09-93 Sanitary Sewer System Bonds $1,650,000

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PLACED ON FIRST READING FINANCE CMTE 4/5/93. & REFERRED TO ORDINANCBNO. 9-93 BY: Boscia, Gallagher, George, BY: Gibobns, Roth, Seelie AN EMERGENCY ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF SANITARY SEWER SYSTEM SPECIAL OBLIGATION BOND ANTICIPATION NOTES IN AN AMOUNT NOT TO EXCEED $1,650,000, BY THE crrY OF LAKEWOOD, OHIO UNDER SECTION 3, ARTICLE XVHI OF THE CONSTYFUTION OF THE STATE OF 0HIO AND CHAFFER 133 OF THE OHIO REVISED CODE IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COSTS OF (i) CONSTRUCTING IMPROVEMENTS TO THE UTILITY AND IMPRO~G CERTAIN UTN_ITY FACILITIES, INCLUDING, BUT NOT LIMITED TO, PROVIDING FOR THE SEPARATION OF STORM AND SANITARY SEWERS, CONSTRUCTING CONNECTIONS TO THE STORM SEWERS AND PROVIDING FOR WASTE WATER TREATMENT PLANT IMPROVEMENTS AND (ii) THOSE CERTAIN COSTS SET FORTH IN SECTION 133.15(B), OHIO REVISED CODE, INCLUDING WITHOUT LIMITATION FINANCING COSTS. -WHEREAS, pursuant to the charter mad codified ordinances of the City of Lakewood, Ohio (the "Issuer"), the Issuer owns and operates a sewage disposal Plant and a related system of storm and sanitary sewers, together with all necessary appurtenances thereto, and related facilities and equipment for the disposal of waste water within the corporate boundaries of the Issuer (the "Utility"); WHEREAS, pursuant to A!ti. 'cle XIV, Section 32 of The Amended Charter of The City of Lakewood, (the "Charter") which Section was adopted by the citizens of the City of Lakewood, Ohio on May 5, 1959, the Council of the Issuer (the "Council") is authorized to levy and has levied a tax not to exceed two (2) mills outside of the levies provided in Sections 29, 30 and 31 of Article XIV of the Charter, for the purpose of financing the reconstruction, expansion, operation and maintenance of a sewage disposal plant; WHEREAS, on July 15, 1991, this Council passed Ordinance No. 52-91 and as the same may be amended from time to time in accordance with its provisions (the "General Bond Legislation"), which General Bond Legislation was passed in contemplation of this ordinance authorizing bond anticipation notes and other ordinances authorizing the issuance of bonds or bond anticipation notes in accordance with the provisions thereof (the "Series Legislation"); WHEREAS, the Issuer has determined that the construction described herein and improvements are necessary for the continued efficient operation of the Utility;