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Section 12. The Clerk of Council is directed to deliver a certified copy of this ordinance to <br />the County Auditor. <br />Section 13. If in her judgment it is appropriate, the Director of Finance is authorized to <br />request a rating for the Notes from Moody's Investors Service, Inc., Standard & Poor's Ratings <br />Service or Fitch IBCA, or two or all of those rating agencies, as she determines is in the best interest <br />of the City. <br />Section 14. This Council determines that all acts and conditions necessary to be done or <br />performed by the City or to have been met precedent to and in the issuing of the Notes in order to <br />make them legal, valid and binding general obligations of the City of North Olmsted have been <br />performed and have been met, or will at the time of delivery of the Notes have been performed and <br />have been met, in regular and due form as required by law; that the full faith and credit and general <br />property taxing power (as described in Section 9) of the City are pledged for the timely payment of <br />the debt charges on the Notes; and that no statutory or constitutional limitation of indebtedness or <br />taxation will have been exceeded in the issuance of the Notes. <br />Section 15. This Council finds and determines that all formal actions of this Council and of <br />any of its committees concerning and relating to the passage of this ordinance were taken, and that <br />all deliberations of this Council and of any committees that resulted in those formal actions were <br />held, in meetings open to the public in compliance with the law. <br />Section 16. This ordinance is declared to be an emergency measure necessary for the <br />immediate preservation of the public health, safety and welfare of the City, and for the further <br />reason that this ordinance is required to be immediately effective in order to issue and sell the Notes, <br />which is necessary to enable the City to timely retire the Outstanding Note and thereby preserve its <br />credit; wherefore, this ardinance shall be in full force and effect immediately upon its passage and <br />approval by the Mayor. , <br />Passed: , 2008 <br />Attest: ' ? ??? ? cG??u,a-, .. <br />Clerk of Council <br />Approved: 6 2008 <br />Mayor <br />-6- <br />? <br />C ? u `?k /.?'?????• ?//?'? ?' <br />Presiden of Council? <br />? <br />?, - ,rt.????1#01?- ,--- ?,F?