05-16 Issue $18 million in bonds for West End Sewer, Resurfacing Parks, and other projects

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SUBSTITUTE: Placed on 0 Reading & Referred to Finance Committee 2/1/16. Second Reading 2/16/16. WHEREAS, it is now deemed necessary to issue and sell not to exceed $18,000,000 of such bonds under authority of the general laws of the State of Ohio, including Chapter 133, Ohio Revised Code, and in particular Section 133.23 thereof, for the purpose stated in the title of this Ordinance; BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LAKEWOOD, OHIO: Section I. Issuance of the Bonds. It is hereby declared necessary to issue bonds of the City in the principal sum of not to exceed $18,000,000, or such lesser amount as shall be determined by the Director of Finance and certified to this Council, which bonds shall be shall be designated "City of Lakewood, Ohio Various Purpose Improvement Bonds, Series 2016," or as otherwise determined by the Director of Finance (the "Bonds "), for the purpose described in the title of this Ordinance. The Bonds may be issued in one or more series. Section 2. Combining Bonds for Purposes of Issuance and Sale. It is hereby determined, that for the purposes of issuance and sale, it may be in the best interest of the City to combine the Bonds with other limited tax general obligation bonds of the City authorized by separate ordinance of this Council. The Bonds and such other bonds shall be jointly referred to herein as the "Combined Bonds." As used in this Ordinance, the term 'Bonds" shall also mean the Combined Bonds, where appropriate. Section 3. Terns of the Bonds. The Bonds shall be issued as fully registered bonds in book - entry form only, in denominations of $5,000 or any integral multiple thereof; shall be numbered consecutively from R -1 upward, as determined by the Director of Finance; shall be dated the date determined by the Director of Finance and set forth in the Certificate of Fiscal Officer provided for hereinbelow; and shall bear interest, payable semiannually on such dates as shall be determined by the Director of Finance and set forth in the Certificate of Fiscal Officer, until the principal sum is paid or provision has been duly made therefor. Interest shall be calculated on the basis of a 360 -day year of twelve 30 -day months. Section 4. Certificate of Fiscal Officer Relating to Terms of Bonds. The Director of Finance is hereby authorized and directed to execute of behalf of the City a Certificate of Fiscal Officer Relating to Terms of Bonds (the "Certificate of Fiscal Officer ") setting forth the aggregate principal amount and the final terms of the Bonds, which aggregate principal amount and terms, subject t6 the limitations set forth in this Ordinance, shall be as determined by the Director of Finance. The Certificate of Fiscal Officer shall indicate the dated date for the Bonds, the dates on which interest on the Bonds is to be paid (the "Interest Payment Date "), the purchase price for the Bonds (which shall be not less than 97% of the face value thereof), the maturity schedule for the Bonds, the interest rates for the Bonds (provided that the true interest cost for all Bonds in the aggregate shall not exceed 5.00% per annum, the optional and mandatory redemption provisions, if any, and such other terms not inconsistent with this Ordinance as the Director of Finance shall deem appropriate. Section 5. Redemption Provisions of the Bonds. The Bonds shall be subject to optional and mandatory redemption prior to stated maturity, as provided in the Certificate of Fiscal Officer. If optional redemption of the Bonds at a redemption price exceeding 100% is to take place on any date on which a mandatory redemption of the Bonds of the same maturity will take place, the Bonds to be redeemed by optional redemption shall be selected by the Bond Registrar (as defined hereinbelow) prior to the selection of the Bonds to be redeemed at par on the same date. 9877291v4 4