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

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Registrar, to other paying agents for Notes and to the City. Any payment of principal or interest pursuant to such an agreement shall constitute payment thereof pursuant to, and for all purposes of, this Ordinance. If requested, the Mayor, Director of Finance, Clerk of Council, or any other officer of this Council, is authorized and directed to execute, acknowledge and deliver, in the name of and on behalf of the City, the letter agreement among the City, the paying agent for the Notes and The Depository Trust Company, as Depository, to be delivered in connection with the issuance of the Notes to the Depository for use in a book - entry system in substantially the form submitted to this Council. The City may decide to discontinue use of the book -entry system through the Depository. In that event, Note certificates will be printed and delivered to the Depository. If any Depository determines not to continue to act as the Depository for the Notes for use in a book -entry system, the City and the Note Registrar may attempt to establish a securities depository/book- entry relationship with another qualified Depository under this Ordinance. If the City and the Note Registrar do not or are unable to do so, the City and the Note Registrar, after the Note Registrar has made provision for notification of the beneficial owners by the then Depository, shall permit withdrawal of the Notes from the Depository and authenticate and deliver note certificates in fully registered form to the assigns of the Depository or its nominee, all at the cost and expense (including costs of printing and delivering definitive Notes), if the event is not the result of action or inaction by the City or the Note Registrar, of those persons requesting such issuance. Section 11. The Director of Finance is hereby directed to create the following funds and accounts into which the proceeds of the Notes and all Revenues shall be deposited, which shall be established and maintained, except as otherwise provided, so long as any Note hereby authorized remains unpaid. i . (a) the Bond Fund, designated the "City of Lakewood, Ohio Various Purpose Series 2022 Bond Fund" (the "Bond Fund"); and (b) the Issuance Expense Fund designated the "City of Lakewood, Ohio Various Purpose Series 2022 Issuance Expense Fund" ("Issuance Expense Fund"). Proceeds from the sale of the Notes shall be deposited into the Bond Fund and the Issuance Expense Fund as described in the Certificate of Fiscal Officer. Section 12. Federal Tax Law Compliance. The City hereby covenants that it will comply with the requirements of all existing and future laws which must be satisfied in order that interest on the Notes is and will continue to be excluded from gross income for federal income tax purposes, including without limitation restrictions on the use of the property financed with the proceeds of the Notes so that the Notes will not constitute "private activity bonds" within the meaning of Section 141 of the Internal Revenue Code of 1986, as amended (the "Code"). The City further covenants that it will restrict the use of the proceeds of the Notes in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the time the debt is incurred, so that they will not constitute arbitrage bonds under Section 148 of the Code and the regulations prescribed thereunder (the "Regulations"). The Director of Finance, or any other officer of the City, including the Mayor, is hereby authorized and directed (a) to make or effect any election, selection, designation, choice, consent, approval or waiver on behalf of the City with respect to the Notes as permitted or required to be made or given under the federal income tax laws, for the purpose of assuring, enhancing or protecting favorable tax treatment or the status of the Notes or interest thereon or assisting compliance with requirements for that purpose, reducing Ce