HomeMy WebLinkAboutOrdinance 032-17RECORD OF ORDINANCES
Dayton Legal Blank, Inc.
—rr– - -
Form No. 30043
Ordinance No. 32- I, Y Passed , 20
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
BONDS IN THE MAXIMUM PRINCIPAL AMOUNT OF $27,375,000
FOR THE PURPOSE OF PAYING THE COSTS OF IMPROVING THE
CITY'S VEHICULAR AND PEDESTRIAN TRANSPORTATION
SYSTEM WITHIN AND SERVING THE BRIDGE STREET DISTRICT.
WHEREAS, this City Council has requested that the Director of Finance, as fiscal
officer of this City, certify the estimated life or period of usefulness of the Improvement
described in Section 2 and the maximum maturity of the Bonds described in Section 2;
and
WHEREAS, the Director of Finance has certified to this City Council that the estimated
life or period of usefulness of the Improvement is at least five (5) years and that the
maximum maturity of the Bonds is twenty (20) years; and
NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Dublin, State of
Ohio, of the elected members concurring, that:
Section 1. Definitions and Interpretation. In addition to the words and terms
elsewhere defined in this Ordinance, unless the context or use clearly indicates another
or different meaning or intent:
"Authorized Denominations'' means the denomination of $5,000 or any integral
multiple in excess thereof.
"Bond Proceedings" means, collectively, this Ordinance, the Certificate of Award,
the Continuing Disclosure Agreement, the Purchase Agreement, the Registrar
Agreement and such other proceedings of the City, including the Bones, that provide
collectively for, among other things, the rights of holders and beneficial owners of the
Bonds.
"Bond Register" means all books and records necessary for the registration,
exchange and transfer of Bonds as provided in Section 5.
"Bond Registrar" means a bank or trust company authorized to do business in
the State of Ohio and designated by the Director of Finance in the Certificate of Award
pursuant to Section 4 as the initial authenticating agent, bond registrar, transfer agent
and paying agent for the Bonds under the Registrar Agreement and until a successor
Bond Registrar shall have become such pursuant to the provisions of the Registrar
Agreement and, thereafter, "Bond Registrar" shall mean the successor Bond Registrar.
"Bonds§` means, collectively, the Serial Bonds and the Term Bonds, each as is
designated as such in the Certificate of Award.
"Book entry form" or "book entry system" means a form or system under which
(a) the ownership of beneficial interests in the Bonds and the principal of and interest
and any premium on the Bonds may be transferred only through a book entry, and (b)
physical Bond certificates in fully registered form are issued by the City and payable
only to a Depository or its nominee as registered owner, with the certificates deposited
with and "immobilized" in the custody of the Depository or its designated agent for that
purposes The book entry maintained by others than the City is the record that
identifies the owners of beneficial interests in the Bonds and that principal and interest.
"Certificate of Award" means the certificate authorized by Section 6, to be
executed by the Director of Finance, setting forth and determining those terms or other
matters pertaining to the Bonds and their issuance, sale and delivery as this Ordinance
requires or authorizes to be set forth or determined therein.
"City Manager" means the City Manager of the City.
"Clerk ofCoundT means the Clerk of Council of the City.
Dayton Legal Blank, Inc.
Ordinance No. 32 -17
RECORD OF ORDINANCES
Passed
Form No. 30043
Page 2 of 13 20
"Closing Date" means the date of physical delivery of, and payment of the
purchase price for, the Bonds.
"Code" means the Internal Revenue Code of 1986, the Regulations (whether
temporary or final) under that Code or the statutory predecessor of that Code, and any
amendments of, or successor provisions to, the foregoing and any official rulings,
announcements, notices, procedures and judicial determinations regarding any of the
foregoing, all as and to the extent applicable. Unless otherwise indicated, reference to
a Section of the Code includes any applicable successor section or provision and such
applicable Regulations, rulings, announcements, notices, procedures and
determinations pertinent to that Section.
"Continuing Disclosure Agreement" means the Continuing Disclosure Agreement
which shall constitute the continuing disclosure agreement made by the City for the
benefit of the holders and beneficial owners of the Bonds in accordance with the Rule,
as it may be modified from the form on file with the Clerk of Council and executed by
the City Manager and the Director of Finance, all in accordance with Section 9(c).
"Depositor/" means any securities depository that is a clearing agency
registered pursuant to the provisions of Section 17A of the Securities Exchange Act of
1934, operating and maintaining, with its Participants or otherwise, a book entry
system to record ownership of beneficial interests in the Bonds or the principal of and
interest and any premium on the Bonds, and to effect transfers of the Bonds, in book
entry form, and includes and means initially The Depository Trust Company (a limited
purpose trust company), New York, New York.
"Director of Finance" means the Director of Finance of the City.
"Financing Costs'' shall have the meaning given in Section 133.01 of the Ohio
Revised Code.
"Interest Payment Dates" means June 1 and December 1 of each year that the
Bonds are outstanding, commencing on the date specified in the Certificate of Award.
"Mandatory Redemption Date(' shall have the meaning set forth in Section 3(b).
"Mandatory Sinking Fund Redemption Requirement.' shall have the meaning
set forth in Section 3(e)(i).
"Original Purchaser`" means the purchaser of the Bonds specified in the
Certificate of Award.
"Participant" means any participant contracting with a Depository under a book
entry system and includes securities brokers and dealers, banks and trust companies
and clearing corporations.
"Principal Payment Dates'' means December 1 in each of the years from and
including 2017 to and including 2036; provided that the first Principal Payment Date
may be deferred up to one year and the last Principal Payment Date may be advanced
or deferred by such number of years as determined by the Director of Finance, and
provided further that in no case shall the final Principal Payment Date exceed the
maximum maturity limitation referred to in the preambles hereto, all of which
determinations shall be made by the Director of Finance in the Certificate of Award in
such manner as to be in the best interest of and financially advantageous to the City.
