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Section 2. That the Director of Finance acting on behalf of the City is <br />hereby authorized to negotiate, enter into, execute, and deliver one or more <br />Equipment Leases in the form approved by the Director of Law. The Director of <br />Finance is hereby authorized to negotiate, enter into, execute, and deliver such other <br />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 <br />related contracts and agreements necessary and incidental to the Equipment Leases <br />are hereby authorized. By a written instrument signed by the Director of Finance, <br />the Director of Finance may designate specifically identified officers or employees <br />of the City to execute and deliver agreements and documents relating to the <br />Equipment Leases on behalf of the City. <br />Section 3. The aggregate original principal amount of the Equipment <br />Leases shall not exceed $3,167,000 The payments under the Equipment Leases <br />shall include interest at the rates determined in accordance with Fifth Third Batik's <br />proposal, but in no event to exceed an annual rate of 5 %. The Equipment Leases <br />shall be for the tern 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 <br />Equipment Leases shall contain such options to purchase by the City as set forth in <br />Fifth Third Bank's proposal and the Equipment Leases, and approved by the <br />Director of Finance. <br />be and is hereby repealed. <br />Section 2. This Council snakes the following findings and determinations: <br />(a) It is appropriate and necessary to the functions and operations of the City, to enter into one <br />or more lease - purchase agreements (the "Equipment Leases ") in the principal amount not exceeding <br />$3,797,215, for the purpose of acquiring the vehicles, equipment, and other personal property <br />generally described in Exhibit A to this ordinance (the "Leased Property ") and to be described more <br />specifically in the Equipment Leases. <br />(b) Fifth Third Bank is 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 authority <br />under the Ohio Revised Code, the Ohio Constitution, and its Charter, to acquire the Leased Property <br />and the Equipment Leases constitute "public obligations" as defined in Chapter 133.01(GG), Ohio <br />Revised Code. <br />Section 3. 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 />