53-2021 - Authorize $2.05M BANs for parks

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the sufficiency of the Revenues levied and collected or otherwise available for the payment of the Notes or (ii) the pledge or the application of the Revenues to the payment of the Notes. The Notes shall be special obligations of the City, and the principal of and interest and any premium on the Notes shall be payable solely from the Revenues, and such payment shall be secured by a pledge of the Revenues as provided in this Ordinance. The Notes shall be special obligation income tax revenue notes payable solely from the Revenues and shall be secured equally and ratably (i) by a pledge of the Revenues; provided, however, that any lien on or pledge of any fund, account, revenues or money shall be valid and enforceable only to the extent permitted by law. Nothing in this Ordinance or the Notes shall constitute a general obligation, debt or bonded indebtedness of the City; neither the general resources of the City shall be required to be used, nor the general credit of the City pledged for the performance of any duty under this Ordinance or the Notes; and further, nothing herein or therein gives the Holders of the Notes, and they do not have, the right to have excises or taxes levied by the City, or by the State or the taxing authority of any other political subdivision, for the payment of principal of, redemption premium, if any, and interest on the Notes, but the Notes are payable solely from the Revenues, and each Note shall contain on the face thereof a statement to that effect; provided, however, that nothing in this Ordinance shall be deemed to prohibit the City, of its own volition, from using to the extent it is lawfully authorized to do so, any other resources or revenues for the fulfillment of any of the terms, conditions or obligations of this Ordinance and the Notes. The City hereby covenants and agrees to observe and perform all its agreements and obligations provided for by the Notes and this Ordinance. All of the obligations under this Ordinance are hereby established as duties specifically enjoined by law and resulting from an office, trust or station upon the City within the meaning of Section 2731.01 of the Ohio Revised Code. Section 7. Sale of the Notes. The Notes shall bear interest, based on a 360-day year of twelve 30-day months, payable at maturity, at such rate per annum as shall be determined by the Director of Finance and certified to this Council, provided that such rate shall not exceed 5.00% per annum. The Notes shall be, and hereby are, awarded and sold at private sale to KeyBanc Capital Markets Inc., Cleveland, Ohio (the "Original Purchaser"), at the purchase price set forth in the Certificate of Fiscal Officer. The Director of Finance is hereby authorized and directed to deliver the Notes, when executed, to the Original Purchaser upon payment of the purchase price and accrued interest, if any, to the date of delivery. Section 8. Form and Execution of Notes; Payment of Notes. The Notes shall be executed by the Director of Finance and the Mayor, provided that any and all of such signatures may be a facsimile, electronic, or digital signature, shall be designated "City of Lakewood, Ohio Park Improvement Income Tax Revenue Notes, Series 2022," or as otherwise determined by the Director of Finance, and shall be payable as to both principal and interest at the office of Note Registrar (as defined hereinbelow). The Notes shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this Ordinance. 3