"Purchase Agreement" means the Bond Purchase Agreement between the City
and the Original Purchaser, as it may be modified from the form on file with the Clerk
of Council and executed by the City Manager and the Director of Finance, all in
accordance with Section 6.
RECORD OF ORDINANCES
Davton Leeal Blank. Inc.
Form No. 30043
Ordinance No. 32-17 Passed Page 3 of 13 20
"Registrar Agreement" means the Bond Registrar Agreement between the City
and the Bond Registrar, as it may be modified from the form on file with the Clerk of
Council and executed by the City Manager and the Director of Finance, all in
accordance with Section 4.
"Regulations"' means Treasury Regulations issued pursuant to the Code or to
the statutory predecessor of the Code.
"Ruler' means Rule 15c2 -12 prescribed by the SEC pursuant to the Securities
Exchange Act of 1934.
"SEC' means the Securities and Exchange Commission.
"Serial Bonds" means those Bonds designated as such and maturing on the
dates set forth in the Certificate of Award, bearing interest payable on each Interest
Payment Date and not subject to mandatory sinking fund redemption.
"Term Bonds'' means those Bonds designated as such and maturing on the date
or dates set forth in the Certificate of Award, bearing interest payable on each Interest
Payment Date and subject to mandatory sinking fund redemption.
The captions and headings in this Ordinance are solely for convenience of
reference and in no way define, limit or describe the scope or intent of any Sections,
subsections, paragraphs, subparagraphs or clauses hereof. Reference to a Section
means a section of this Ordinance unless otherwise indicated.
Section 2. Authorized Principal Amount and Purpose; Application of Proceeds.
This Council determines that it is necessary and in the best interest of the City to issue
bonds of this City in the maximum principal amount of $27,375,000 (the "Bond') for
the purpose of paying the costs of improving the City's vehicular and pedestrian
transportation system within and serving the Bridge Street District, including but not
limited to (a) constructing a pedestrian suspension bridge and site preparation,
landscaping and aesthetic improvements, and acquiring interests in real estate therefor,
together with all incidental work and related appurtenances thereto and (b) North High
Street between certain termini, by constructing, reconstructing, extending, opening,
widening, grading, draining, curbing, brick paving and resurfacing, and site preparation,
relocating electric and communications facilities, installing water mains and storm
sewer improvements, signage and signalization, brick walkways, streetscaping,
landscaping and aesthetic improvements, and acquiring interests in real estate therefor,
together with all incidental work and related appurtenances thereto (the
"Improvement'. The Bonds shall be issued pursuant to Chapter 133 of the Ohio
Revised Code, the Charter of the City, this Ordinance and the Certificate of Award.
The principal amount of Bonds to be issued shall not exceed the maximum
principal amount specified in this Section 2 and shall be an amount determined by the
Director of Finance in the Certificate of Award to be the principal amount of Bonds that
is required to be issued at this time for the purpose stated in this Section 2, taking into
account the costs of the Improvement, the estimates of the Financing Costs and the
interest rates on the Bonds.
The proceeds from the sale of the Bonds 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 hereby appropriated and shall be used for the purpose for
which the Bonds are being issued, including without limitation but only to the extent
not paid by others, the payment of the costs of issuing and servicing the Bonds,
printing and delivery of the Bonds, legal services including obtaining the approving legal
opinion of bond counsel, fees and expenses of any municipal advisor, paying agent and
rating agency, any fees or premiums relating to municipal bond insurance or other
security arrangements determined necessary by the Director of Finance, and all other
Financing Costs and costs incurred incidental to those purposes. The Certificate of
Award and the Purchase Agreement may authorize the Original Purchaser to withhold
Dayton Legal Blank, Inc.
Ordinance No. 32 -17
RECORD OF ORDINANCES
Form No. 30043
Passed Page 4 of 13
certain proceeds from the purchase price of the Bonds to provide for the payment of
Financing Costs related to the Bonds on behalf of the City. Any portion of those
proceeds received by the City representing premium (after payment of any Financing
Costs identified in the Certificate of Award, and in the Purchase Agreement and /or the
Registrar Agreement) or accrued interest shall be paid into the Bond Retirement Fund.
Section 3. Denominations; Dating; Principal and Interest Payment and
Redemption Provisions. The Bonds shall be issued in one lot and only as fully
registered bonds, in Authorized Denominations, but in no case. as to a particular
maturity date exceeding the principal amount maturing on that date. The Bonds shall
be dated as provided in the Certificate of Award, provided that their dated date shall
not be more than sixty (60) days prior to the Closing Date.
(a) Interest Rates and Payment Dates. The Bonds shall bear interest at the
rate or rates per year (computed on the basis of a 360 -day year consisting of twelve
30 -day months) as shall be determined by the Director of Finance, subject to
subsection (c) of this Section, in the Certificate of Award. Interest on the Bonds shall
be payable at such rate or rates on the Interest Payment Dates until the principal
amount has been paid or provided for. The Bonds shall bear interest from the most
recent date to which interest has been paid or provided for or, if no interest has been
paid or provided for, from their date.
(b) Principal Payment Schedule. The Bonds shall mature or be payable
pursuant to Mandatory Sinking Fund Redemption Requirements on the Principal
Payment Dates in principal amounts as shall be determined by the Director of Finance,
subject to subsection (c) of this Section, in the Certificate of Award, which
determination shall be in the best interest of and financially advantageous to the City.
Consistent with the foregoing and in accordance with the determination of the
best interest of and financial advantages to the City, the Director of Finance shall
specify in the Certificate of Award (i) the aggregate principal amount of Bonds to be
issued as Serial Bonds, the Principal Payment Date or Dates on which those Bonds shall
be stated to mature and the principal amount thereof that shall be stated to mature on
each such Principal Payment Date and (ii) the aggregate principal amount of Bonds to
be issued as Term Bonds, the Principal Payment Date or Dates on which those Bonds
shall be stated to mature, the principal amount thereof that shall be stated to mature
on each such Principal Payment Date, the Principal Payment Date or Dates on which
Term Bonds shall be subject to mandatory sinking fund redemption (each a "Mandatory
Redemption Date's and the principal amount thereof that shall be payable pursuant to
Mandatory Sinking Fund Redemption Requirements on each Mandatory Redemption
Date.
