ORDINANCE NO. 20-60
AN ORDINANCE AUTHORIZING THE REDEMPTION OF $286,658 OF WASTEWATER SYSTEM IMPROVEMENT BONDS, OF THE CITY OF IRONTON, COUNTY OF LAWRENCE, STATE OF OHIO; AUTHORIZING THE PAYMENT OF THE REDEMPTION PRICE AND RELATED COSTS; AUTHORIZING DOCUMENTS NECESSARY TO EFFECTUATE SUCH REDEMPTION; AND DECLARING AN EMERGENCY.
Sponsored By: Kline
WHEREAS, the City of Ironton (the “City”), County of Lawrence, State of Ohio has issued its $353,145 Wastewater System Improvement Limited Tax General Obligation Bonds (the “Bonds”), dated December 30, 2019; and
WHEREAS, the Bonds were issued for the purpose of financing the cost of making improvements to the wastewater system in the City; and
WHEREAS, there will be $286,658 of the Bonds outstanding on the redemption date; and
WHEREAS, this Council has determined it is beneficial to redeem and pay off in full the outstanding Bonds with certain funds in the City’s General Fund;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Ironton (“Council”), County of Lawrence, State of Ohio:
Section 1: That it is necessary to redeem and pay off in full all of the outstanding City of Ironton Wastewater System Improvement Limited Tax General Obligation Bonds, dated December 30, 2019, of which $286,658 will be outstanding on the redemption date, at the redemption price (the “Redemption Price”) of 100% of the par amount of Bonds being redeemed, plus accrued interest due to the date of redemption.
Section 2: That the redemption price shall be paid using available funds held in the City’s General Fund necessary to pay the redemption price in full (currently estimated to be $286,920.77).
Section 3: That the Finance Director for the City is hereby directed to provide a Notice of Redemption to the Bondholder (Lawrence County Treasurer), in the form attached hereto, with such changes as are approved by legal counsel to the City.
Section 4: The Finance Director is hereby directed and authorized to make any required payments from the General Fund as are necessary to provide for the redemption of the Bonds.
Section 5: All appropriate officers of the City are further authorized to make, execute, acknowledge and deliver such documents, certificates and other instruments or agreements as are, in the opinion of legal counsel, necessary to carry out the purposes of this Ordinance and the redemption of the Bonds.
Section 6: This Council hereby finds and determines that all formal actions relative to the adoption of this Ordinance were taken in an open meeting of this Council, and that all deliberations of this Council and of its committees, if any, which resulted in formal action, were taken in meetings open to the public, in full compliance with applicable legal requirements, including Section 121.22 of the Revised Code and Section 12 of AM. Sub. H.B. 197 of the 133rd Ohio General Assembly.
Section 7: That this Ordinance is hereby declared to be an emergency measure necessary for the public peace, health, safety and welfare and to provide for the timely redemption of the Bonds and shall take effect upon its adoption by this Council.
Passed , 2020.