AN ORDINANCE

BY:

NO.

AN ORDINANCE LEVYING SPECIAL ASSESSMENTS FOR THE PURPOSE OF ACQUIRING, INSTALLING, EQUIPPING, AND IMPROVING CERTAIN PUBLIC IMPROVEMENTS IN THE CITY OF OAKWOOD, OHIO IN COOPERATION WITH THE DAYTON REGIONAL ENERGY SPECIAL IMPROVEMENT DISTRICT AND AUTHORIZING THE CITY MANAGER TO ENTER INTO A COOPERATIVE AGREEMENT AND A SPECIAL ASSESSMENT AGREEMENT

WHEREAS, Beth Abraham Synagogue (the “Owner”) has submitted its Petition for Special Assessments for Special Energy Improvement Projects (the “Petition”) in order to provide for the completion of a special energy improvement project on real property owned by the Owner in the City of Oakwood, Ohio (the “City”); and

WHEREAS, the Council of the City of Oakwood, Ohio (the “Council”) duly passed Resolution No. 1870 on March 2, 2020 (the “Resolution of Necessity”), which approved the Petition and added the Owner’s property, subject to the Petition, to the Dayton Regional Energy Special Improvement District (the “District”) and declared the necessity of acquiring, installing, equipping, and improving energy efficiency improvements, including, without limitation, LED lighting, high efficiency boilers, high efficiency chillers, building controls, electrical equipment, a building transformer, and related improvements (the “Project”), as described in the Resolution of Necessity and as set forth in the Petition requesting those improvements; and

WHEREAS, Council duly adopted Ordinance No. 4907 on March 2, 2020 and determined to proceed with the Project and adopted the estimated Special Assessments (as defined in the Resolution of Necessity) filed with the Clerk of Council and the Director of Finance pursuant to the Resolution of Necessity; and

WHEREAS, the City intends to enter into a Cooperative Agreement (the “Cooperative Agreement”) with the District, the Owner, the Dayton-Montgomery County Port Authority (the “Investor”) and The Bank of New York Mellon Trust Company, N.A., as trustee, to provide for, among other things, (i) the making of the Project Advance (as defined in the Cooperative Agreement) to pay costs of the Project, (ii) the disbursement of the Project Advance for the acquisition, installation, equipment, and improvement of the Project and the transfer of the Special Assessments by the City to the Investor to pay principal and interest and other costs relating to the Project Advance; and

WHEREAS, to provide for the security for the Project Advance and for the administration of payments on the Project Advance and related matters, the City intends to enter into the Special Assessment Agreement with the County Treasurer of Montgomery County, Ohio, the District, the Owner, and the Investor; and