(c) Conditions for Establishment of Interest Rates and Principal Payment
Dates and Amounts. The rate or rates of interest per year to be borne by the Bonds,
and the principal amount of Bonds maturing or payable pursuant to Mandatory Sinking
Fund Redemption Requirements on each Principal Payment Date, shall be such that the
total principal and interest payments on the Bonds in any fiscal year in which principal
is payable is not more than three times the amount of those payments in any other
fiscal year. The net interest cost for the Bonds determined by taking into account the
respective principal amounts of the Bonds and terms to maturity or Mandatory Sinking
Fund Redemption Requirements of those principal amounts of Bonds shall not exceed
6.00 %.
(d) Pa meat of Debt Charges. The debt charges on the Bonds shall be
payable in lawful money of the United States of America without deduction for the
services of the Bond Registrar as paying agent. Principal of and any premium on the
Bonds shall be payable when due upon presentation and surrender of the Bonds at the
designated corporate trust office of the Bond Registrar. Interest on a Bond shall be
paid on each Interest Payment Date by check or draft mailed to the person in whose
name the Bond was registered, and to that person's address appearing, on the Bond
Register at the close of business on the 15th day of the calendar month next preceding
RECORD OF ORDINANCES
Dayton Legal Blank, Inc
Form No. 30043
Ordinance No. 32-17 Passed Page 5 of 13 , 20
that Interest Payment Date. Notwithstanding the foregoing, if and so long as the
Bends are issued in a book entry system, principal of and interest and any premium on
the Bonds shall be payable in the manner provided in any agreement entered into by
the Director of Finance, in the name and on behalf of the City, in connection with the
book entry system.
(e) Redemption Provisions. The Bonds shall be subject to redemption prior
to stated maturity as follows:
W Mandatory Sinking Fund Redemption of Term Bonds. If any of
the Bonds are issued as Term Bonds, the Term Bonds shall be subject to
mandatory redemption in part by lot and be redeemed pursuant to mandatory
sinking fund redemption requirements, at a redemption price of 100% of the
principal amount redeemed, plus accrued interest to the redemption date, on
the applicable Mandatory Redemption Dates and in the principal amounts
payable on those Dates, for which provision is made in the Certificate of Award
(such Dates and amounts being referred to as the "Mandatory Sinking Fund
Redemption Requirements'").
The aggregate of the moneys to be deposited with the Bond Registrar
for payment of principal of and interest on any Term Bonds on each Mandatory
Redemption Date shall include an amount sufficient to redeem on that Date the
principal amount of Term Bonds payable on that Date pursuant to the
Mandatory Sinking Fund Redemption Requirements (less the amount of any
credit as hereinafter provided).
The City shall have the option to deliver to the Bond Registrar for
cancellation Term Bonds in any aggregate principal amount and to receive a
credit against the then current or any subsequent Mandatory Sinking Fund
Redemption Requirement (and corresponding mandatory redemption obligation)
of the City, as specified by the Director of Finance, for Term Bonds stated to
mature on the same Principal Payment Date and bearing interest at the same
rate as the Term Bonds so delivered. That option shall be exercised by the City
on or before the 45th day preceding any Mandatory Redemption Date with
respect to which the City wishes to obtain a credit, by furnishing the Bond
Registrar a certificate, signed by the Director of Finance, setting forth the extent
of the credit to be applied with respect to the then current or any subsequent
Mandatory Sinking Fund Redemption Requirement for Term Bonds stated to
mature on the same Principal Payment Date and bearing interest at the same
rate as the Term Bonds so delivered. If the certificate is not timely furnished to
the Bond Registrar, the current Mandatory Sinking Fund Redemption
Requirement (and corresponding mandatory redemption obligation) shall not be
reduced. A credit against the then current or any subsequent Mandatory
Sinking Fund Redemption Requirement (and corresponding mandatory
redemption obligation), as specified by the Director of Finance, also shall be
received by the City for any Term Bonds which prior thereto have been
redeemed (other than through the operation of the applicable Mandatory
Sinking Fund Redemption Requirements) or purchased for cancellation and
canceled by the Bond Registrar, to the extent not applied theretofore as a credit
against any Mandatory Sinking Fund Redemption Requirement, for Term Bonds
stated to mature on the same Principal Payment Date and bearing interest at
the same rate as the Term Bonds so delivered, redeemed or purchased and
canceled.
Each Term Bond so delivered, or previously redeemed, or purchased and
canceled, shall be credited by the Bond Registrar at 100% of the principal
amount thereof against the then current or subsequent Mandatory Sinking Fund
Redemption Requirements (and corresponding mandatory redemption
obligations), as specified by the Director of Finance, for Term Bonds stated to
mature on the same Principal Payment Date and bearing interest at the same
rate as the Term Bonds so delivered, redeemed or purchased and canceled.
Dayton Legal Blank, Inc.
Ordinance No.
32 -17
RECORD OF ORDINANCES
Form No. 30043
Passed Page 6 of 13 20
(ii) Optional Redemption. The Bonds of the maturities and interest
rates specified in the Certificate of Award (if any are so specified) shall be
subject to optional redemption by and at the sole option of the City, in whole or
in part in integral multiples of $5,000, on the dates and at the redemption prices
(expressed as a percentage of the principal amount to be redeemed), plus
accrued interest to the redemption date, to be determined by the Director of
Finance in the Certificate of Award; provided that the redemption price for any
optional redemption date shall not be greater than 103 %.
