and matured ou June ]5, 2006 (the "Series 2005 Sewer Notes);
<br />and
<br />WHEREAS, pursuant to Ordinance No. 44-05, passed May 16,2005, the Council
<br />of the City authorized the issuance of notesjn anticipation of the issuance of bonds in the
<br />principal amount of$I,300,000 for the pmpose of improving the City's wastewater treatment
<br />plant, which uotes were dated June 15, 2005 and matured on June ]5, 2006 (the "Series 2005
<br />Wastewater Notes~'); and
<br />WHEREAS, pursuant to Ordiuances Nos. 40-06 and 41-06, the Series 2005 Sewer
<br />Notes were retired with available funds of the City and with proceeds in the principal amount of
<br />$2,300,000 ITom a portiou of the City's Various Pmpose General Obligatiou Bond Auticipatiou
<br />Notes, 2006 Series B, which Notes are dated June 14, 2006 and will mature ou October 12, 2006
<br />(the "Series 2006 B Notes") and the Series 2005 Wastewater Notes were Ietired with proceeds in
<br />the principal amount of$I,300,000 from a portion of the Series 2006 B Notes; and
<br />WHEREAS, in order to (i) furnish funds for the pmpose of paying the Cost of the
<br />Improvements constituting the Project; (ii) funding the Bond Reserve Requirement for the Series
<br />2006 Bonds, which may be funded with a surety bond in lieu of cash on deposit in the Bond
<br />Reserve Fund; (iii) refunding the portion of the Series 2006 B Notes used to retire the 2005
<br />Sewer Notes and the 2005 Wastewater Notes; and (iv) paying Financing Costs related to the
<br />issuance and sale of the Series 2006 Bonds, including, without limitation, the premiums for a
<br />muni2ipal baud insurance policy and surety bond for the Series 2006 Bouds, the Council desires
<br />to authorize the issuance and sale of Bonds, to be designàted "Sewer System Revenue Bonds,
<br />Series 2006 (the "Series 2006 Bonds"), under and in accordance with the Trust Agreemeut, as
<br />supplemented by the First Supplemental Indenture (both as defiued and authorized hereiu), and
<br />pursuant to Article XVIII of the Ohio Coustitution, the Issuer's Charter and this ordiuance
<br />(sometimes hereinafter referred to as the "Series 2006 Bond Legislation"), for such purposes;
<br />and
<br />WHEREAS, this Council, by a vote of at least five (5) members elected thereto,
<br />determines that this Ordinance is an emergency measure, and that this Ordinance shall take effect
<br />at the earliest date possible as set forth in ARTICLE III, SECTIONS 10 AND 13 of the
<br />SECOND AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that it is necessary for
<br />the immediate preservation of the public property, health and safety, and to provide for the daily
<br />operation of municipal departments in that the immediate issuance and sale of the notes herein
<br />authorized is necessary to provide funds for the construction of the improvements urgently
<br />needed to protect the health and safety of the citizens of the City and to pay the 2006 Sewer
<br />Notes at maturity;
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<br />I
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<br />NOW, THEREFORE, BE IT ORDAINED by the City of Lake wood; Ohio, that:
<br />Section 1.. Definitions: Words and terms used as defined words and terms herein,
<br />including the recitals hereto, and not otherwise defined herein shall have the meanings given
<br />them in the Trust Agreement. In addition to the words and terms defined elsewhere in this Series
<br />2006 Bond Legislation and in the Trust Agreemen~ the following words and terms as used iu
<br />this Series 2006 Baud Legislation, including the recitals hereto, shall bave the following
<br />meanings, unless the context or use indicates a different meaning or intent:
<br />"Bond Counsel" means Calfee, Halter & Griswold LLP or a finn of attorneys
<br />selected by the Issuer of uationally recognized standing on the subject of municipal bouds.
<br />"Charter" means the charter of the Issuer, as amended, duly adopted pursuant to
<br />Article XVlII of the Ohio Constitutiou.
<br />"Clerk" means the Clerk of the Legislative Authority.
<br />"First Supplemental Indenture" means the First Supplemeutal Trust Agreement,
<br />between the City and the Trustee, to be dated as of July 1,2006, relating to the issuance of the
<br />Series 2006 Bonds
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