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ORDINANCE N0. 93- 12 PAGE FIVE Section 12. This Council determines that all acts and conditions necessary to be done or performed by the Village or to have been met precedent to and in the issuing of the Notes in order to make them legal, valid and binding general obligations of the Village have been performed and have been met, or will at the time of delivery of the Notes have been performed and have been met, in regular and due form as required by law; that the full faith and credit and general property taxing power (as described in Section 9) of the Village are pledged for the timely payment of the debt charges on the Notes; and that no statutory or constitutional limitation of indebtedness or taxation will have been exceeded in the issuance of the Notes. Section 13. This Council finds and determines that all formal ac- tions of this Council concerning and relating to the passage of this ordinance were taken in an open meeting of this Council, and that all deliberations of this Council and of any committees that resulted in those formal actions were in meetings open to the public, in compliance with the law. Section 14. This ordinance is declared to be an emergency measure necessary for the immediate preservation of the public peace, health and safety of the Village, and for the further reason that this ordinance must be immediately effective so that the Notes can be sold at the earliest possible date to enable the Village to meet its obligations under the contract for the acquisition of that improvement which is urgently required to assure the safety and welfare of the residents of the Village; wherefore, this ordinance shall be in full force and effect immediately upon its passage and approval by the Mayor. ~ ~'l°~'~-~-~ (~ rl f10 J~ne Cinco, President of Council First reading: March 15 Second reading: Suspended Third reading: Suspended PASSED: March 15 , 1993 APPROVED : - ~ I ~ I ~ ~~ Bruce G. Rinker ~-`-^~~~ Date M a v o~r~~ / \ ~~ __----~ APPROVEll AS TO iemert, J(r. , Layr~ Director ATTEST: ~0wv~ •~ ~X,~~i~ Donna J. H ath, Clerk of Council