46-2020 - Bond Issuance for 2021 Capital Improvements

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VARIOUS PURPOSE IMPROVEMENT NOTES, SERIES 2021 (REFUNDING PORTION Placed on 1st reading & referred to Finance 12/21/20; 2nd reading 1/4/21 Bullock, Kepple, Litten, Neff, ORDINANCE NO. 46-2020 O® Malleyf Rader, Shachner AUTHORIZING THE ISSUANCE OF SPECIAL OBLIGATION INCOME TAX REVENUE NOTES IN THE AMOUNT OF NOT TO EXCEED $2,810,000 IN ANTICIPATION OF THE ISSUANCE OF BONDS TO PAY COSTS OF (I) DESIGNING, ENGINEERING, PERMITTING AND CONSTRUCTING A NEW OUTFALL, STONE REVETMENT AND REHABILITATING THE EXISTING SEWERS, TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO, (II) IMPROVING AND RECONSTRUCTING THE CITY' S RECYCLING FACILITY, (III) IMPROVING THE CITY' S JAIL AND (IV) IMPROVING SIDEWALKS WITHIN THE CITY; AND RETIRING NOTES PREVIOUSLY ISSUED FOR SUCH PURPOSE; APPROVING RELATED MATTERS PROVIDING FOR THE PLEDGE OF REVENUES FROM THE CITY' S 1.50% INCOME TAX TO SECURE THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE NOTES IN ANTICIPATION OF BONDS; AND APPROVING RELATED MATTERS; AND DECLARING AN EMERGENCY WHEREAS, the City of Lakewood (the "City") levies an income tax at a rate of 1.50% pursuant to Section 128 of the Codified Ordinances of the City (the "Income Tax") to provide funds for general municipal functions of the City; WHEREAS, pursuant to Article XVIII, Section 3 of the Ohio Constitution, the City is authorized to issue special obligation revenue bonds and bond anticipation notes supported by the Income Tax and in anticipation of the receipt of revenues of the Income Tax (the "Revenues") to provide funds for municipal purposes; WHEREAS, the City Council (the "Council") of the City of Lakewood, Ohio (the "City") has issued notes dated March 25, 2020, in the aggregate principal amount of $28,215,000, which will mature on March 24, 2021 (the "Outstanding Notes"), in anticipation of the issuance of bonds described herein; WHEREAS, it appears advisable in lieu of issuing bonds at this time to issue new notes in anticipation of the issuance of bonds, and to retire a portion of the Outstanding Notes; WI -AREAS, this Council desires to issue special obligation income tax revenue bond anticipation notes in an aggregate principal amount not to exceed $2,810,000 (the "Notes") to retire a portion of the Outstanding Notes; WHEREAS, the Notes shall be payable solely from and secured by the Revenues of the City; WHEREAS, this Council by a vote of at least two thirds of its members determines that this Ordinance is an emergency measure, and that this Ordinance shall take effect at the earliest date possible as set forth in Section 2.12 of the Third Amended Charter of the City of Lakewood (the "Charter"), and that it is necessary for the immediate preservation of the public property, health and safety, and to provide for the usual daily operations of municipal departments and further to allow the City to issue the notes 15880642v2