8717-14 Adopting post-issuance compliance procedures

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REFERRED TO THE FINANCE COMMITTEE 2/3/14. RESOLUTION NO. 8717 -14 BY: Bullock, Juris, Madigan, Marx, Nowlin, O'Leary. A RESOLUTION to take effect immediately provided it receives the affirmative vote of at least five members of Council, or otherwise to take effect at the earliest period allowed by law, adopting certain written post - issuance compliance procedures relating to the city's outstanding and future tax - exempt obligations. WHEREAS, the City of Lakewood, Ohio has previously issued, and may issue in the future, tax - exempt obligations to finance various capital improvement projects within the City (the "Obligations "); and WHEREAS, in order for the interest on the Obligations to be and remain exempt from federal income taxation, the Internal Revenue Code (the "Code ") prescribes that the City must meet certain requirements at the time of issuance of the Obligations and continue to comply with those requirements during the period in which the Obligations are outstanding; and WHEREAS, the Internal Revenue Service has provided guidance on post - issuance compliance procedures to assist issuers with meeting the requirements in the Code for their Obligations; and WHEREAS, the City wishes to adopt procedures to assist it with such post - issuance compliance; and WHEREAS, this Council by a vote of at least five members thereof determines that this resolution is an emergency measure, and that this resolution shall take effect at the earliest date possible as set forth in Article 111, Sections 10 and 13 of the Second Amended Charter of the City of Lakewood, and that it provides for the usual daily operation of municipal departments in that City is prepared to go to the debt market in the spring of 2014; now, therefore; now, therefore, BE IT RESOLVED BY THE CITY OF LAKEWOOD, OHIO Section 1. This Council hereby adopts the post - issuance compliance procedures (the "Procedures ") now on file with the Clerk of this Council, in substantially the same form as those attached to this resolution. Section 2. Any member of this Council, the Mayor, the Director of Finance and the Clerk of this Council are each hereby authorized to execute and deliver on behalf of the City any certificates, documents and instruments in connection with the adoption of the Procedures as may be required, necessary or appropriate. Section 3. It is found and determined that all formal actions of this Council concerning and relating to the adoption of this resolution, and all deliberations of this Council and any of its committees that resulted in those formal actions, were taken in meetings open to the public in compliance with the law. Section 4. This resolution is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, property, health, safety and welfare in the City and for the usual daily operation of the City for the reasons set forth and defined in the preamble