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File #: O-387-19    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 $4,600,000, for the purpose of refunding the City's outstanding $4,450,000 Taxable Industrial Development Note, Series 2018, dated as of December 21, 2018, that is stated to mature on December 20, 2019, authorizing and directing the call for redemption the prior note; authorizing the execution and delivery of a Bond Registrar Agreement and a Bond Purchase Agreement with respect to the refunding bonds; and declaring an emergency.
Attachments: 1. Bond Purchase Agreement, 2. Continuing Disclosure 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
NontaxBondsRefSeries2018Note
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 $4,600,000, for the purpose of refunding the City's outstanding $4,450,000 Taxable Industrial Development Note, Series 2018, dated as of December 21, 2018, that is stated to mature on December 20, 2019, authorizing and directing the call for redemption the prior note; authorizing the execution and delivery of a Bond Registrar Agreement and a Bond Purchase Agreement with respect to the refunding 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 $4,600,000 of bonds to refund the outstanding special obligation nontax revenue industrial development note that was issued in December 2018 to refund advances made to retire a note issued for the purpose of acquiring the former MedCorp site and other property for sale or lease for private redevelopment. The note matures on December 21, 2019. With the issuance of the bonds authorized by this ordinance and the retirement of the prior note, the City's outstanding nontax revenue debt may be increased by up to $150,000 in order to pay for issuance costs and other expenses incurred in connection with the redemption of the prior note.

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...

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