59-2021 - Authorize rolling $9.275M in previous year notes

Home Browse Search

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 with other notes to be issued by the City into a consolidated issue and to obtain savings in the issuance of the notes. Now Therefore BE IT ORDAINED BY THE CITY OF LAKWOOD, OHIO: Section 1. Issuance of Bonds. It is hereby declared necessary to issue revenue bonds of the City, in anticipation of the levy of the Income Tax and receipt of the Revenues, in the principal sum of not to exceed $9,275,000 (the "Bonds"), for the purpose of paying the cost of the Project. Section 2. Terms of the Bonds. The Bonds shall be dated prior to the maturity date of the Notes, shall bear interest at the maximum average annual interest rate presently estimated to be 5.00% per annum, payable semiannually until the principal sum is paid, and shall mature in 17 annual installments. Section 3. Issuance of Bond Anticipation Notes. It is necessary to issue, and this Council hereby determines that there shall be issued, notes in anticipation of the issuance of the Bonds. Section 4. Combining Notes 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 Notes with other income tax revenue notes of the City authorized by separate ordinances of this Council. The Notes and such other notes shall be jointly referred to herein as the "Combined Notes." As used in this Ordinance, the term "Notes" shall also mean the Combined Notes, where appropriate. The Combined Notes shall be designated "City of Lakewood, Ohio Various Purpose Income Tax Revenue Notes, Series 20225" or as otherwise determined by the Director of Finance of the City (the "Director of Finance"). Section 5. Terms of the Notes; Certificate of Fiscal Officer Relating to Terms of Notes. The Notes shall be special obligation in the amount of not to exceed $9,275,000, which sum does not exceed the amount of the Bonds. The Notes shall be dated the date established by the Director of Finance and certified to this Council and shall mature on such date as shall be determined by the Director of Finance and certified to this Council, provided that such date shall not be later than one year after the date of issuance of the Notes. The Notes shall be issued as fully registered notes in book -entry form only, in denominations of $100,000 or any integral multiple of $5,000 in excess thereof and shall be numbered as determined by the Director of Finance. Coupons shall not be attached to the Notes. The Notes shall be sold in a transaction exempt from the requirements of Rule 15c2-12 of the United States Securities and Exchange Commission. The Director of Finance is authorized and directed to execute a Certificate of Fiscal Officer Relating to Terms of Notes (the "Certificate of Fiscal Officer") setting forth the final terms of the Notes and such additional information as is required by and consistent with the terms of this Ordinance, and to present the same to this Council after closing. Section 6. Income Tax Pledge; Security for the Notes. The Notes shall be special obligation income tax revenue notes issued pursuant to Article XVIII, Section 3 of the Ohio Constitution, the Charter of the City, and this Ordinance for the purpose of the Project. The Notes may be issued in one or more series. The City hereby covenants and pledges, subject and pursuant to the Constitution and laws of the State of Ohio, to appropriate from the Revenues (a) amounts sufficient to pay principal and interest due on the Notes. The City hereby covenants and agrees that, so long as the Notes are outstanding, the City N