HomeMy WebLinkAboutOrdinance 23-25RECORD OF ORDINANCES
BARRETT BROTHERS - DAYTON, OHIO Form 6220S
Ordinance No. 23-25 Passed ,
AUTHORIZING THE REMOVAL OF ZIONS BANCORPORATION,
NATIONAL ASSOCIATION AND AUTHORIZING AND
DIRECTING THE APPOINTMENT OF U.S. BANK TRUST
COMPANY, NATIONAL ASSOCIATION, IN EACH CASE AS THE
AUTHENTICATING AGENT, BOND REGISTRAR, TRANSFER
AGENT AND PAYING AGENT, FOR THE CITY’S OUTSTANDING
BOND ISSUES, AND AUTHORIZING THE EXECUTION AND
DELIVERY OF ANY NECESSARY NOTICES, INSTRUMENTS,
DOCUMENTS OR AGREEMENTS APPROPRIATE TO THE
FOREGOING MATTER
WHEREAS, Zions Bancorporation, National Association currently serves as
authenticating agent, bond registrar, transfer agent and paying agent for all of the
City’s outstanding bond issues; and
WHEREAS, the City has determined that it would be in the best interest of the City to
replace Zions Bancorporation, National Association with U.S. Bank Trust Company,
National Association to serve as authenticating agent, bond registrar, transfer agent
and paying agent for all of the City’s outstanding bond issues;
NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Dublin, State
of Ohio, al of the elected members concurring, that:
Section 1. Replacement and Appointment. This City Council finds and determines that
it is in the best interest of the City to remove Zions Bancorporation, National
Association as authenticating agent, bond registrar, transfer agent and paying agent
for all of the City’s outstanding bond issues and appoint in its place U.S. Bank Trust
Company, National Association as successor authenticating agent, bond registrar,
transfer agent and paying agent for those bond issues.
Section 2. Execution of Documents; Payment of Expenses. The City Manager and the
Director of Finance are each authorized to sign any necessary notices, instruments,
documents or agreements appropriate to complete such removal and appointment
which are consistent with this Ordinance and not adverse to the City. The Director of
Finance shall provide for the payments of expenses incurred by the City in connection
with the removal and appointment from monies lawfully available and appropriated or
to be appropriated for that purpose.
Section 3. Notice of Replacement. The Director of Finance is hereby directed to notify
Zions Bancorporation, National Association in writing that its services as authenticating
agent, bond registrar, transfer agent and paying agent for all of the City’s outstanding
bond issues are terminated effective upon such date to be determined by the Director
of Finance.
Section 4. Compliance with Open Meeting Requirements. This City Council finds and
determines that all formal actions of this City Council and any of its committees
concerning and relating to the passage of this Ordinance were taken in an open
meeting of this City Council or any of its committees, and that all deliberations of this
City 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 5. Effective Date. This Ordinance shall be in full force and effect on the
earliest date permitted by law.
RECORD OF ORDINANCES
BARRETT BROTHERS - DAYTON, OHIO Form 6220S
23-25 Page 2
Ordinance No. Passed
Signed: VAL Fo
Mayor - Presiding Officer
Attest:
fperk of ouncil J
Passed: a LS , 2025
Effective: Gk 28 , 2025
To: Members of Dublin City Council
From: Megan O’Callaghan, P.E., City Manager
Date: May 27, 2025
Initiated By: Jaime Hoffman, Director of Finance Operations
Brian S. Cooper, Baker Tilly Municipal Advisors, LLC
Re: Ordinance 23-25 – Approving Successor Bond Registrar
Background
Following the recommendation of the City’s municipal advisor, it has been determined that it is in
the City's best interest to designate U.S. Bank Trust Company, National Association, as the new
authenticating agent, bond registrar, transfer agent, and paying agent for all outstanding bond
issues. This change will replace Zions Bancorporation, National Association, in these roles.
This recommendation is based on a thorough and detailed review of the services provided by both
institutions. The evaluation considered various factors, including efficiency, reliability, presence in
the Ohio market, and overall service quality. The transition to U.S. Bank Trust Company, National
Association, which is one of the market leaders in the Ohio market, is expected to provide
significant benefits to the City, improving the management of its bond issues and ensuring
superior service delivery.
Recommendation
Staff recommends approval at the second reading/public hearing on June 23, 2025.
Office of the City Manager
5555 Perimeter Drive • Dublin, OH 43017-1090
Phone: 614.410.4400 • Fax: 614.410.4490 Memo
2025 Bond Issuance Ordinances
Ordinances 17-25 through 23-25
Finance
The City of Dublin, Ohio –Issuer
▪Ms. Megan O’Callaghan, City Manager
▪Ms. Jaime Hoffman, Interim CFO/Director of Finance Operations
Baker Tilly Municipal Advisors, LLC –Municipal Advisor
▪Mr. Brian Cooper, Principal
▪Mr. Tom Ricchiuto, Senior Manager
Squire Patton Boggs (US) LLP –Bond Counsel
▪Mr. Chris Franzmann, Partner
2025 Bond Issue –Participants
▪Provides funding of up to $20,955,000 for the following general purposes:
▪Northern Historic Dublin Area Infrastructure Improvements –$10,430,000
▪Dublin Community Recreation Center –$5,000,000
▪Municipal Recreation Facilities –$4,875,000
▪Sewer Projects –$650,000
▪Refunding of up to $48,900,000 for the following existing debt:
▪2012 and 2015 General Obligation Bonds -$32,900,000
▪2015A Nontax Revenue Bonds -$16,000,000
2025 Bond Issue and Refunding
2025 Bond Issue –Historical True Interest Cost
2025 Bond Issue –Debt Metrics
2025 Bond Issue –Debt Metrics
2025 Bond Issue –Debt Metrics
2025 Bond Issue –Timeline