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ORDINANCE NO.
<br />
<br />By: Corrigan, Dunn, FitzGerald, George,
<br /> Roth, Seelie, Skindell.
<br />
<br /> AN EMERGENCY ORDINANCE AUTHORIZING THE
<br />ISSUANCE AND SALE OF NOT TO EXCEED $7,000,000 WATER
<br />SYSTEM MORTGAGE REVENUE REFUNDING BONDS, SERIES
<br />2002, OF THE CITY OF LAKEWOOD, OHIO UNDER SECTION 12,
<br />ARTICLE XVIII OF THE OHIO CONSTITUTION FOR THE
<br />PURPOSES OF (1) REFUNDING THE CITY'S OUTSTANDING
<br />WATER SYSTEM MORTGAGE REVENUE BONDS, SERIES 1991;
<br />(2) ADVANCE .REFUNDING THE PORTION OF THE CITY'S
<br />OUTSTANDING HILLIARD ROAD IMPROVEMENT BOND
<br />ANTICIPATION NOTES, SERIES 2002, USED TO PAY THE COSTS
<br />OF IMPROVING HILLIARD ROAD BY REPLACING WATER
<br />MAINS AND NECESSARY APPURTENANCES THERETO; (3)
<br />SUBJECT TO SATISFACTION OF THE CONDITIONS SET FORTH
<br />HEREIN, PAYING THE PURCHASE PRICE AND OTHER RELATED
<br />COSTS IN CONNECTION WITH SOLICITING AND PURCHASING
<br />FROM THE HOLDERS THEREOF BY MEANS OF A TENDER
<br />OFFER ALL OR A PORTION OF THE CITY'S OUTSTANDING
<br />WATER SYSTEM MORTGAGE REVENUE BONDS, SERIES 1995;
<br />(4) SUBJECT TO SATISFACTION OF THE CONDITIONS SET
<br />FORTH HEREIN, PAYING (A) THE COSTS ASSOCIATED WITH
<br />OBTAINING THE CONSENT OF THE MAJORITY OF HOLDERS OF
<br />THE CITY'S OUTSTANDING WATER SYSTEM MORTGAGE
<br />REVENUE BONDS, TO THE SUBSTITUTION OF A SURETY BOND
<br />IN LIEU OF CASH ON DEPOSIT IN THE BOND RESERVE PRJND
<br />AND (B) THE PREMIUM FOR SUCH SURETY BOND; AND (5)
<br />PAYING FINANCING COSTS RELATED TO THE ISSUANCE AND
<br />SALE OF THE SERIES 2002 REFUNDING BONDS; AUTHORIZING
<br />THE EXECUTION OF A SECOND SUPPLEMENTAL INDENTURE
<br />OF MORTGAGE TO SECURE THE SERIES 2002 REFUNDING
<br />BONDS AND OF A BOND PURCHASE AGREEMENT AND OTHER
<br />DOCUMENTS RELATED TO THE FINANCING; AUTHORIZING
<br />THE PREPARATION, USE AND DISTRIBUTION OF A
<br />PRELIMINARY OFFICIAL STATEMENT AND THE PREPARATION,
<br />USE, DISTRIBUTION AND EXECUTION OF A FINAL OFFICIAL
<br />STATEMENT RELATING TO THE ORIGINAL ISSUANCE OF THE
<br />SERIES 2002 REFUNDING BONDS; AUTHORIZING THE
<br />APPLICATION OF THE SERIES 1991 BOND LEGISLATION TO THE
<br />ISSUANCE AND SALE OF THE SERIES 2002 REFUNDING BONDS
<br />AUTHORIZED HEREIN AND AUTHORIZING RELATED MATTERS.
<br />
<br /> WHEREAS, the City of Lakewood, Ohio (the "Issuer') has heretofore issued
<br />pursuant to Ordinance No. 51-91, effective July 17, 1991, its $4,670,000 Water System
<br />Mortgage Revenue Bonds, Series 1991 (the "Series 1991 Bonds") and has issued pursuant to
<br />Ordinance No. 12-95, effective April 6, 1995, its $3,125,000 Water System Mortgage Revenue
<br />Bonds, Series 1995 (the "Series 1995 Bonds");
<br />
<br /> WHEREAS, pursuant to Ordinance Nos. 123-02 and 124-02, each passed on
<br />July 1, 2002, the Issuer issued the notes in anticipation of the issuance of Bonds in the principal
<br />amount of $1,576,000 ($880,000 of which was for the purpose of improving Hilliard Road by
<br />replacing water mains, together with any necessary appurtenances), which notes are dated
<br />August 15, 2002 and will mature onMay 16, 2003 (the "Series 2002 Notes"); and
<br />
<br /> WHEREAS, current market conditions enable the Issuer to issue Water System
<br />Mortgage Revenue Refunding Bonds, Series 2002 (the "Series 2002 Refunding Bonds") for
<br />purposes of(i) refunding the Series 1991 Bonds; (ii) advance refunding the portion of the Series
<br />2002 Notes related to the improvement of Hilliard Road by replacing water mains, and necessary
<br />apptmenanees thereto, in Hilliard Road; (iii)subject to satisfaction of the conditions set forth
<br />herein, paying the purchase price and other related costs in connection with soliciting and
<br />purchasing from the Holders thereof by means of a tender offer all or a portion of the Issuer's
<br />Outstanding Water System Mortgage Revenue Bonds, Series 1995; (iv) subject to satisfaction of
<br />the conditions set forth herein, paying (a) the costs, if any, associated with obtaining the consent
<br />
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