06-16 Issue $26.5 million in bonds for Rockport Sq.

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"Taxable Bonds ") must be issued as bonds that the interest thereon is not excluded from gross income for federal income tax purposes; and WHEREAS, the Director of Finance of the City (the "Director of Finance ") has certified to this Council that the maximum maturity and authorized principal amount of the bonds herein authorized cannot exceed the maximum maturity and principal amount of the Refunded Bonds; and WHEREAS, it is now deemed necessary to issue and sell not to exceed $26,500,000 of such bonds under authority of the general laws of the State of Ohio, including Chapter 133, Ohio Revised Code, and in particular Section 133.34 thereof, for the purpose stated in the title of this Ordinance; BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LAKEWOOD, OHIO: Section 1. Issuance of the Bonds. It is hereby declared necessary to issue bonds of the City in the principal sum of not to exceed $26,500,000, 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 Refunding 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, and any Taxable Bonds shall be issued in a separate series from Bonds that the interest thereon is excluded from gross income for federal income tax purposes pursuant to Section 12 herein (the "Tax- Exempt Bonds "). Section 1. 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 2. Terms of the Bonds. The Bonds shall be issued as fitly 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 duty made therefor. Interest shall be calculated on the basis of a 360 -day year of twelve 30 -day months. Section 3. 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 to 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 98547750