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employees of the Lessee to execute and deliver agreements an8 documents relating to <br />the Equipment Leases on behalf of the Lessee <br /> <br /> Section 3 The aggregate original principal amount of the Equipment Leases <br />shall not exceed $1,428,045.00, the "Principal Amount" and shall bear interest as set <br />forth in the Equipment Leases and the Equipment Leases shall contain such options to <br />purchase by the Lessee as set forth therein <br /> <br /> Section 4 The Lessee's obligations under the Equipment Leases shall be <br />subject to annual appropriation or renewal by the Governing Body as set forth in each <br />Equipment Lease and the Lessee's obligations under the Equipment Leases shall not <br />constitute general obligations of the Lessee or indebtedness under the Constitution or <br />laws of the State <br /> <br /> Section 5 The Governing Body of Lessee anticipates that the Lessee may pay <br />certain capital expenditures in connection with the Property prior to the receipt of the <br />Lease Purchase Proceeds for the Property. The Governing Body of Lessee hereby <br />declares the Lessee's official intent to use the Lease Purchase Proceeds to reimburse <br />itself for Property expenditures. This section of the Resolution is adopted by the <br />Go?ming Body of Lessee for the purpose of establishing compliance with the <br />requirements of Section 1.150-2 of Treasury Regulations This section of the Resolution <br />does not bind the Lessee to make any expenditure, incur any indebtedness, or proceed <br />with the purchase of the Property <br /> <br /> Section 6. That the Clerk of Councit is hereby directed to send cert. ified copy <br />of this Ordinance to Chase Equipment LeaSin8 Inc., 1300 E. Ninth Street, 13th Froot, <br />Cteve[and OH 44114. <br /> <br /> Section 7. That this ordinance is hereby declared to be an emergency <br />measure necessary for the immediate preservation of the public peace, property, <br />health, safety and welfare in the City and for the usual daily operation of the City for the <br />reasons set forth and defined in the preamble to this ordinance, and provided it <br />receives the affirmative vote of at least five (5) of its members elected to Council, this <br />ordinance shall take effect and be in force immediately upon its adoption by the Council <br />and approval by the Mayor otherwise, it shall take effect and be in force after the <br />earliest period allowed by law. <br /> <br />Adopted: <br /> <br />Approved' <br /> <br />~President of Council <br /> <br />Clerk ~.~ouncil <br /> <br />Mayor <br /> <br /> <br />