16-14A Amend Equipment Lease Ordinance 16-14

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documents relating to the Equipment Leases on behalf of the City. Section 4. The aggregate original principal amount of the Equipment Leases shall not exceed $3,797,215 The payments under the Equipment Leases shall include interest at the rates determined in accordance with Fifth Third Bank's proposal, but in no event to exceed an annual rate of 5 %. The Equipment Leases shall be for the term or terms selected by the Director of Finance, in accordance with Fifth Third Bank's proposal, but in no event to exceed 15 years. The Equipment Leases shall contain such options to purchase by the City as set forth in Fifth Third Bank's proposal and the Equipment Leases, and approved by the Director of Finance. Section 5. The Clerk of Council is hereby directed to send certified copy of this ordinance to Pat Myers, Fifth Third Bank, 600 Superior Ave E, Cleveland, OH 44114 Section 6. All formal actions of this Council relating to the enactment of this ordinance were taken in an open meeting of this Council, and the deliberations of this Council and any of its committees that resulted in those formal actions, were meetings open to the public, in compliance with all legal requirements, including Section 121.22 of the Ohio Revised Code. Section 7. This ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, property, health, safety and welfare in the City and for the usual daily operation of the City for the reasons set forth and defined in the preamble to this ordinance, and provided it receives the affirmative vote of at least five members of Council, this ordinance shall take effect and be in force immediately upon its adoption by the Council and approval by the Mayor, or otherwise it shall take effect and be in force after the earliest period allowed by law. Adopted: 15 , '10)v a Approved: 2U esident of C 011cil