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Section 2. That the Director of Finance acting on behalf of the City is hereby authorized to <br />negotiate, enter into, execute, and deliver one or more Equipment Leases in the form approved by the <br />Director of Law. The Director of Finance is hereby authorized to negotiate, enter into, execute, and <br />deliver such other documents relating to the Equipment Leases (including, but not limited to, escrow <br />agreements) as the Director of Finance deems necessary and appropriate. All other related contracts <br />and agreements necessary and incidental to the Equipment Leases are hereby authorized. By a <br />written instrument signed by the Director of Finance, the Director of Finance may designate <br />specifically identified officers or employees of the City to execute and deliver agreements and <br />documents relating to the Equipment Leases on behalf of the City. <br />Section 3. The aggregate original principal amount of the Equipment Leases shall not exceed <br />$3,167,000 The payments under the Equipment Leases shall include interest at the rates determined <br />in accordance with Fifth Third Bank's proposal, but in no event to exceed an annual rate of 5 %. The <br />Equipment Leases shall be for the term or terms selected by the Director of Finance, in accordance <br />with Fifth Third Bank's proposal, but in no event to exceed 15 years. The Equipment Leases shall <br />contain such options to purchase by the City as set forth in Fifth Third Bank's proposal and the <br />Equipment Leases, and approved by the Director of Finance. <br />Section 4. That the Clerk of Council is hereby directed to send certified copy of this <br />Ordinance to Pat Myers, Fifth Third Bank, 600 Superior Ave E, Cleveland, OH 44114 <br />Section 5. All formal actions of this Council relating to the enactment of this Ordinance <br />were 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 compliance <br />with all legal requirements, including Section 121.22 of the Ohio Revised Code. <br />Section 6. That this Ordinance is hereby declared to be an emergency measure necessary <br />for the 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 preamble to <br />this Ordinance, and provided it receives the affirmative vote of at least five (5) members of Council, <br />this Ordinance shall take effect and be in force immediately upon its adoption by the Council and <br />approval by the Mayor otherwise, it shall take effect and be in force after the earliest period allowed <br />by law. <br />Adopted: t�� rr, <br />Approved: 2,Z <br />President of Co <br />l 1 04,41 7 �4 n.c ot, . <br />Clerk of/Council <br />Mayor <br />