If optional redemption of Term Bonds at a redemption price exceeding
100% of the principal amount to be redeemed is to take place as of any
Mandatory Redemption Date applicable to those Term Bonds, the Term Bonds,
or portions thereof, to be redeemed optionally shall be selected by lot prior to
the selection by lot of the Term Bonds of the same maturity (and interest rate
within a maturity if applicable) to be redeemed on the same date by operation
of the Mandatory Sinking Fund Redemption Requirements. Bonds to be
redeemed pursuant to this paragraph shall be redeemed only upon written
notice from the Director of Finance to the Bond Registrar, given upon the
direction of the City by passage of an ordinance or adoption of a resolution.
That notice shall specify the redemption date and the principal amount of each
maturity (and interest rate within a maturity if applicable) of Bonds to be
redeemed, and shall be given at least 45 days prior to the redemption date or
such shorter period as shall be acceptable to the Bond Registrar.
(iii) Partial Redemption. If fewer than all of the outstanding Bonds
are called for optional redemption at one time and Bonds of more than one
maturity (or interest rate within a maturity if applicable) are then outstanding,
the Bonds that are called shall be Bonds of the maturity or maturities and
interest rate or rates selected by the City. If fewer than all of the Bonds of a
single maturity (or interest rate within a maturity if applicable) are to be
redeemed, the selection of Bonds of that maturity (or interest rate within a
maturity if applicable) to be redeemed, or portions thereof in amounts of $5,000
or any integral multiple thereof, shall be made by the Bond Registrar by lot in a
manner determined by the Bond Registrar. In the case of a partial redemption
of Bonds by lot when Bonds of denominations greater than $5,000 are then
outstanding, each $5,000 unit of principal thereof shall be treated as if it were a
separate Bond of the denomination of $5,000. If it is determined that one or
more, but not all, of the $5,000 units of principal amount represented by a Bond
c-ire to be called for redemption, then, upon notice of redemption of a $5,000
unit or units, the registered owner of that Bond shall surrender the Bond to the
Bond Registrar (A) for payment of the redemption price of the $5,000 unit or
units of principal amount called for redemption (including, without limitation, the
interest accrued to the date fixed for redemption and any premium), and (B) for
issuance, without charge to the registered owner, of a new Bond or Bonds of
any Authorized Denomination or Denominations in an aggregate principal
amount equal to the unmatured and unredeemed portion of, and bearing
interest at the same rate and maturing on the same date as, the Bond
surrendered.
(iv) Notice of Redemption. The notice of the call for redemption of
Bonds shall identify (A) by designation, letters, numbers or other distinguishing
marks, the Bonds or portions thereof to be redeemed, (B) the redemption price
to be paid, (C) the date fixed for redemption, and (D) the place or places where
the amounts due upon redemption are payable. The notice shall be given by
the Bond Registrar on behalf of the City by mailing a copy of the redemption
notice by first -class mail, postage prepaid, at least 30 days prior to the date
fixed for redemption, to the registered owner of each Bond subject to
redemption in whole or in part at the registered owner's address shown on the
Bond Register maintained by the Bond Registrar at the close of business on the
15 th day preceding that mailing. Failure to receive notice by mail or any defect
Damn Legal Blank. Inc.
Ordinance No.
RECORD OF ORDINANCES
Form No. 30043
32-47 Passed Page i of 13 20
in that notice regarding any Bond, however, shall not affect the validity of the
proceedings for the redemption of any Bond.
(v) Payment of Redeemed Bonds. In the event that notice of
redemption shall have been given by the Bond Registrar to the registered
owners as provided above, there shall be deposited with the Bond Registrar on
or prior to the redemption date, moneys that, in addition to any other moneys
available therefor and held by the Bond Registrar, will be sufficient to redeem at
the redemption price thereof, plus accrued interest to the redemption date, all
of the redeemable Bonds for which notice of redemption has been given.
Notice having been mailed in the manner provided in the preceding paragraph
hereof, the Bonds and portions thereof called for redemption shall become due
and payable on the redemption date, and, subject to the provisions of Sections
3(d) and 5, upon presentation and surrender thereof at the place or places
specified in that notice, shall be paid at the redemption price, plus accrued
interest to thE., redemption date. If moneys for the redemption of all of the
Bonds and portions thereof to be redeemed, together with accrued interest
thereon to the redemption date, are held by the Bond Registrar on the
redemption date, so as to be available therefor on that date and, if notice of
redemption has been deposited in the mail as aforesaid, then from and after the
redemption date those Bonds and portions thereof called for redemption shall
cease to bear interest and no longer shall be considered to be outstanding. If
those moneys shall not be so available on the redemption date, or that notice
shall not have been deposited in the mail as aforesaid, those Bonds and
portions thereof shall continue to bear interest, until they are paid, at the same
rate as they would have borne had they not been called for redemption. All
moneys held by the Bond Registrar for the redemption of particular Bonds shall
be held in tru! :t for the account of the registered owners thereof and shall be
paid to them, respectively, upon presentation and surrender of those Bonds;
provided that any interest earned on the moneys so held by the Bond Registrar
shall be for thE' account of and paid to the City to the extent not required for the
payment of the Bonds called for redemption.
Section 4. Execution and Authentication of Bonds; Appointment of Bond
Registrar. The Bonds shall be signed by the City Manager and the Director of Finance,
in the name of the City and in their official capacities; provided that either or both of
those signatures may be a facsimile. The Bonds shall be issued in the Authorized
Denominations and numbers as requested by the Original Purchaser and approved by
the Director of Finance, shall be numbered as determined by the Director of Finance in
order to distinguish each Bond from any other Bond, and shall express upon their faces
the purpose, in summary terms, for which they are issued and that they are issued
pursuant to Chapter 133 of the Ohio Revised Code, the Charter of the City, this
Ordinance and the Certificate of Award.
