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File #: O-391-19    Version: 1 Name:
Type: Ordinance Status: Approved
File created: 8/7/2019 In control: Finance Department
On agenda: 9/3/2019 Final action: 9/3/2019
Title: Authorizing the issuance and sale of industrial development bonds, in a maximum aggregate principal amount of $3,750,000, for the purpose of refunding for debt service cost savings a portion of the City's outstanding Taxable Industrial Development Bonds, Series 2006 (Marina District Project), dated as of July 6, 2006, that are stated to mature on December 1, 2032, 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
NontaxBondsRefMarina2006
Finance
Bryan Benner x1194/Jamie Takacs x1468
Revised

Title
Authorizing the issuance and sale of industrial development bonds, in a maximum aggregate principal amount of $3,750,000, for the purpose of refunding for debt service cost savings a portion of the City's outstanding Taxable Industrial Development Bonds, Series 2006 (Marina District Project), dated as of July 6, 2006, that are stated to mature on December 1, 2032, 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 $3,750,000 of bonds to refund outstanding special obligation nontax revenue industrial development bonds that were issued in 2006 to pay costs of acquiring parcels of property in the Marina District. 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 $280,000 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 sale of the bonds and the refunding of the prior bonds and will be exempt from the City's statutory and Constitutional debt limitations.

The City is authorized and empowered by virtue of the laws of the State of Ohio, including, without limitation, Section 13 of Article ...

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