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Section 2. 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 <br />by the Director of Law. The Director of Finance is hereby authorized to negotiate, enter into, <br />execute, and deliver such other documents relating to the Equipment Leases (including, but not <br />limited to, escrow agreements) as the Director of Finance deems necessary and appropriate. All <br />other related contracts and agreements necessary and incidental to the Equipment Leases are <br />hereby authorized. By a written instrument signed by the Director of Finance, the Director of <br />Finance may designate specifically identified officers or employees of the City to execute and <br />deliver agreements and 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 <br />exceed $3,740,000. The payments under the Equipment Leases shall include interest at the rates <br />determined in accordance with U.S. Bancorp Government Leasing and Finance, Inc.'s proposal, <br />but in no event to exceed an annual rate of 5 %. The Equipment Leases shall be for the term or <br />terms selected by the Director of Finance, in accordance with U.S. Bancorp Government Leasing <br />and Finance, Inc.'s proposal, but in no event to exceed 20 years. The Equipment Leases shall <br />contain such options to purchase by the City as set forth in U.S. Bancorp Government Leasing <br />and Finance, Inc.'s proposal and the Equipment Leases, and approved by the Director of <br />Finance. <br />Section 4. The Clerk of Council is hereby directed to send certified copy of this <br />Ordinance to U.S. Bancorp Government Leasing and Finance, Inc. <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 <br />its committees that resulted in those formal actions, were meetings open to the public, in <br />compliance with all legal requirements, including Section 121.22 of the Ohio Revised Code. <br />Section 6. This Ordinance is hereby declared to be an emergency measure necessary for <br />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 <br />to this Ordinance, and provided it receives the affirmative vote of at least five members of <br />Council, this Ordinance shall take effect and be in force immediately upon its adoption by the <br />Council and approval by the Mayor, or otherwise it shall take effect and be in force after the <br />earliest period allowed by law. <br />Adopted: <br />r <br />Approved: L 0/ ✓ <br />President of Council <br />