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ORDINANCE NO. 70-82 By: <br /> <br />Brown. Chinnomk: Gallagh~ <br />Graham, McBride. ~endling <br /> <br /> AN ORDINANCE to appoint National City Bank, Cleveland, <br /> Ohio, as successor Trustee under the Trust Indenture, as <br /> amended, securing the outstanding Hospital Improvement Revenue <br /> Bonds of the City of Lakewood, Ohio; to authorize the Director <br /> of Finance of the City to execute and deliver the documents <br /> necessary to effect such appointment; and to delcare an <br /> emergency. <br /> <br /> WHEREAS, the City of Lakewood, Ohio (the "City") and the Ohio <br />National Bank of Columbus, Columbus, Ohio (which is hereinafter referred <br />to with its succesor, BancOhio National Bank, Columbus, Ohio, as the <br />"Trustee"), entered into that certain Trust Indenture, dated as of August 1, <br />1970, as amended and supplemented by that certain First Supplemental Trust <br />Indenture, dated as of February 1, 1982 and that certain Second Supplemental <br />Trust Indenture, dated as of April 21, 1982 (which Trust Indenture, as <br />amended and supplemented, is hereinafter referred to as the "Indenture"), <br />which Indenture secures the City's outstanding Hospital Improvement Revenue <br />Bonds, dated August 1, 1970, and Hospital Improvement Revenue Bonds--Series <br />1982, dated February 1, 1982; and <br /> <br /> WHEREAS, the Trustee, by letter dated August 19, 1982, has notified <br />the City of its resignation as Trustee; and <br /> <br /> WHEREAS, Section 805 of the Indenture provides that such resignation <br />shall become effective upon the expiration of sixty days from the date such <br />notice is given or, in this case, October 18, 1982; and <br /> <br /> WHEREAS, Section 806 of the Indenture provides that, in case of the <br />resignation of the Trustee, the City may, by an instrument signed by its <br />authorized officer, appoint a successor Trustee meeting the qualificatien set <br />forth in said Section 806, provided that any successor Trustee so appointed <br />by the City shall be immediately superseded by any qualified successor <br />Trustee at any time appointed by the holders of a majority in principal amount <br />of the Bonds then outstanding under the Indenture; and <br /> <br /> <br />