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<br />{
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<br />"ACED ON FIRST READING & i ERRE~
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<br />? FINANCE CMTE 7/1/91.
<br />
<br />ORDINANCE NO. 52-91 By: Boscia, Gallagher, Gazzana, George, Graham,
<br />
<br />AN EMERGENCY ORDINANCE TO PROVIDE FOR GENERAL TERMS ANDRoth, Smi th
<br />PROVISIONS FOR THE ISSUANCE OF SANITARY SEWER SYSTEM
<br />SPECIAL OBLIGATION BONDS AND NOTES IN ANTICIPATION
<br />THEREOF THAT ARE APPLICABLE TO EACH SERIES BOND AND NOTE
<br />ISSUE WHEN SUCH GENERAL PROVISIONS ARE INCORPORATED
<br />THEREIN BY REFERENCE.
<br />
<br />WHEREAS, pursuant to the Charter and codified ordinances of the City
<br />of Lakewood, Ohio (the "Issuer"), the Issuer owns and operates a sewage disposal
<br />plant and a related system of sanitary sewers, together with all necessary
<br />appurtenances thereto, and related facilities and equipment for the disposal of
<br />wastewater within the corporate boundaries of the Issuer (the "Utility");
<br />
<br />WHEREAS, pursuant to Article XIV, Section 32 of The Amended Charter
<br />of The City of Lakewood, (the "Charter") which Section was adopted by the
<br />citizens of the City of Lakewood, Ohio on May 5, 1959, the Council of the Issuer
<br />(the "Legislative Authority") is authorized to levy and has levied a tax not to
<br />exceed two (2) mills outside of the levies provided in Sections 29, 30 and 31 of
<br />Article XIV of the Charter, for the purpose of financing the reconstruction,
<br />expansion, operation and maintenance of a sewage disposal plant;
<br />
<br />WHEREAS, the Issuer from time to time prepares plans for the
<br />continued reconstruction, expansion, operation and maintenance of the Utility
<br />through the acquisition, construction and improvement of the Utility facilities,
<br />including, without limitation, Improvements to the Utility and the acquisition
<br />of real property and machinery and equipment for use by the Utility;
<br />
<br />WHEREAS, the Issuer has determined that such construction,
<br />Improvements and acquisitions are necessary for the continued efficient operation
<br />of the Utility;
<br />
<br />WHEREAS, in order to furnish funds for the purpose of paying the
<br />costs of acquisition, construction and improvement of the Utility facilities,
<br />including, without limitation, Improvements thereto and acquisitions therefor,
<br />the Legislative Authority hereby determines that it is necessary to provide for
<br />the general terms and provisions for the issuance of sanitary sewer system
<br />special obligation bonds, and notes in anticipation of the issuance of such
<br />bonds, pursuant to Section 3 of Article XVIII of the Constitution, Chapter 133
<br />of the Ohio Revised Code, Section 32 of Article XIV of the Charter of the Issuer
<br />and this Bond Legislation, as hereinafter defined, for such purpose;
<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 Issuer desires to immediately
<br />authorize the issuance and sale of a series of such sewer bonds, and sewer notes
<br />in anticipation thereof, in order to pay the costs of a Project which has been
<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. Definitions. In addition to the words and terms defined
<br />elsewhere in this General Bond Legislation the following words and terms as used
<br />in this Ordinance, and in Bonds or Notes, shall have the following meanings
<br />unless otherwise provided in those documents and unless the context or use
<br />indicates another or different meaning or intent:
<br />
<br />"Authorized Official" means the Fiscal Officer or Mayor of the
<br />
<br />Issuer.
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