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Section 2. That the Director of Finance acting on behalf of the City is hereby authorized <br />to 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 $1,700,000. The payments under the Equipment Leases shall include interest at the rates <br />determined in accordance with US Bancorp Government Leasing and Finance's proposal, but in <br />no event to exceed an annual rate of 5 %. The Equipment Leases shall be for the term or terms <br />selected by the Director of Finance, in accordance with US Bancorp Government Leasing and <br />Finance's proposal, but in no event to exceed 20 years. The Equipment Leases shall contain <br />such options to purchase by the City as set forth in US Bancorp Government Leasing and <br />Finance's proposal and the 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 US Bancorp Government Leasing and Finance. <br />Section 5. All formal actions of this Council relating to the enactment of this <br />Ordinance were taken in an open meeting of this Council, and the deliberations of this Council <br />and any of its committees that resulted in those formal actions, were meetings open to the public, <br />in compliance 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 <br />necessary for the immediate preservation of the public peace, property, health, safety and welfare <br />in the City and for the usual daily operation of the City for the reasons set forth and defined in <br />the preamble to this Ordinance, and provided it receives the affirmative vote of at least five (5) <br />members of Council, this Ordinance shall take effect and be in force immediately upon its <br />adoption by the Council and approval by the Mayor otherwise, it shall take effect and be in force <br />after the earliest period allowed by law. <br />Adopted: J ,, r e ,-2 o t % <br />resid t o it <br />