The Director of Finance is hereby authorized to designate in the Certificate of
Award a bank or trust company authorized to do business in the State of Ohio to act as
the initial Bond Registrar. The City Manager and the Director of Finance shall sign and
deliver, in the name and on behalf of the City, the Registrar Agreement between the
City and the Bond Registrar, in substantially the form as is now on file with the Clerk of
Council. The Registrar Agreement is approved, together with any changes or
amendments that are not inconsistent with this Ordinance and not substantially adverse
to the City and that are approved by the City Manager and the Director of Finance on
behalf of the City, all of which shall be conclusively evidenced by the signing of the
Registrar Agreement or amendments thereto. The Director of Finance shall provide for
the payment of the services rendered and for reimbursement of expenses incurred
pursuant to the Registrar Agreement, except to the extent paid or reimbursed by the
Original Purchaser in accordance with the Certificate of Award and the Purchase
Agreement, from the proceeds of the Bonds to the extent available and then from other
money lawfully available and appropriated or to be appropriated for that purpose.
RECORD OF ORDINANCES
Dayton Legal Blank, Inc.
Ordinance No. 32 -17 Passed
Page 8 of 13
No Bond shall be valid or obligatory for any purpose o
security or benefit under the Bond Proceedings unless ana until the CerL111CdLe U1
authentication printed on the Bond is signed by the Bond Registrar as authenticating
agent. Authentication by the Bond Registrar shall be conclusive evidence that the Bond
so authenticated has been duly issued, signed and delivered under, and is entitled to
the security and benefit of, the Bond Proceedings. The certificate of authentication
may be signed by any authorized officer or employee of the Bond Registrar or by any
other person acting as an agent of the Bond Registrar and approved by the Director of
Finance on behalf of the City. The same person need not sign the certificate of
authentication on all of the Bonds.
Rnrm Nn 'InfUl
Section 5. Registration; Transfer and Exchange; Book_ Entr�LSystem.
(a) Bond Register. So long as any of the Bonds remain outstanding, the City
will cause the Bond Registrar to maintain and keep the Bond Register at its designated
corporate trust office. Subject to the provisions of Sections 3(d) and 9(c), the person in
whose name a Bond is registered on the Bond Register shall be regarded as the
absolute owner of that Bond for all purposes of the Bond Proceedings. Payment of or
on account of the debt charges on any Bond shall be made only to or upon the order of
that person; neither the City nor the Bond Registrar shall be affected by any notice to
the contrary, but the registration may be changed as provided in this Section. All such
payments shall be valid and effectual to satisfy and discharge the City's liability upon
the Bond, including interest, to the extent of the amount or amounts so paid.
(b) Transfer and Exchange. Any Bond may be exchanged for Bonds of any
Authorized Denomination upon presentation and surrender at the designated corporate
trust office of the Bond Registrar, together with a request for exchange signed by the
registered owner or by a person legally empowered to do so in a form satisfactory to
the Bond Registrar. A Bond may be transferred only on the Bond Register upon
presentation and surrender of the Bond at the designated corporate trust office of the
Bond Registrar together with an assignment signed by the registered owner or by a
person legally empowered to do so in a form satisfactory to the Bond Registrar. Upon
exchange or transfer the Bond Registrar shall complete, authenticate and deliver a new
Bond or Bonds of any Authorized Denomination or Denominations requested by the
owner equal in the aggregate to the unmatured principal amount of the Bond
surrendered and bearing interest at the same rate and maturing on the same date.
If manual signatures on behalf of the City are required, the Bond Registrar shall
undertake the exchange or transfer of Bonds only after the new Bonds are signed by
the authorized officers of the City. In all cases of Bonds exchanged or transferred, the
City shall sign and the Bond Registrar shall authenticate and deliver Bonds in
accordance with the provisions of the Bond Proceedings. The exchange or transfer
shall be without charge to the owner, except that the City and Bond Registrar may
make a charge sufficient to reimburse them for any tax or other governmental charge
required to be paid with respect to the exchange or transfer. The City or the Bond
Registrar may require that those charges, if any, be paid before the procedure is begun
for the exchange or transfer. All Bonds issued and authenticated upon any exchange
or transfer shall be valid obligations of the City, evidencing the same debt, and entitled
to the same security and benefit under the Bond Proceedings as the Bonds surrendered
upon that exchange or transfer. Neither the City nor the Bond Registrar shall be
required to make any exchange or transfer of (i) Bonds then subject to call for
redemption between the 15th day preceding the mailing of notice of Bonds to be
redeemed and the date of that mailing, or (ii) any Bond selected for redemption, in
whole or in part.
(c) Book Entry System. Notwithstanding any other provisions of this
Ordinance, if the Director of Finance determines in the Certificate of Award that it is in
the best interest of and financially advantageous to the City, the Bonds may be issued
in book entry form in accordance with the following provisions of this Section.
Davton Legal Blank. Inc.
Ordinance No. 32-17
RECORD OF ORDINANCES
Form No. 30043
Passed Page 9 of 13 20
The Bonds 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: (i) the Bonds may be issued in the form
of a single, fully registered Bond representing each maturity, and, if applicable, each
interest rate within a maturity, and registered in the name of the Depository or its
nominee, as registered owner, and immobilized in the custody of the Depository or its
designated agent for that purpose, which may be the Bond Registrar; (ii) the beneficial
owners of Bonds in book entry form shall have no right to receive Bonds in the form of
physical securities or certificates; (iii) 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 (iv) the
Bonds 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
Bonds for use in a book entry system, the Director of Finance may attempt to establish
a securities depository/book entry relationship with another qualified Depository. If the
Director of Finance does not or is unable to do so, the Director of Finance, after making
provision for notification of the beneficial owners by the then Depository and any other
arrangements deemed necessary, shall permit withdrawal of the Bonds from the
Depository, and shall cause Bond certificates in registered form and Authorized
Denominations to be authenticated by the Bond Registrar 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 Director of Finance is hereby authorized and directed, to the extent
necessary or required, to enter into any agreements, in the name and on behalf of the
City, that the Director of Finance determines to be necessary in connection with a book
entry system for the Bonds.
