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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 $2,600,000. The payments under the Equipment Leases shall include interest at the rates <br />determined in accordance with Key Government Finance's proposal, but in no event to exceed an <br />annual rate of 5%. The Equipment Leases shall be for the term or terms selected by the Director <br />of Finance, in accordance with Key Government Finance's proposal, but in no event to exceed 20 <br />years. The Equipment Leases shall contain such options to purchase by the City as set forth in <br />Key Government Finance's proposal and the Equipment Leases, and approved by the Director of <br />Finance. <br />Section 4. That the Clerk of Council is hereby directed to send certified copy of this <br />Ordinance to Key Government Finance. <br />Section 5. The Third Amended Charter published in the Codified Ordinances is the <br />official charter of the City of Lakewood. <br />Section 6. It is found and determined that all formal actions of this Council concerning and <br />relating to the passage of this ordinance were adopted in an open meeting of this Council, and that <br />all such deliberations of this Council and of any of its committees that resulted in such formal <br />action were in meetings open to the public in compliance with all legal requirements. <br />Section 7. 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 and <br />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 two thirds of the members <br />of 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 earliest <br />period allowed by law. <br />Adopted: D)- I 3 I Dc�a0 <br />Approved: <br />President of ouncil <br />Clerk of Council <br />Mayor <br />