2015-68

AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOTES IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $7,341,500, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF PAYING THE COSTS OF VARIOUS IMPROVEMENTS; AND DECLARING AN EMERGENCY

WHEREAS, pursuant to Ordinance No. 2014-44 passed July 14, 2014, notes in anticipation of bonds in the aggregate principal amount of $312,000, dated September 11, 2014 (the “Fire Department Notes”), were issued for the component purpose stated in clause (j) of Section 1, to mature on September 10, 2015; and

WHEREAS, pursuant to Ordinance No. 2014-46 passed July 14, 2014, notes in anticipation of bonds in the aggregate principal amount of $116,000, dated September 11, 2014 (the “Police Department Notes”), were issued for the component purpose stated in clause (k) of Section 1, to mature on September 10, 2015; and

WHEREAS, pursuant to Ordinance No. 2014-47 passed July 14, 2014, notes in anticipation of bonds in the aggregate principal amount of $2,888,500, dated September 11, 2014 (the “Various Purpose Notes”), were issued for the component purposes stated in clauses (a) through (i) of Section 1, to mature on September 10, 2015; and

WHEREAS, pursuant to Ordinance No. 2015-22 passed March 23, 2015, notes in anticipation of bonds in the aggregate principal amount of $1,051,000, dated April 7, 2015 (the “Latourette Street Notes”), were issued for the component purpose stated in clause (l) of Section 1, to mature on September 10, 2015; and

WHEREAS, pursuant to Ordinance No. 2015-23 passed March 23, 2015, notes in anticipation of bonds in the aggregate principal amount of $1,251,000, dated April 7, 2015 (the “N. Greenwood Street Notes”), were issued for the component purpose stated in clause (m) of Section 1, to mature on September 10, 2015; and

WHEREAS, pursuant to Ordinance No. 2015-24 passed March 23, 2015, notes in anticipation of bonds in the aggregate principal amount of $341,000, dated April 7, 2015 (the “Sanitation Department Notes”), were issued for the component purpose stated in clause (n) of Section 1, to mature on September 10, 2015; and

WHEREAS, pursuant to Ordinance No. 2015-25 passed March 23, 2015, notes in anticipation of bonds in the aggregate principal amount of $731,000, dated April 7, 2015 (the “Main and State Streets Notes”), were issued for the component purpose stated in clause (o) of Section 1, to mature on September 10, 2015; and

WHEREAS, pursuant to Ordinance No. 2015-26 passed March 23, 2015, notes in anticipation of bonds in the aggregate principal amount of $851,000, dated April 7, 2015 (the “Ballentine and George Streets Notes” and together with the Fire Department Notes, the Police Department Notes, the Various Purpose Notes, the Latourette Street Notes, the N. Greenwood Street Notes, the Sanitation Department Notes and the Main and State Street Notes, the “Outstanding Notes”), were issued for the component purpose stated in clause (p) of Section 1, to mature on September 10, 2015; and

WHEREAS, this Council finds and determines that the City should retire the Outstanding Notes with the proceeds of the Notes described in Section 3 and other funds available to the City; and

