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ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF AN AMENDED AND RESTATED AGREEMENT FOR CREATION OF MARION PORT AUTHORITY AND DECLARING AN EMERGENCY.
WHEREAS, this Council previously determined that it was in the best interest of the City of Marion, Ohio (the "City") to create, in combination with the County of Marion, Ohio (the "County"), the Marion Port Authority; and
WHEREAS, the City and the County previously entered into an Agreement for Creation of Marion Port Authority (the "Original Agreement"); and
WHEREAS, pursuant to the Original Agreement and Ohio Revised Code Sections 4582.21 through 4582.99, the Marion Port Authority is a political subdivision of the State of Ohio and is authorized to issue bonds to finance port authority facilities; and
WHEREAS, at the time of the creation of the Marion Port Authority, it was the intent of this Council that the Marion Port Authority would be a “political subdivision” for purpose of Treasury Regulations Section 1.103-1(b) and the Marion Port Authority would not issue debt on behalf of the City for purposes of the Internal Revenue Code of 1986, as amended (the “Code”); and
WHEREAS, this Council desires to amend the Original Agreement to clarify that the Marion Port Authority is a “political subdivision” for purposes of Treasury Regulations 1.103-1(b) and does not issue debt “on behalf of” the City for purposes of the Code;
NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Marion, Ohio, that:
Section 1. This Council finds and determines that it is in the best interest of the City to amend the Original Agreement to clarify that the Marion Port Authority is a “political subdivision” for purposes of Treasury Regulations Section 1.103-1(b) and does not issue debt on behalf of the City. The Amended and Restated Agreement for Creation of Marion Port Authority (the “Agreement”) now on file with this Council, is hereby approved and the Mayor is authorized and directed to execute same in the name of and on behalf of the City, with such changes as are necessary and appropriate by the Mayor with the Mayor's execution of the Agreement being conclusive evidence of the approval of any such changes. Upon execution of the Agreement by both the City and the County, the Original Agreement is amended and restated by the Agreement.
Section 2. This Council finds and determines that all formal actions of this Council and any of its committees concerning and relating to the passage of this Ordinance and all deliberations of this Council and any of its committees that resulted in those formal actions, were in meetings open to the public, all in compliance with the law.
Section3. This Ordinance is declared to be an emergency measure necessary for the immediate need for the Port Authority to proceed with a program for the enhancement of economic, commercial and industrial opportunities and further for the welfare of the City of Marion and the inhabitants thereof and shall take effect and be in force immediately upon its passage by two thirds vote of all members and by approval of the Mayor, otherwise, it shall become effective from and after the earliest period allowed by law.
Approved: Dave Edwards
President of Council
Mayor Scott Schertzer
Clerk of Council