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Section 12. Certification and Deliverv of Ordinance and Certificate of Award. The <br />Clerk of Council is directed to deliver promptly a certified copy of this ordinance and a signed copy <br />of the Certificate of Award to the Cuyahoga County Auditor as soon as each is available. <br />Section 13. Satisfaction of Conditions for Bond Issuance. This Council determines <br />that all acts and conditions necessary to be performed by the City or to have been met precedent to <br />and in the issuing of the Bonds in order to make them legal, valid and binding general obligations of <br />the City of North Olmsted have been performed and have been met, or will at the time of delivery of <br />the Bonds have been performed and have been met, in regular and due form as required by law; that <br />the full faith and credit and general property taxing power (as described in Section 10) of the City are <br />pledged for the timely payment of the debt charges on the Bonds; and that no statutory or <br />constitutional limitation of indebtedness or taxation will have been exceeded in the issuance of the <br />Bonds. <br />Section 14. Compliance with Open Meeting Requirements. This Council finds and <br />determines that all formal actions of this Council concerning and relating to the passage of this <br />ordinance were taken in an open meeting of this Council and that all deliberations of this Council and <br />of any committees that resulted in those formal actions were in meetings open to the public in <br />compliance with the law. <br />Section 15. Effective Date. This ordinance is declared to be an emergency measure <br />necessary for the immediate preservation of the public peace, health, safety and welfare of the City, <br />and for the further reason that this ordinance is required to be effective immediately in order to issue <br />and sell the Bonds, which is necessary to enable the City to advance refund at a lower interest cost the <br />Refunded Bonds upon terms in the best interest of and advantageous to the City and thereby to <br />achieve interest savings available under current favorable market conditions; wherefore, this <br />ordinance shall be in full force and effect immediately upon its passage and approval by the Mayor. <br />? 4 ?u c,? ? ?,' <br />Passed: 'j , 52001 <br />Attest: <br />Clerk of Cou (cil <br />Approved: ?.•?? 2- / , 2001 <br />Mayor <br />. <br />President of Council <br />3 <br />/ <br />3/) <br />-16-