WHEREAS, the Auditor, as fiscal officer of this City, has certified to this Council that the estimated life or period of usefulness of each component purpose of the Improvement described in Section 1 is at least five years, and that (i) the estimated maximum maturity of the $300,000 portion of the Bonds described in clause (a) of Section 1 is twenty (20) years and the maximum maturity of the portion of the Notes described in Section 3 to be issued in anticipation of the Bonds for that component purpose is September 12, 2032, (ii) the estimated maximum maturity of the $115,000 portion of the Bonds described in clause (b) of Section 1 is forty (40) years and the maximum maturity of the portion of the Notes described in Section 3 to be issued in anticipation of the Bonds for that component purpose is September 12, 2032, (iii) the estimated maximum maturity of the $915,000 portion of the Bonds described in clause (c) of Section 1 is forty (40) years and the maximum maturity of the portion of the Notes described in Section 3 to be issued in anticipation of the Bonds for that component purpose is September 12, 2032, (iv) the estimated maximum maturity of the $820,000 portion of the Bonds described in clause (d) of Section 1 is forty (40) years and the maximum maturity of the portion of the Notes described in Section 3 to be issued in anticipation of the Bonds for that component purpose is September 12, 2033, (v) the estimated maximum maturity of the $216,000 portion of the Bonds described in clause (e) of Section 1 is forty (40) years and the maximum maturity of the portion of the Notes described in Section 3 to be issued in anticipation of the Bonds for that component purpose is September 12, 2033, (vi) the estimated maximum maturity of the $165,000 portion of the Bonds described in clause (f) of Section 1 is forty (40) years and the maximum maturity of the portion of the Notes described in Section 3 to be issued in anticipation of the Bonds for that component purpose is September 12, 2033, (vii) the estimated maximum maturity of the $75,000 portion of the Bonds described in clause (g) of Section 1 is forty (40) years and the maximum maturity of the portion of the Notes described in Section 3 to be issued in anticipation of the Bonds for that component purpose is September 12, 2033, (viii) the estimated maximum maturity of the $82,500 portion of the Bonds described in clause (h) of Section 1 is forty (40) years and the maximum maturity of the portion of the Notes described in Section 3 to be issued in anticipation of the Bonds for that component purpose is September 12, 2033, (ix) the estimated maximum maturity of the $200,000 portion of the Bonds described in clause (i) of Section 1 is forty (40) years and the maximum maturity of the portion of the Notes described in Section 3 to be issued in anticipation of the Bonds for that component purpose is September 12, 2033, (x) the estimated maximum maturity of the $312,000 portion of the Bonds described in clause (j) of Section 1 is ten (10) years and the maximum maturity of the portion of the Notes described in Section 3 to be issued in anticipation of the Bonds for that component purpose is September 11, 2029, (xi) the estimated maximum maturity of the $116,000 portion of the Bonds described in clause (k) of Section 1 is ten (10) years and the maximum maturity of the portion of the Notes described in Section 3 to be issued in anticipation of the Bonds for that component purpose is September 11, 2029, (xii) the estimated maximum maturity of the $1,051,000 portion of the Bonds described in clause (l) of Section 1 is at least twenty (20) years and the maximum maturity of the portion of the Notes described in Section 3 to be issued in anticipation of the Bonds for that component purpose is April 7, 2035, (xiii) the estimated maximum maturity of the $1,251,000 portion of the Bonds described in clause (m) of Section 1 is at least twenty (20) years and the maximum maturity of the portion of the Notes described in Section 3 to be issued in anticipation of the Bonds for that component purpose is April 7, 2035, (xiv) the estimated maximum maturity of the $141,000 portion of the Bonds described in clause (n) of Section 1 is ten (10) years and the maximum maturity of the portion of the Notes described in Section 3 to be issued in anticipation of the Bonds for that component purpose is April 7, 2030, (xv) the estimated maximum maturity of the $731,000 portion of the Bonds described in clause (o) of Section 1 is at least twenty (20) years and the maximum maturity of the portion of the Notes described in Section 3 to be issued in anticipation of the Bonds for that component purpose is April 7, 2035, and (xvi) the estimated maximum maturity of the $851,000 portion of the Bonds described in clause (p) of Section 1 is at least twenty (20) years and the maximum maturity of the portion of the Notes described in Section 3 to be issued in anticipation of the Bonds for that component purpose is April 7, 2035;

NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Marion, County of Marion, Ohio, that:

Section 1.  It is necessary to issue bonds of this City in the maximum aggregate principal amount of $7,341,500 (the “Bonds”) for the purpose of paying the costs of (a) improving City Hall by acquiring, equipping and installing an HVAC system including the installation of an air-cooled chiller and the retrofitting of the existing pneumatic system to digital controls, together with all necessary appurtenances thereto, (b) improving S. Greenwood Street, Mount Vernon Avenue, Durfee Drive and the alleys between Main Street and State Street, between certain termini, by constructing sanitary sewers, together with all necessary appurtenances thereto, (c) improving Cummins Avenue, Vine Street and Merchant Avenue, between certain termini, by constructing storm water sewers, together with all necessary appurtenances thereto, (d) improving N. Greenwood Street, between certain termini, by constructing storm water sewers and sanitary sewers, together with all necessary appurtenances thereto, (e) improving Latourette Street, between certain termini, by constructing storm water sewers and sanitary sewers, together with all necessary appurtenances thereto, (f) improving Ballentine Avenue and George Street, between certain termini, by constructing storm water sewers and sanitary sewers, together with all necessary appurtenances thereto, (g) improving Belmont Street, between certain termini, by constructing storm water sewers and sanitary sewers, together with all necessary appurtenances thereto, (h) improving S. Greenwood Street, between certain termini, by constructing storm water sewers and sanitary sewers, together with all necessary appurtenances thereto, (i) improving George Street, between certain termini, by constructing sanitary sewers, together with all necessary appurtenances thereto, (j) acquiring and equipping of an EMS vehicle for use by the City’s fire department, (k) acquiring and equipping one police cruiser and two police sport utility vehicles for use by the City’s police department, (l) improving Latourette Street, between certain termini, by replacing existing storm water and sanitary sewers with new pipe and by removing and replacing pavement, curbs, sidewalks and drive approaches, together with all necessary appurtenances thereto, (m) improving N. Greenwood Street, between certain termini, by replacing existing storm water and sanitary sewers with new pipe and by removing and replacing pavement, curbs, sidewalks and drive approaches, together with all necessary appurtenances thereto, (n) acquiring two rear loader packers and truck bodies for the use by the City’s sanitation department, together with all necessary appurtenances thereto, (o) improving Main and State Streets, between certain termini, by replacing existing storm water and sanitary sewers and pavement, together with all necessary appurtenances thereto, and (p) improving Ballentine Avenue and George Street, between certain termini, by replacing existing storm water and sanitary sewers with new pipe and by repairing and replacing trenches, curbs and sidewalks, together with all necessary appurtenances thereto (collectively, the “Improvement”).

