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File #: O-390-19    Version: 1 Name:
Type: Ordinance Status: Approved
File created: 8/7/2019 In control: Finance Department
On agenda: 8/20/2019 Final action: 9/3/2019
Title: Authorizing the issuance and sale of industrial development bonds, in a maximum aggregate principal amount of $4,300,000, for the purpose of refunding for debt service cost savings all or a portion of the City's outstanding Special Obligation (Nontax Revenue) Industrial Development Bonds, Series 2006 (Vehicle Storage Project), dated as of September 12, 2006, that are stated to mature on December 1 in the years 2020, 2021 and 2026, authorizing and directing the call for redemption of all of the refunded bonds; authorizing the execution and delivery of a Bond Registrar Agreement and a Bond Purchase Agreement with respect to the refunding bonds and an Escrow Agreement with respect to the refunding of the refunded bonds; and declaring an emergency.
Attachments: 1. Bond Registrar Agreement, 2. Escrow Agreement, 3. Audio: Agenda Review 8/13/2019, 4. Audio: Budget Oversight 8/14/2019, 5. Audio: City Council 8/20/2019, 6. Audio: Agenda Review 8/27/2019, 7. Audio: City Council Meeting 9/3/2019
Label
NontaxBondsRefVehicle Storage2006
Finance
Bryan Benner 1194
Jamie Takacs 1468

Title
Authorizing the issuance and sale of industrial development bonds, in a maximum aggregate principal amount of $4,300,000, for the purpose of refunding for debt service cost savings all or a portion of the City's outstanding Special Obligation (Nontax Revenue) Industrial Development Bonds, Series 2006 (Vehicle Storage Project), dated as of September 12, 2006, that are stated to mature on December 1 in the years 2020, 2021 and 2026, authorizing and directing the call for redemption of all of the refunded bonds; authorizing the execution and delivery of a Bond Registrar Agreement and a Bond Purchase Agreement with respect to the refunding bonds and an Escrow Agreement with respect to the refunding of the refunded bonds; and declaring an emergency.

Body
SUMMARY & BACKGROUND:
This is one of a series of ordinances that authorize the issuance of special obligation nontax revenue bonds that the City plans to sell in Fall 2019.

This ordinance authorizes the sale of up to $4,300,000 of bonds to refund outstanding special obligation nontax revenue industrial development bonds that were issued in 2006 to pay costs of constructing a surface parking facility and a bridge leading to that facility over Stickney Avenue from the Toledo North Assembly Plant for use by the manufacturer and its suppliers and affiliates as a part of and in support of an expansion of that Plant. With the issuance of the bonds authorized by this ordinance and the retirement of the prior bonds, the City's outstanding nontax revenue debt may be increased by up to $175,000 in order to pay for issuance costs and other expenses incurred in connection with the redemption of the prior bonds; however, the bonds authorized by this ordinance will be sold only if interest rates available on the sale date will provide satisfactory debt service cost savings to the City, over and above all additional expenses of sal...

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