Section 6. Sale of the Bonds to the Original Purchaser. The Director of Finance
is authorized to sell the Bonds at private sale to the Original Purchaser at a purchase
price, not less than 97% of the aggregate principal amount thereof, as shall be
determined by the Director of Finance in the Certificate of Award, plus accrued interest
(if any) on the Bonds from their date to the Closing Date, and shall be awarded by the
Director of Finance with and upon such other terms as are required or authorized by
this Ordinance to be specified in the Certificate of Award, in accordance with law and
the provisions of this Ordinance and the Purchase Agreement. The Director of Finance
is authorized, if it is determined to be in the best interest of the City, to combine the
issue of Bonds with one or more other bond issues of the City into a consolidated bond
issue pursuant to Section 133.30(B) of the Ohio Revised Code in which case a single
Certificate of Award may be utilized for the consolidated bond issue if appropriate and
consistent with the terms of this Ordinance.
The Director of Finance shall sign and deliver the Certificate of Award and shall
cause the Bonds to be prepared and signed and delivered, together with a true
transcript of proceedings with reference to the issuance of the Bonds, to the Original
Purchaser upon payment of the purchase price.
The City Manager and the Director of Finance shall sign and deliver, in the
name and on behalf of the City, the Purchase Agreement between the City and the
Original Purchaser, in substantially the form as is now on file with the Clerk of Council,
providing for the sale to, and the purchase by, the Original Purchaser of the Bonds.
The Purchase Agreement is approved, together with any changes or amendments that
are not inconsistent with this Ordinance and not substantially adverse to the City and
that are approved by the City Manager and the Director of Finance on behalf of the
City, all of which shall be conclusively evidenced by the signing of the Purchase
Agreement or amendments thereto.
Dayton Legal Blank, Inc.
Ordinance No.
32 -17
RECORD OF ORDINANCES
Form No. 30043
Passed Page 10 of 13 ,o
The Mayor, the City Manager, the Director of Finance, the Director of
Clerk of Council and other City officials, as appropriate, are
directed to sign any transcript certificates, financial statements
each authorized and
and other documents
and instruments and to take such actions as are necessary o
consummate the transactions contemplated by this Ordinance.
r appropriate to
Section 7. Provision for Tax Lew. There shall be levied on all the taxable
property in the City, in addition to all other taxes, a direct tax annually during the
period the Bonds are outstanding in an amount sufficient to pay the debt charges on
the Bonds when due, which tax shall not be less than the interest and sinking fund tax
required by Section 11 of Article XII of the Ohio Constitution. 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 Bonds when and as the same fall due.
In each year to the extent the net revenues from any related tax increment
financing service payments in lieu of taxes are available for the payment of the debt
charges on the Bonds and are appropriated for that purpose, the amount of the tax
shall be reduced by the amount of such 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 Bonds and are appropriated for that
purpose, and to the extent not paid from net revenues of the related tax increment
financing service payments in lieu of taxes, 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 Bonds shall be
paid from municipal income taxes lawfully available therefor under the Constitution and
the laws of the State of Ohio, and the Charter of the City; and the City hereby
covenants, subject and pursuant to such authority, including particularly
Section 1.33.05(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 two 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 Bonds.
Section 8. Federal Tax Considerations. The City covenants that it will use, and
will restrict the use and investment of, the proceeds of the Bonds in such manner and
to such extent as may be necessary so that (a) the Bonds will not (i) constitute private
activity bonds or arbitrage bonds under Sections 141 or 148 of 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 Bonds 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 Bonds to be and remain excluded from
gross income for federal income tax purposes, (b) it will not take or authorise 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 Bonds
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 event necessary to assure such exclusion of
that interest under the Code.
Dayton Legal Blank, Inc.
Ordinance No.
32 -17
RECORD OF ORDINANCES
Form No. 30043
Passed Page 11 of 13 20
The Director of Finance or any other officer of the City having responsibility for
issuance of the Bonds 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 Bonds 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 Bonds 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 Bonds, 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 Bonds, 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 Bonds, and (c) to give one or more appropriate
certificates of the City, for inclusion in the transcript of proceedings for the Bonds,
setting forth the reasonable expectations of the City regarding the amount and use of
all the proceeds of the Bones, 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 Bonds. The Director of Finance or any other officer of the
City having responsibility for issuance of the Bonds is specifically authorized to
designate the Bonds as "qualified tax - exempt obligations" if such designation is
applicable and desirable, and to make any related necessary representations and
covenants.
Section 9. Official Statement, Rating, Bond Insurance, Continuing Disclosure
and Financing Costs.
(a) Primary Offering Disclosure -- Official Statement. The City Manager and
the Director of Finance are each authorized and directed, on behalf of the City and in
their official capacities, to (i) prepare or cause to be prepared, and make or authorize
modifications, completions or changes of or supplements to, a disclosure document in
the form of an official statement relating to the original issuance of the Bonds in
substantially the form as is now on file with the Clerk of Council, (ii) determine, and to
certify or otherwise represent, when the official statement is to be "deemed final"
(except for permitted omissions) by the City as of its date or is a final official statement
for purposes of paragraph (b) of the Rule, (iii) use and distribute, or authorize the use
and distribution of those official statements and any supplements thereto in connection
with the original issuance of the Bonds, and (iv) complete and sign those official
statements and any supplements thereto as so approved, together with such
certificates, statements or other documents in connection with the finality, accuracy
and completeness of those official statements and any supplements, as they may deem
necessary or appropriate.