Section 2.  The Bonds shall be dated approximately September 1, 2016, shall bear interest at the now estimated rate of 6.00% per year, payable semiannually until the principal amount is paid, and are estimated to mature (i) with respect to the Bonds issued to pay the costs of the component purposes described in clauses (a) through (i), (l), (m), (o) and (p) of Section 1, in twenty (20) annual principal installments, and (ii) with respect to the Bonds issued to pay the costs of the component purpose described in clauses (j), (k) and (n) of Section 1, in ten (10) annual principal installments, all on December 1 of each year and in such amounts that the total principal and interest payments on the Bonds issued for each component purpose shall, in any fiscal year in which principal is payable, be substantially equal.  The first principal payment of the Bonds is estimated to be December 1, 2017.

Section 3. It is necessary to issue and this Council determines that notes in the maximum aggregate principal amount of $7,341,500 (the “Notes”) shall be issued in anticipation of the issuance of the Bonds for the component purposes described in Section 1 and to retire, together with other funds available to the City, the Outstanding Notes and to pay any financing costs.  The aggregate principal amount of Notes to be issued (not to exceed the aggregate of the maximum principal amount authorized for each component purpose) shall be determined by the Auditor in a final terms certificate in accordance with Section 6 of this Ordinance (the “Final Terms Certificate”) as the amount which, along with other available funds of the City, is necessary to provide for the retirement of the Outstanding Notes and to pay any financing costs.  The Notes shall be dated the date of issuance and shall mature not more than one year following the date of issuance, provided that the Auditor shall establish the maturity date in the Final Terms Certificate.  The Notes shall bear interest at a rate or rates not to exceed 6.00% per year (computed on the basis of a 360-day year consisting of twelve 30-day months), payable at maturity and until the principal amount is paid or payment is provided for.  The rate or rates of interest on the Notes shall be determined by the Auditor in the Final Terms Certificate in accordance with Section 6 of this Ordinance.

Section 4.  The debt charges on the Notes shall be payable in lawful money of the United States of America or in Federal Reserve funds of the United States of America as determined by the Auditor in the Final Terms Certificate, and shall be payable, without deduction for services of the City’s paying agent, at the designated corporate trust office of U.S. Bank National Association, or at the designated office of a bank or trust company requested by Fifth Third Securities, Inc. or such other purchaser determined by the Auditor in the Final Terms Certificate (the “Original Purchaser”), provided that such request shall be approved by the Auditor in the Final Terms Certificate after determining that the payment at that bank or trust company will not endanger the funds or securities of the City and that proper procedures and safeguards are available for that purpose or at the office of the Auditor if agreed to by the Auditor and the Original Purchaser (the “Paying Agent”).  The Auditor is authorized, to the extent necessary or appropriate, to enter into an agreement with the Paying Agent in connection with the services to be provided by the Paying Agent after determining that the signing thereof will not endanger the funds or securities of the City.

