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ACED ON FIRST READING & Rr~ERRED T~ FINANCE CMTE ~/1/
<br />
<br />ORDINANCE NO. 51-91 By: Boscia, Gallagher, Gazzan
<br /> George, Graham, Roth, Smi
<br /> AN EMERGENCY ORDINANCE AUTHORIZING THE ISSUANCE AND SALE
<br /> OF NOT TO EXCEED $4,750,000 WATER SYSTEM MORTGAGE
<br /> REVENUE BONDS, SERIES 1991 OF THE CITY OF LAKEWOOD, OHIO
<br /> UNDER SECTION 12, ARTICLE XVIII OF THE CONSTITUTION OF
<br /> THE STATE OF OHIO FOR THE PURPOSE OF MAKING IMPROVEMENTS
<br /> TO, AND ACQUIRING CERTAIN MACHINERY AND EQUIPMENT FOR,
<br /> THE CITY'S WATER SYSTEM AND ANY ANCILLARY SYSTEMS
<br /> THERETO; AUTHORIZING THE EXECUTION OF AN INDENTURE OF
<br /> MORTGAGE PROVIDING FOR THE RIGHTS OF THE OWNERS OF THE
<br /> BONDS, MORTGAGING THE SYSTEM AND THE IMPROVEMENTS
<br /> THERETO A-ND PLEDGING THE NET REVENUES THEREOF TO SECURE
<br /> SUCH BONDS AND TO SECURE ADDITIONAL PARITY BONDS
<br /> HEREAFTER AUTHORIZED; AND DEFINING THE TERMS OF A
<br /> FRANCHISE UNDER WHICH, IN CASE OF FORECLOSURE, THE
<br /> PURCHASER MAY OPERATE THE SYSTEM.
<br />
<br /> WHEREAS, the City of Lakewood, Ohio (the "Issuer") has prepared a
<br />plan for making certain improvements to and acquiring certain machinery and
<br />equipment for the Issuer's Utility, .as hereinafter defined, during 1991;
<br />
<br /> WHEREAS, the Issuer has determined that such improvements and
<br />acquisitions are necessary for the continued efficient operation of the Utility;
<br />
<br /> WHEREAS, the Council of the Issuer hereby determines that it is.
<br />necessary to immediately proceed with making such improvements and acquisitions
<br />(as further defined in Section 2 hereof, the "Project 1991");
<br />
<br /> WHEREAS, in order to furnish funds, in addition to other funds
<br />available, for the purpose of paying the costs of Project 1991, the Council
<br />hereby determines that it is necessary to authorize the issuance and sale of
<br />revenue bonds, to be designated "Water System Mortgage Revenue.Bonds, Series
<br />1991" (the "Series 1991 Bonds") pursuant to Article XVIII of the Constitution,
<br />for such purpose;
<br />
<br /> WHEREAS, the Fiscal Officer of the Issuer has certified to this
<br />Council the estimate of the maximum maturity of such Series 1991 Bonds and that
<br />all the permanent improvements have an estimated life or period of usefulness of
<br />at least five years; and
<br />
<br /> WHEREAS, this ordinance is an emergency measure which is necessary
<br />for the immediate preservation of the public peace,, property, health, safety and
<br />welfare and for the further reason that the immediate issuance and sale of the
<br />bonds herein authorized is necessary to pay the costs of Project 1991 which is
<br />determined to be necessary for the continued efficient operation of the Utility.
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Ohio, that:
<br />
<br /> Section 1. Determination byLeqislativeAuthority. This Legislative
<br />Authority determines thai:
<br />
<br /> (a) It is necessary and a proper municipal public purpose and in
<br />the best interest of the Issuer to, and the Issuer shall, issue, sell and deliver
<br />the Series 1991 Bonds in the aggregate principal amount of not to exceed
<br />$4,750,000 (i) to pay the Cost, as defined in the Indenture, of Project 1991 and
<br />other Improvements, (ii) to make the balance in the Bond Reserve Fund equal to
<br />the Bond Reserve Requirement, as such terms are hereinafter defined, and (iii) to
<br />pay certain Financing Costs, as hereinafter defined, of the Series 1991 Bonds;
<br />
<br /> (b) It hereby accepts the certificate of the Fiscal officer with
<br />respect to the maximum maturity of the Series 1991 Bonds and the estimated life
<br />of the permanent improvements to be financed with the proceeds of the Series 1991
<br />Bonds; and
<br />
<br />(c) The Issuer shall have the right as necessary from time to time
<br />
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