(b) Application for Rating or Bond Insurance. If, in the judgment of the
Director of Finance, the filing of an application for (i) a rating on the Bonds by one or
more nationally- recognized rating agencies, or (ii) a policy of insurance from a company
or companies to better assure the payment of principal of and interest on the Bonds, is
in the best interest of and financially advantageous to this City, the Director of Finance
is authorized to prepare and submit those applications, to provide to each such agency
or company such information as may be required for the purpose, and to provide
further for the payment of the cost of obtaining each such rating or policy, except to
the extent otherwise paid in accordance with the Purchase Agreement, from the
proceeds of the Bonds to the extent available and otherwise from any other funds
lawfully available and that are appropriated or shall be appropriated for that purpose.
The Director of Finance is hereby authorized, to the extent necessary or required, to
enter into any agreements, in the name of and on behalf of the City, that the Director
of Finance determines to be necessary in connection with the obtaining of that bond
insurance.
RECORD OF ORDINANCES
Dayton Legal Blank, Inc.
Ordinance No. 32 -17 Passed
Form No. 30043
Page 12 of 13 20
(c) Agreement to Provide Continuing Disclosure. For the benefit of the
holders and beneficial owners from time to time of the Bonds, the City agrees to
provide or cause to be provided such financial information and operating data, audited
financial statements and notices of the occurrence of certain events, in such manner as
may be required for purposes of the Rule. The City Manager and the Director of
Finance are each authorized and directed to complete, sign and deliver the Continuing
Disclosure Agreement, in the name and on behalf of the City, in substantially the form
as is now on file with the Clerk of Council. The Continuing Disclosure Agreement is
approved, together with any changes or amendments that are not inconsistent with this
Ordinance and not substantially adverse to the City and that are approved by the City
Manager and the Director of Finance on behalf of the City, all of which shall be
conclusively evidenced by the signing of the Continuing Disclosure Agreement or
amendments thereto.
The Director of Finance is further authorized and directed to establish
procedures in order to ensure compliance by the City with its Continuing Disclosure
Agreement, including timely provision of information and notices as described above.
Prior to making any filing required under the Rule, the Director of Finance shall consult
with and obtain legal advice from, as appropriate, the Director of Law and bond or
other qualified independent special counsel selected by the City. The Director of
Finance, acting in the name and on behalf of the City, shall be entitled to rely upon any
such legal advice in determining whether a filing should be made. The performance by
the City of its Continuing Disclosure Agreement shall be subject to the annual
appropriation of any funds that may be necessary to perform it.
(d) Financing Costs. The expenditure of the amounts necessary to pay any
Financing Costs in connection with the Bonds, to the extent not paid by the Original
Purchaser and /or the Bond Registrar in accordance with the Certificate of Award, the
Purchase Agreement and /or the Registrar Agreement, is authorized and approved, and
the Director of Finance is authorized to provide for the payment of any such amounts
and costs from the proceeds of the Bonds to the extent available and otherwise from
any other funds lawfully available that are appropriated or shall be appropriated for
that purpose.
Section 10. Bond Counsel. The legal services of the law firm of Squire Patton
Boggs (LIS) LLP are hereby retained. 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 Bonds 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 Director
of Finance 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 Bonds, if available, and otherwise from available moneys in
the General Fund.
Section 11. Municipal Advisor. The services of H.J. Umbaugh & Associates,
Certified Public Accountants, LLP, as municipal advisor, are hereby retained. The
municipal advisory services shall be in the nature of financial advice and
recommendations in connection with the issuance and sale of the Bonds. In rendering
those municipal advisory services, as an independent contractor, that firm shall not
exercise any administrative discretion on behalf of the City in the formulation of public
policy, expenditure of public funds, enforcement of laws, rules and regulations of the
State, the City or any other political subdivision, or the execution of public trusts. That
Dayton Legal Blank, Inc.
Ordinance No. 32 -17
RECORD OF ORDINANCES
Form No. 30043
Passed Page 13 of 13 20
firm shall be paid just and reasonable compensation for those municipal advisory
services and shall be reimbursed for the actual out -of pocket expenses it incurs in
rendering those municipal advisory services. The Director of Finance 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 reimbur <.3ement are hereby appropriated from the proceeds of the Bonds,
if available, and otherwise from available moneys in the General Fund.
Section 12. Certification and Delivery of Ordinance and Certificate of Award.
The Clerk of Council is directed to promptly deliver a certified copy of this Ordinance
and an executed copy of the Certificate of Award to the County Auditors of the
Counties of Delaware, Franklin and Union, Ohio.
Section 13. Satisfaction of Conditions for Bond Issuance. 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 Bonds 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 Bonds 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 7) of the City are
pledged for the timely payment of the debt charges on the Bonds; that no statutory or
constitutional limitation of indebtedness or taxation will have been exceeded in the
issuance of the Bonds; and that the Bonds are being authorized and issued pursuant to
Chapter 133 of the Ohio Revised Code, the Charter of the City, this Ordinance, the
Certificate of Award and other authorizing provisions of law.
Section 14. Compliance with Open Meeting Requirements. 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 or any of its committees, and that all deliberations of this
Council and of 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
A4est
Effective
This Ordinance shall be in full force and effect on
Clerk of C ci
Passed:' , 2017
Effective : Q1 �Ij , 2017
FISCAL OFFICE
�l`���KT}|4��T8
To the City Council o[thc City ofDublin, Ohio:
. /\S fiscal officer of the {!{1vnf Dublin, ()hin.lCofif"inuonuuc�nov/iLh your proposed
muuc of bonds in the maximum principal amount of $1.7,375,000 (the to be issued for
the purpose o[ 'n8�mcua&o[innpvoving the [`i|v'svehicular and nudeNr'an�unxpOdo1ion
xy8iCcuvv\Lhinand serving the Bridge Street District, including but not limited
un� acguiriu� in1cruxin in rcu ooiaiu 1�uru|�r. |O8O��c� v�|o io(u)uono1ruC|io
8
a pedestrian suspension bridge and site preparation, landscaping and aesthetic improvements.