Section 5.  The Notes shall be signed by the Mayor and the Auditor, in the name of the City and in their official capacities; provided that one of those signatures may be a facsimile.  The Notes shall be issued in minimum denominations of $100,000 (and may be issued in denominations in such amounts in excess thereof as requested by the original purchaser and approved by the Auditor) and with numbers as requested by the original purchaser and approved by the Auditor.  The entire principal amount may be represented by a single note and may be issued as fully registered securities (for which the Auditor will serve as note registrar) and in book entry or other uncertificated form in accordance with Section 9.96 and Chapter 133 of the Ohio Revised Code if it is determined by the Auditor that issuance of fully registered securities in that form will facilitate the sale and delivery of the Notes.  The Notes shall not have coupons attached, shall be numbered as determined by the Auditor and shall express upon their faces the purpose, in summary terms, for which they are issued and that they are issued pursuant to this Ordinance.  As used in this Section and this Ordinance:

“Book entry form” or “book entry system” means a form or system under which (a) the ownership of beneficial interests in the Notes and the principal of and interest on the Notes may be transferred only through a book entry, and (b) a single physical Note certificate in fully registered form is issued by the City and payable only to a Depository or its nominee as registered owner, with the certificate deposited with and “immobilized” in the custody of the Depository or its designated agent for that purpose.  The book entry maintained by others than the City is the record that identifies the owners of beneficial interests in the Notes and that principal and interest.

“Depository” means any securities depository that is a clearing agency under federal law operating and maintaining, with its Participants or otherwise, a book entry system to record ownership of beneficial interests in the Notes or the principal of, and interest on, the Notes and to effect transfers of the Notes, in book entry form, and includes and means initially The Depository Trust Company (a limited purpose trust company), New York, New York.

“Participant” means any participant contracting with a Depository under a book entry system and includes security brokers and dealers, banks and trust companies, and clearing corporations.

The Notes may be issued to a Depository for use in a book entry system and, if and as long as a book entry system is utilized, (a) the Notes may be issued in the form of a single Note made payable to the Depository or its nominee and immobilized in the custody of the Depository or its agent for that purpose; (b) the beneficial owners in book entry form shall have no right to receive the Notes in the form of physical securities or certificates; (c) ownership of beneficial interests in book entry form shall be shown by book entry on the system maintained and operated by the Depository and its Participants, and transfers of the ownership of beneficial interests shall be made only by book entry by the Depository and its Participants; and (d) the Notes as such shall not be transferable or exchangeable, except for transfer to another Depository or to another nominee of a Depository, without further action by the City.

If any Depository determines not to continue to act as a Depository for the Notes for use in a book entry system, the Auditor may attempt to establish a securities depository/book entry relationship with another qualified Depository.  If the Auditor does not or is unable to do so, the Auditor, after making provision for notification of the beneficial owners by the then Depository and any other arrangements deemed necessary, shall permit withdrawal of the Notes from the Depository, and shall cause the Notes in bearer or payable form to be signed by the officers authorized to sign the Notes and delivered to the assigns of the Depository or its nominee, all at the cost and expense (including any costs of printing), if the event is not the result of City action or inaction, of those persons requesting such issuance.

The Auditor is also hereby authorized and directed, to the extent necessary or required, to enter into any agreements determined necessary in connection with the book entry system for the Notes, after determining that the signing thereof will not endanger the funds or securities of the City.

Section 6.  The Notes shall be sold to the Original Purchaser at not less than par plus accrued interest (if any) at private sale by the Auditor in accordance with law and the provisions of this Ordinance and the Final Terms Certificate.  The Auditor shall sign the Final Terms Certificate referred to in Section 3 fixing the interest rate or rates which the Notes shall bear and evidencing that sale to the Original Purchaser, cause the Notes to be prepared, and have the Notes signed and delivered, together with a true transcript of proceedings with reference to the issuance of the Notes if requested by the Original Purchaser, to the Original Purchaser upon payment of the purchase price.  The Mayor, the Auditor, the Law Director, the Clerk of Council and other City officials, as appropriate, are each authorized and directed to sign any transcript certificates, financial statements and other documents and instruments and to take such actions as are necessary or appropriate to consummate the transactions contemplated by this Ordinance.  The Auditor is authorized, if it is determined to be in the best interest of the City, to combine the issue of Notes with one or more other note issues of the City into a consolidated note issue pursuant to Section 133.30(B) of the Ohio Revised Code.

