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File #: O-401-20    Version: 1 Name:
Type: Ordinance Status: Second Reading
File created: 9/21/2020 In control: Finance Department
On agenda: 10/20/2020 Final action:
Title: Providing for the issuance and sale of notes for the purpose of paying, in anticipation of the levy and collection of special assessments, a part of the cost of lighting streets, alleys and other public ways of the City, sprinkling, sweeping, cleaning and removing snow from streets, alleys and other public ways of the City, and controlling blight and disease of shade trees within rights of way and planting, maintaining, trimming and removing shade trees in and along streets of the City, all during the year 2020; authorizing the execution and delivery of a Trust Agreement securing the payment of the Notes; authorizing the execution and delivery of certain other documents in connection with the issuance of the Notes; and declaring an emergency.
Attachments: 1. Trust Agreement
Label
CityServices 2020
Department of Finance
Melanie Campbell (x1252), Bryan Benner (x1194), Jamie Takacs (x1468)
(Revised)

Title
Providing for the issuance and sale of notes for the purpose of paying, in anticipation of the levy and collection of special assessments, a part of the cost of lighting streets, alleys and other public ways of the City, sprinkling, sweeping, cleaning and removing snow from streets, alleys and other public ways of the City, and controlling blight and disease of shade trees within rights of way and planting, maintaining, trimming and removing shade trees in and along streets of the City, all during the year 2020; authorizing the execution and delivery of a Trust Agreement securing the payment of the Notes; authorizing the execution and delivery of certain other documents in connection with the issuance of the Notes; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
This Council has previously, by proper legislation, declared the necessity of providing certain City services (the "Services" as defined in Section 1) in 2020, has caused estimated special assessments for the Services to be prepared and filed in the aggregate amount of $32,386,334 and has received and accepted the reports, findings and recommendations of the Board of Revision with respect to the Services to be provided and the assessments therefor.
The City is authorized, under Chapter 133 of the Revised Code, (a) to issue notes in anticipation of the levy and collection of special assessments to pay costs of certain services, including the Services; and (b) to enter into a trust agreement to provide for the payment and security of such notes.
This Council has determined that it is necessary and appropriate at this time (a) to borrow in anticipation of the levy and collection of those special assessments (and to issue the Notes authorized in Section 2 to evidence that borrowing) in order to provide funds to pay costs of the Services; and (b) to enter into the Trus...

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