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ORDINANCE NO.
<br />
<br />83-86
<br />
<br />BY: Brown, Chinnock, Gallagher, Graham, McBride, Salmon, Wendling
<br />
<br />AN ORDINANCE AUTHORIZING TEE ISSUANCE OF
<br />HOSPITAL IMPROVEMENT TENDER O~TION P~EFlrNDING
<br />BONDS OF THE CIT~ OF LAKEWOOD, OHIO I~ AN
<br />AGGRB~ATE PRINCIPAL AMOUNT NOT TO EXCEED
<br />$30,000,000 FOR THE PURPOSE OF PROVIDING FUNDS
<br />TO REDEEM ON THEIE EARLIEST OPTIONAL REDEMPTION
<br />DATE CERTAIN OtrfSTA/VDIN~ OBLIGATIONS ISSUED BY
<br />THE CIT~ IN 1983 FOR THE PURPOSE OF ADVANCE
<br />REFUNDING CERTAIN THEN OUTSTANDING OBLIGATIONS
<br />ISSUED BY THE CITY FOR THE PURPOSE OF FINANCING
<br />THE COSTS OF THE ACQUISITION,, CONSTRUCTION OR
<br />IMPROVEMENT OF THE CITY'S HOSPITAL FACILITIES;
<br />AUTHORIZING THE EXECUTION ANO DELIVERY OF A
<br />TRUST AGREEMENT, PURCRASE CONTRACT, ESCROW
<br />AGREEMENT, REMARKETING AGREEMENT AND OTHER
<br />DOCUMENTS AND INSTRUMENTS NECESSARY OR APPRO-
<br />PRIATE TO SECURE SUCH REFUNDING BONDS AND
<br />EFFECT THE REFUNDING PROGRAM; AND DECLARING AN
<br />EMERGENCY.
<br />
<br /> WHEREAS, the City of Lakewood, Ohio (the "Issuer"), a muni-
<br />cipal corporation and political corporation in and of the State of Ohio
<br />(the "State") and duly organized and existing under and by virtue of the
<br />laws of the State, has heretofore established and is the owner of a
<br />general hospital affording care and treatment for its residents and for
<br />the general public; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 8-83, passed by this
<br />Council (the "Legislative Authority") on February 26, 1983 (the "Series
<br />1983 Bond Legislation"), the Issuer issued its Hospital Improvement
<br />Refunding Bonds, Series 1983-A, dated March 15, 1983 (the "Series 1983
<br />Bonds"), in the aggregate principal amount of $31,695,000, for the
<br />purpose of advance refunding its then outstanding Hospital Improvement
<br />Revenue Bonds, dated August 1, 1970, and Hospital Improvement Revenue
<br />Bonds-Series 1982, dated February 1, 1982, which the Issuer had issued
<br />for the purpose of financing the cost of improving the Issuer's general
<br />hospital; and
<br />
<br /> WHEREAS, in connection with the issuance of the Series 1983
<br />Bonds, the Issuer and National City Bank, Cleveland, Ohio, as Trustee
<br />(in that capacity, the "Trustee"), entered into the Trust Indenture,
<br />dated as of March 15, 1983 (the "Trust Indenture"), incorporating the
<br />Series 1983 Bond Legislation and securing the Series 1983 Bonds; and
<br />
<br /> WHEREAS, the Issuer has determined that the issuance of the
<br />Refunding Bonds (as hereinafter defined) on the terms set forth herein
<br />for the purpose of providing funds to redeem the Series 1983 Bonds on
<br />their earliest optional redemption date (to-wit, February 1, 1993), will
<br />result in the Issuer's achieving a reduction in the amount of Hospital
<br />Receipts (as defined in the Trust Indenture) required for the payment of
<br />bond service charges on the Issuer's outstanding debt obligations and
<br />
<br />
<br />
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