Section 7.  The proceeds from the sale of the Notes received by the City (or withheld by the Original Purchaser on behalf of the City) shall be paid into the proper fund or funds, and those proceeds are appropriated and shall be used for the purpose for which the Notes are being issued.  The Final Terms Certificate may authorize the Original Purchaser to withhold certain proceeds from the sale of the Notes to provide for the payment of certain financing costs on behalf of the City.  Any portion of those proceeds received by the City (after payment of those financing costs) representing premium or accrued interest shall be paid into the Bond Retirement Fund.

Section 8.  The par value to be received from the sale of the Bonds or of any renewal notes and any excess funds resulting from the issuance of the Notes shall, to the extent necessary, be used to pay the debt charges on the Notes at maturity and are pledged for that purpose.

Section 9.  During the year or years in which the Notes are outstanding, there shall be levied on all the taxable property in the City, in addition to all other taxes, the same tax that would have been levied if the Bonds had been issued without the prior issuance of the Notes.  The tax shall be within the ten‑mill limitation imposed by law, shall be and is ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner, and at the same time that taxes for general purposes for each of those years are certified, levied, extended and collected, and shall be placed before and in preference to all other items and for the full amount thereof.  The proceeds of the tax levy shall be placed in the Bond Retirement Fund, which is irrevocably pledged for the payment of the debt charges on the Notes or the Bonds when and as the same fall due.

In each year to the extent net revenues from the City’s storm water system are available for the payment of the debt charges on the portion of the Notes or the Bonds issued for the component purposes described in clauses (c) through (i), (l), (m), (o) and (p) of Section 1 and are appropriated for those component purposes, the amount of the tax shall be reduced by the amount of the net revenues so available and appropriated.

In each year to the extent net revenues from the City’s sanitary sewer system are available for the payment of the debt charges on the portion of the Notes or the Bonds issued for the component purposes described in clauses (b), (d) through (i), (l), (m), (o) and (p) of Section 1 and are appropriated for those component purposes, the amount of the tax shall be reduced by the amount of the net revenues so available and appropriated.

In each year to the extent receipts from the municipal income tax are available for the payment of the debt charges on the Notes or the Bonds and are appropriated for that purpose, and to the extent not paid from net revenues of the City’s storm water system or the City’s sanitary sewer system, the amount of the tax shall be reduced by the amount of such receipts so available and appropriated in compliance with the following covenant.  To the extent necessary, the debt charges on the Notes and the Bonds shall be paid from municipal income taxes lawfully available therefor under the Constitution and the laws of the State of Ohio; and the City hereby covenants, subject and pursuant to such authority, including particularly Section 133.05(B)(7) of the Ohio Revised Code, to appropriate annually from such municipal income taxes such amount as is necessary to meet such annual debt charges.

Nothing in the three preceding paragraphs in any way diminishes the irrevocable pledge of the full faith and credit and general property taxing power of the City to the prompt payment of the debt charges on the Notes and the Bonds.

Section 10.  The City covenants that it will use, and will restrict the use and investment of, the proceeds of the Notes in such manner and to such extent as may be necessary so that (a) the Notes will not (i) constitute private activity bonds or arbitrage bonds under Sections 141 or 148 of the Internal Revenue Code of 1986, as amended (the “Code”) or (ii) be treated other than as bonds the interest on which is excluded from gross income under Section 103 of the Code, and (b) the interest on the Notes will not be an item of tax preference under Section 57 of the Code.

The City further covenants that (a) it will take or cause to be taken such actions that may be required of it for the interest on the Notes to be and remain excluded from gross income for federal income tax purposes, (b) it will not take or authorize to be taken any actions that would adversely affect that exclusion, and (c) it, or persons acting for it, will, among other acts of compliance, (i) apply the proceeds of the Notes to the governmental purpose of the borrowing, (ii) restrict the yield on investment property, (iii) make timely and adequate payments to the federal government, (iv) maintain books and records and make calculations and reports and (v) refrain from certain uses of those proceeds, and, as applicable, of property financed with such proceeds, all in such manner and to the extent necessary to assure such exclusion of that interest under the Code.

