just change the tubes if they don't hold air. give it a good clean, check if the cables are ok, meaning it brakes and changes gears, grease it up and go for it. I wouldn't spend money on it personally. If it's a 15 year old sportcheck bike, just put some elbow grease into it and ride it until it dies.
I don't have a bell, I don't have any reflectors (led lighting for night), even though it is the bylaw, I don't think it's a big deal especially if you're riding on pathways during the day. Just say "on your left" if you want to pass someone.
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