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File #: O-489-18    Version: 1 Name:
Type: Ordinance Status: Mayor's Office
File created: 11/5/2018 In control: Finance Department
On agenda: 11/20/2018 Final action: 11/20/2018
Title: Authorizing the issuance and sale of taxable industrial development bond anticipation notes, in the aggregate principal amount of $4,450,000, to refund advances made to retire notes issued for the purpose of acquiring the former MedCorp site and other property for sale or lease for private redevelopment; appropriating the proceeds of the Notes; authorizing the expenditure of those proceeds for that purpose; and declaring an emergency.

Label
Nontax Revenue Notes Property Acquisition and Site Improvements
Department of Finance
Bryan Benner (x1194)
(Revised)

Title
Authorizing the issuance and sale of taxable industrial development bond anticipation notes, in the aggregate principal amount of $4,450,000, to refund advances made to retire notes issued for the purpose of acquiring the former MedCorp site and other property for sale or lease for private redevelopment; appropriating the proceeds of the Notes; authorizing the expenditure of those proceeds for that purpose; and declaring an emergency.

Body
SUMMARY & BACKGROUND:
The City is authorized and empowered by virtue of the laws of the State of Ohio, including, without limitation, Section 13 of Article VIII of the Ohio Constitution and Chapter 165 of the Ohio Revised Code, among other things, (a) to issue bond anticipation notes and bonds to acquire, construct, reconstruct, equip, or improve a "project" as defined in Section 165.01 of the Ohio Revised Code, comprising an industrial, commercial or research facility, located within the boundaries of the City, for the purpose of creating or preserving jobs and employment opportunities and improving the economic welfare of the people of the City and of the State; (b) to secure such notes and bonds by a pledge of nontax revenues, as provided herein; and (c) to enact this Ordinance and enter into related agreements, upon the terms and conditions provided herein.

To create and preserve jobs and employment opportunities, opportunities and improving the economic welfare of the people of the City, the City issued, pursuant to Ordinance No. 462-17, passed on October 31, 2017, a $4,450,000 Taxable Industrial Development Note, Series 2017, dated December 8, 2017, in anticipation of the issuance of bonds (collectively, the "Outstanding Notes"), to provide funds necessary to acquire the former MedCorp site and other property for sale or lease for private redevelopment (the "Project"), which Outstanding N...

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