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taken in an open meeting of this Council, and the deliberations of this Council and any of its <br />committees that resulted in those formal actions, were meetings open to the public, in <br />compliance with all legal requirements, including Section 121.22 ofthe Ohio Revised Code. <br />Section 8. `T'his Ordinance is hereby declared to be an emergency measure necessary for the <br />immediate preservation of the public peace, property, health, safety and welfare in the City <br />and for the usual daily operation of the City for the reasons set forth and defined in the <br />preamble to this Ordinance, and provided it receives the affirmative vote ofat least five (5) of <br />its members elected to Council, this Ordinance shall take effect and be in force immediately <br />upon its adoption by the Council and approval by the Mayor otherwise, it shall take effect <br />and be in force after the earliest period allowed by law. <br />be and is hereby amended to read as follows: <br />Section 1. This Council makes the following findings and determinations <br />(a) It is appropriate and necessary to the functions and operations of the Ciry, to enter into <br />one or more lease-purchase agreemwtts (the "Equipment Leases") in the principal <br />amount not exceeding X3388,880 $4,100,000, for the~purpose of acquirhrg the vehicles, <br />equipment, and other personal property generally described in Exhibit A to this <br />ordinance (the "Leased Property") and to be described more specifically in the <br />Equipment Leases. <br />(b) KeyBank is expected to be the lessor under the Equipment Leases in accordance with its <br />proposal. <br />(c) The City is entering into the Equipment Leases in accordance with its power and <br />authority under the Ohio Revised Code, the Ohio Constitution, and its Charter, to <br />acquire the Leased ProperTy and the EquipmentLeases constitute "public obligations" as <br />defined iu Chapter 133.01(00), Ohio Revised Code. <br />Section 3, The aggregateorigiualprincipalamouutoftheEgoipmentLeasesshallnotexceed <br />$3;598,900 $4,100,000. The payments under the Equipment Leases shall include interest at <br />the rates determined in accordance with KeyBank's proposal, but in no event to exceed an <br />amoral rate of 6%. The Equipment Leases shall be for the term or terms selected by the <br />Director of Finance, in accordance with KeyBank's proposal, but in no event to exceed 10 <br />years. The EquipmentLeases shall contain such options to purchase by the City as set forth <br />in KeyBank's proposal and the Equipment Leases, and approved by the Director of Finance. <br />Section 2. All formal actions of this Council relating to the enactment of this Ordinance were <br />taken in an open meeting of this Council, and the deliberations of this Council and arty of its <br />committees that resulted in those formal actions, were meetings open to the public, in compliance <br />with all legal requirements, including Section 121.22 of the Ohio Revised Code. <br />Section 3. This Ordinance is hereby declared to be an emergency measure necessary for the <br />immediate preservation of the public peace, property, health, safety and welfare in the City and for <br />the usual daily operation of the City for the reasons set forth and defined in the preamble to this <br />Ordinance, mid provided it receives the affirmative vote of at least five ofinembers of Council, this <br />