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<br />"Equipment Lease-Purchase Financing" means the lease-purchase transaction authorized <br />by this ordinance, <br /> <br />"Lease Agreement" means the lease between the Leasing Company, as lessor, and the <br />City, as lessee. <br /> <br />"Leasing Company" means the entity entering into the Equipment Lease-Purchase <br />Financing with the City, meeting the requirements of Section 3, and selected by the Director of <br />Finance under Section 4. <br /> <br />"Outstanding Notes" means, collectively, the City's $2,525,000 Motorized Equipment <br />Notes, Series 2007, and $975,000 Computer Equipment Notes, Series 2007, both issued as a <br />part of the City's consolidated issue of $6,123,000 Various Purpose General Obligation Bond <br />Anticipation Notes, Series 2007, <br /> <br />"Series 2006 Notes" means, collectively, the (I) the City's $1,222,000 Computer <br />Equipment Notes, and (2) the City's $2,687,000 Motorized Equipment Notes, authorized by <br />Ordinances 34-06 and 33-06, respectively, enacted May 17, 2006, and issued as a part of the <br />City's consolidated issue of $9,9I3,000 Various Purpose General Obligation Bond <br />Anticipation Notes, Series 2006, <br /> <br />Section 10. Effectiye Date. This ordinance is hereby declared to be an emergency <br />measure necessary for the immediate preservation of the public peace, property, health, safety <br />and welfare in the City, and for the further reason that the lease-purchase financing must <br />promptly occur in order to retire the Outstanding Notes and preserve the credit of the City; and <br />provided it receives the affirmative vote of at least five of the members elected to Council, this <br />ordinance shall take effect and be in force immediately upon its passage by the Council and <br />approval by the Mayor; otherwise it shall take effect and be in force after the earliest period <br />allowed by law, <br /> <br />Passed: <br /> <br />,2008 <br /> <br />~.Q <br /> <br />President of Council <br /> <br />~ ~ 7. f-I~~ <br />Clerk of Co . cil I' <br /> <br />APproved:~ <br /> <br />[( 2008 <br /> <br />¿~ <br /> <br />Cleve!and 1158682.4 <br />