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PLACED ON 1ST READING & REFERRED
<br />COMMITTEE OF THE WHOLE 5/15/00.
<br />PLACED ON 2ND READING 6/5/00.
<br />
<br />TO
<br />
<br />ORDINANCENO. 51-00 By: Corrigan, Fitz'Gerald,
<br /> Seelie, Smith.
<br /> AN EMERGENCY ORDINANCE AUTHORIZING THE ISSUANCE
<br /> OF NOT TO EXCEED $12,500,000 CITY OF LAKEWOOD, OHIO,
<br /> ADJUSTABLE RATE DEMAND EDUCATIONAL FACILITIES
<br /> REVENUE BONDS, SERIES 2000 (ST. EDWARD HIGH SCHOOL
<br /> PROJECT), FOR THE PURPOSE OF MAKING A LOAN TO ASSIST
<br /> ST. EDWARD HIGH SCHOOL IN THE FINANCING OF COSTS OF
<br /> A "PROJECT" WITHIN THE MEANING OF CHAPTER 165, OHIO
<br /> REVISED CODE; AUTHORIZING THE EXECUTION AND
<br /> DELIVERY OF A LOAN AGREEMENT PERTAINING TO THE
<br /> PROJECT AND A TRUST INDENTURE SECURING THE
<br /> PAYMENT OF THE BONDS; AUTHORIZING THE EXECUTION
<br /> AND DELIVERY OF A BOND PURCHASE AGREEMENT AND
<br /> THE USE AND DISTRIBUTION OF AN OFFERING DOCUMENT
<br /> IN CONNECTION WITH THE SALE OF THE BONDS AND
<br /> AUTHORIZING THE EXECUTION AND DELIVERY OF CERTAIN
<br /> OTHER DOCUMENTS AND ACTIONS IN CONNECTION WITH
<br /> THE ISSUANCE OF SUCH BONDS.
<br />
<br />George,
<br />
<br /> WHEREAS, the City of Lakewood, Ohio (the "Issuer"), a municipal corporation and
<br />political subdivision duly organized and validly existing under the laws of the State of Ohio, is
<br />authorized and empowered, by virtue of the laws of the State of Ohio, including without limitatiou,
<br />Section 13 of Article VIII, Ohio Constitution, and Chapter 165, as amended, Ohio Revised Code
<br />(the "Act"), (a) to issue its revenue bonds for the purpose of making a loan to assist in the financing
<br />of costs of acquiring, constructing, equipping and improving a "project", as defined in Section
<br />165.01, as amended, Ohio Revised Code, (b) to enter into a loan agreement (the "Agreement") and
<br />to provide for "revenues" sufficient to pay the principal of and interest and any premium on those
<br />revenue bonds, (c) to secure those revenue bonds by a trust indenture, as provided herein, and (d) to
<br />enact this Bond Legislation and to enter into the Indenture, the Agreement and the Bond Purchase
<br />Agreement, all as defined herein, upon the terms and conditions provided herein and therein; and
<br /> WHEREAS, St. Edward High School (the "Borrower") has requested that the Issuer
<br />issue revenue bonds (the "Series 2000 Bonds") pursuant to the Act to assist it in financing the costs
<br />of acquiring, constructing, equipping and improving real and personal property located within the
<br />boundaries of the Issuer (the "Project"); and
<br />
<br /> WHEREAS, under the terms of the Agre}ement, the Borrower shall agree to pay the
<br /> principal of and interest and any premium on the Series 2000 Bonds, to be responsible for any and
<br /> all costs of issuing the Series 2000 Bonds, and to inde~rmify the Issuer against any expenses, losses,
<br /> or damages arising from the Issuer's issuance of the Series 2000 Bonds; and
<br /> WHEREAS, the Community Improvement Corporation of Lakewood, Ohio ("CIC") has
<br /> certified to the Issuer that the Project is in accordance with the plan for the industrial, commercial,
<br /> distribution and research development of the Issuer heretofore confim~ed by this Council pursuant to
<br /> Section 1724.10, Ohio Revised Code.
<br />
<br />Roth,
<br />
<br />
<br />
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