The Auditor, as fiscal officer of the City, or any other officer of the City having responsibility for issuance of the Notes is hereby authorized (a) to make or effect any election, selection, designation, choice, consent, approval, or waiver on behalf of the City with respect to the Notes as the City is permitted to or required to make or give under the federal income tax laws, including, without limitation thereto, any of the elections available under Section 148 of the Code, for the purpose of assuring, enhancing or protecting favorable tax treatment or status of the Notes or interest thereon or assisting compliance with requirements for that purpose, reducing the burden or expense of such compliance, reducing the rebate amount or payments or penalties with respect to the Notes, or making payments of special amounts in lieu of making computations to determine, or paying, excess earnings as rebate, or obviating those amounts or payments with respect to the Notes, which action shall be in writing and signed by the officer, (b) to take any and all other actions, make or obtain calculations, make payments, and make or give reports, covenants and certifications of and on behalf of the City, as may be appropriate to assure the exclusion of interest from gross income and the intended tax status of the Notes, and (c) to give one or more appropriate certificates of the City, for inclusion in the transcript of proceedings for the Notes, setting forth the reasonable expectations of the City regarding the amount and use of all the proceeds of the Notes, the facts, circumstances and estimates on which they are based, and other facts and circumstances relevant to the tax treatment of the interest on and the tax status of the Notes.  The Auditor or any other officer of the City having responsibility for issuance of the Notes is specifically authorized to designate the Notes as “qualified tax-exempt obligations” if such designation is applicable and desirable, and to make any related necessary representations and covenants.

Each covenant made in this Section with respect to the Notes is also made with respect to all issues any portion of the debt service on which is paid from proceeds of the Notes (and, if different, the original issue and any refunding issues in a series of refundings), to the extent such compliance is necessary to assure the exclusion of interest on the Notes from gross income for federal income tax purposes, and the officers identified above are authorized to take actions with respect to those issues as they are authorized in this Section to take with respect to the Notes.

Section 11.  The Clerk of Council is directed to promptly deliver a certified copy of this Ordinance and the Final Terms Certificate to the County Auditor of Marion County, Ohio.

Section 12.  The Auditor is authorized to request a rating for the Notes from Moody’s Investors Service, Inc. or Standard & Poor’s Ratings Service, or both, as the Auditor determines is in the best interest of the City.  The expenditure of the amounts necessary to secure any such ratings as well as to pay the other financing costs (as defined in Section 133.01 of the Ohio Revised Code) in connection with the Notes is hereby authorized and approved and the amounts necessary to pay those costs are hereby appropriated from the proceeds of the Notes, if available, and otherwise from available moneys in the General Fund.

Section 13.  The legal services of the law firm of Squire Patton Boggs (US) LLP are hereby retained in connection with the authorization, issuance and sale of the Notes.  Those legal services shall be in the nature of legal advice and recommendations as to the documents and the proceedings in connection with the authorization, sale and issuance of the Notes and securities issued in renewal of the Notes and rendering at delivery related legal opinions.  In providing those legal services, as an independent contractor and in an attorney-client relationship, that firm shall not exercise any administrative discretion on behalf of this City in the formulation of public policy, expenditure of public funds, enforcement of laws, rules and regulations of the State, any county or municipal corporation or of this City, or the execution of public trusts.  For those legal services that firm shall be paid just and reasonable compensation and shall be reimbursed for actual out-of-pocket expenses incurred in providing those legal services.  The Auditor is authorized and directed to make appropriate certification as to the availability of funds for those fees and any reimbursement and to issue an appropriate order for their timely payment as written statements are submitted by that firm.  The amounts necessary to pay those fees and any reimbursement are hereby appropriated from the proceeds of the Notes, if available, and otherwise from available moneys in the General Fund.

Section 14.  This Council determines that all acts and conditions necessary to be done or performed by the City or to have been met precedent to and in the issuing of the Notes in order to make them legal, valid and binding general obligations of the City have been performed and have been met, or will at the time of delivery of the Notes have been performed and have been met, in regular and due form as required by law; that the full faith and credit and general property taxing power (as described in Section 9) of the City are pledged for the timely payment of the debt charges on the Notes; and that no statutory or constitutional limitation of indebtedness or taxation will have been exceeded in the issuance of the Notes.

Section 15.  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 were taken in an open meeting of this Council and any of its committees, and that 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 including Section 121.22 of the Ohio Revised Code.

Section 16.  This Ordinance is declared to be an emergency measure necessary for the immediate preservation of the public peace, health and safety of the City and for the further reason that this Ordinance is required to be immediately effective in order to issue and sell the Notes, which is necessary to enable the City to timely retire the Outstanding Notes and thereby preserve its credit; wherefore, this Ordinance shall be in full force and effect immediately upon its passage and approval by the Mayor.

 

Approved:                                                       ________________________________

                                                                        Dave Edwards

                                                                        President of Council

 

_____________________________

Mayor Scott Schertzer

 

Attest:

 

_____________________________

Clerk of Council