23-05 Issuance/Sale of Bonds - Vedda Printing Project $400,000

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PLACED ON 1ST READING & REFERRED TO THE FINANCE COMMITTEE 4/4/05. ORDINANCE NO ~ 23,05 By: Corrigan, Demro, Dever, Dunn, FitzGerald~ Madlgan~ Seelie. AN EMERGENCY ORDINANCE to provide for the issuance and sale of not to exceed $400,000 in principal amount of bonds for the purpose of paying the costs of public improvements for the Vedda Printing project, including site preparation, environmental remediation, and related soft costs and to pay costs of issuance in connection therewith '.ì"O-" \\lHEREAS, the J?irector of Finance, ,as, ~~9,al,__offi(;eJ:' h<.1s,certified t_o,this Council the estimated life of the aforesaid improvement ÍÌnd the maximum maru:r:iiY of' fu~' b~nds herein authorized; and WHEREAS, this Council passed Ordinance No 64-04 on September 7, 2004 (the "1'IP Ordinance"), pursuant to which it declared certain improvements (''the '<Improvements") to property identified in said Ordinance (herein the "Property") to be a public purpose in accordance with Section 570940 of the Ohio Revised Code and pursuant to which payments in lieu of taxes C'PILOTs") are required to be made in connection with the increase in assessed valuation of the Property as a result of the Improvements and under the terms of the TIP Ordinance and Section 5709 42 of the Ohio Revised Code; and WHEREAS, pursuant to the TIP Ordinance, the City identified certain public improvements to be constructed which directly benefit the Property (the ''Public Improvemeuts") and authorized the use of the PILOTs, among other uses, to (i) pay any and all acquisition, construction, installation, fmancing costs, and any and aU other direct and indirect costs of the Public Improvements, includiug those costs set forth in Ohio Revised Code Section 133.15(B), and (ii) pay the interest on, principal of, and any premium on bonds issued by the City to finance costs of the Public IInprovements; and 'WHEREAS, the bonds authorized herein will be issued to finance the costs of certain of the Public Improvements; and WHEREAS, this Council by a vote of at least five (5) members elected thereto determines. that this Ordinance is an emergency measure, and that this Ordinance shall take effect at the earliest date possible as set forth in ARTICLE III, SECTIONS 10 and 13 of the SECOND AMENDED CHARTER OF TI:Œ CITY OF LAKEWOOD, and that it is necessary for the immediate preservation of the public property; health and safety, and to provide for the daily operation of municipal departments in that the immediate issuance and sale of the bonds herein authorized are necessary to maximize interest cost savings in a fluctuating bond market; , NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga County; Ohio: SECTION 1. It is hereby declared necessary to issue Bonds of the City of Lakewood in the aggregate principal sum of not to exceed $400,000 (the ''Bonds'') for the purpose ofpaylng the c:osts of public improvements for the VeddaPrinting project, including site preparatio~ environmental remediation and related soft costs and to pay the costs of issuance in connection therewith. As used herein, the following tenus shall have the following meanings. <'Bond Purchase Agreement" means the agreement between the City and the Original Purchaser entered into in cOlmection with the purchase of the Bonds and authorized pursuant to Section.5 of this Ordinance ''Bond Retirement Fund" means the bond retirement fund of the City "Bonds" means the issue of the City's Various Purpose General Obligation Bonds, Series 2005 issued pursuant to the authority granted and the tenus established in this Ordinance. "Book-entry form" or «Book-entry system" means a form or system under which (i) the beneficial right to principal and interest may be transferred only through a book entry and {CTOl24;l} 1