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op�u�cnuocex thereto and (h) North High Street between cerb}in |cnnini. kY c0oa|ruu ti'
n�,
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o:yuxfacin&, and site preparation, relocating electric and C000rnouivaiioou [uci]{|icu, installing
water cnuino and storm ocncr impu)veulcDLn, n' ua&c and ui&naliz8iioo, brick walkways,
ukcc10 in8, landscaping and aesthetic i[npoovunleo|o. and aCguir�o& in|crua1m in n:ul tuk)ke
1hurc{or, together with all iUc{dru|ul work and related oppoMun8Occu |hov:tn (tile
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[)iruoho
Ciivuyl) �io
Cityof Dublin
Office of the City Manager
5200 Emerald Parkway • Dubiin, OH 43017-1090
Phone, 614-410-4400 •Fax: 614 - 4104490
To, Members of Dublin City Cc
From; Dana L. McDaniel, City Ma
Date; May 4, 2017
Initiated By. Angel L. Mumma, Director of Finance
Ordinance 32 -17
Re. Ordinance Nos. 30 -17, 31.17 and 32 -17 — Providing for the Issuance and
Sale of Bonds
Background
Staff is preparing for the issuance of bonds to provide money to fund a number of projects that
were approved in the 2017 -- 2021 Capital Improvements Program (CIP), The bonds authorized by
Ordinance Nos. 30 -17 through 32 -17 will be utilized for the following projects;
Ordinance U. 30 -17 will provide funding of up to $1,395,000 for the purpose of improving
the sewer system through sewer fining and manhole rehabilitation as well as extending
sewer lines to unserved areas, Bond proceeds will be used to reimburse the Sewer Fund
for the expenditures already incurred as part of the Deer Run Sanitary Sewer Upsizing
Project. A contract for this project in the amount of $531,638 was awarded to Danbert,
Inc. in November 2016 (Ordinance 5516 approved November 7, MI A}
Of the remaining amount, approximately $275,000 will be used to repair a number of
sanitary sewer manholes in accordance to the schedule needed to be in compliance with
the "Director's Final Findings and Orders" issued by the Ohio Environmental Protection
Agency. This project repairs the integrity of the manholes and reduces the amount of
inflow and infiltration entering the system via the main lines.
Finally, approximately $555,000 will be used to fund sewer extensions to Area 11A,116
and 13. The detailed locations are as follows;
Area 11A & 11B � Lancashire Subdivision and Dublin Estates Subdivision — 8 -inch
sanitary sewer extension on Bellaire Drive, Limerick Lane, Bellaire Court, and
along Dublin Road (various parcels },
Area 13 _ Muirfield Village Section 44, Part 3 — 8 -inch sanitary sewer extension
on Quinn Abbey Court West
Staff anticipates bidding this project in the fail of 2017.
Repayment of this debt will be from Sewer Fund revenues.
Ordinance No. 31 -17 will provide funding of up to $6,800,000 for the purpose of improving
the City's facilities. Of the total, approximately $3,300,000 will be used to fund the Service
Center expansion and renovation, This contract with Palmetto Construction Services was
Memo re, Ordinance Nos, 30 -17, 31 -17 and 32.17 — Issuance and Sale of Bonds
May 4, 2017
Page 2
authorized by City Council on May 23, 2016 through Resolution 29.15,
The remaining amount will be used to fund the renovation of the 5800 building. At this
timeI it is expected that a new entrance and lobby w!Il be created, improving access to the
building and enhancing security, Renovations to individual offices and expanded
collaboration space are also anticipated.
Repayment of this debt will be from income tax revenues,
Ordinance Nor 32.17 will provide funding of up to $27,375,000 for the purpose of
improving the City's vehicular and pedestrian transportation system, The two specific
projects that are expected to be funded through these bonds are the North High Street
widening and construction of the Scioto River Pedestrian Bridge.
Of the total, approximately $4.8 million will be used to providing funding for the North High
Street widening, The contract with Complete General Construction Company was
authorized by City Council through Resolution 01.17 approved January 10, 2017 and
includes the widening to accommodate new public roadway intersections at Rack Cress and
the extension of North Riverview Street; access for new private development; new
pedestrian crossings; a median; and an- street parking, Additionally, utilities are being
upgraded and the next phase of the Historic Dublin overhead utilities burial will be
implemented.
The remaining funds will be used to fund the construction of the Scioto River Pedestrian
Bridge. Resolution 06 -17 approved January 23, 2017 and Resolution 22 -17 approved April
10, 2017 authorized the City Manager to enter into a Guaranteed Maximum Price (GMP)
contract with Kokosing Construction Company, Inc, far construction of the Scioto River
pedestrian bridge. The work authorized includes construction of the west pEaza retaining
wall and the west abutment to the bridge,
Repayment of this debt is expected from income tax revenues as welt as service payments
received in the various Bridge Street District TIFs that have been or will be established in
the future.
Far the projects Hated in Ordinance Nos, 31.17 and 32 -17, bond proceeds may be used to
reimburse the General andjor Capital Improvement Tax Funds for expenditures made for the
projects prior to the issuance of these bonds.
The bonds authorized by Ordinance Nos. 30.17 through 32 -17 wilt be amorkized aver a 20 -year
period.
Staff will be scheduling discussions with the rating agencies to occur around the last week of May
or the i'irst week of June, We currently expect pricing the week of June 19th
Memo re, Ordinance Nos, 30 -17, 31 -17 and 32 -17 — Issuance and Sale of Bonds
May 4, �Q�7
Page 3
Recommendation
Staff is requesting approval of Ordinance Nos, 30.17 through 32 -17 at the second reading/public
hearing on May 22, 2017, However, please be advised that the Director of Finance, Angel
Mumma, will not be present at the May 22 meeting due to her attendance at the Government
Finance Officers Association annual conference, Ms Mumma will attempt to answer any questions
City Council or the public may have at the May $tr, meeting and provide any necessary follow -up
responses far the May 22na meeting,