Pursuant to Sections 307.672, 307.674, 5739.024(E) and 5739.024(F) of the Ohio Revised Code as enacted by Am. Sub. H.B. 207 of the 120th General Assembly and by Am. S.B. No. 310 of the 123rd General Assembly, this Council hereby levies an additional excise tax of 1-1/2%on transactions by which lodging is furnished to transient guests for the period ending December 31, 2008. The proceeds generated from the levy of the original Bed Tax shall be paid to the City and used exclusively to pay debt service charges on the City's Series B Bonds, Series C Bonds and Series D Bonds pursuant to the original Cooperative Agreement. Upon signing and delivery of the Amended Cooperative Agreement by the parties thereto, the proceeds of that original Bed Tax shall be used in the manner provided in the Amended Cooperative Agreement as follows:
(a) In calendar years 2001, 2002 and 2003, the original Bed Tax Revenue received by the County shall continue to be paid to the City and used by the City:
(1) To pay debt service charges on the Series B Bonds, the Series C Bonds and the Series D Bonds and provide a sinking fund for the final retirement of those bonds;
(2) To the extent available, to pay (or to reimburse the City for the payment of) debt service charges on the Series A Bonds whenever paid; and
(3) To pay certain costs of issuance with respect to the Port Authority Bonds; and
(b) In calendar years 2004 through 2008, the original Bed Tax Revenue received by the County shall be paid quarterly to the Port Authority Trustee on behalf of Civic and shall be used by the Port Authority Trustee first to pay debt service charge on the Port Authority Bonds and any other requirements under the Port Authority Trust Agreement and second to pay the City under the City Guaranty and to pay any other credit enhancers for the satisfaction by the Port Authority of any of its obligations under or arising from any guaranty agreements, reimbursement agreements or other credit enhancement agreements entered into in accordance with the Port Authority Trust Agreement.
In addition and upon signing and delivery of the Amended Cooperative Agreement by the parties thereto, the levy of that tax is hereby extended for an additional twenty-five years (i.e. through December 31, 2033) to be used first to pay debt service charges on the Port Authority Bonds and any other requirements under the Port Authority Trust Agreement and second to pay the City under the City Guaranty and to pay any other credit enhancers for the satisfaction by the Port Authority of any of its obligations under or arising from any guaranty agreements, reimbursement agreements or other credit enhancement agreements entered into in accordance with the Port Authority Trust Agreement.
The County Executive is hereby authorized to revise the regulations previously adopted by the County for the administration, collection and allocation of the original Bed Tax to be consistent with this provision and Sections 307.672, 307.674, 5739.024(E) and 5739.024(F) of the Ohio Revised Code and to execute any other documents necessary to effectuate this provision.
The terms used herein shall have the meanings set forth below:
"Amended Cooperative Agreement" means the Amendment and Restatement of Cooperative Agreement by and among the County, the City, the Summit County Port Authority, The Community Hall Foundation, Inc., d.b.a. Akron Civic Theatre and Inventure Place, Inc. (formerly known as National Invention Center, Inc.) to provide for, among other things, the construction, renovation, improving and equipping of Akron Civic Theatre.
"City" means the City of Akron, Ohio.
"City Guaranty" means the guaranty of the payment of debt service charges on the Port Authority Bonds in accordance with the Amended Cooperative Agreement.
"Civic" means The Community Hall Foundation, Inc. d.b.a. Akron Civic Theatre.
"County" means the County of Summit, Ohio.
"Original Bed Tax" means the additional excise tax of one and one-half percent (1-1/2 %) on transactions by which lodging is furnished to transient guests within the County levied by the County pursuant to Section 5739.024(E) of the Ohio Revised Code and Section 703.035 of the Codified Ordinances (as enacted by Resolution No. 93-516 adopted on September 7, 1993, as amended by Resolution No. 95-279 adopted on May 8, l995 and by Resolution No. 95-748, adopted on December 18, 1995.
"Original Bed Tax Revenue" means the revenue from the levy of the original Bed Tax.
"Original Cooperative Agreement" means the Cooperative Agreement dated as of September 27, 1993 by and among the County, the City and Inventure Place, Inc. (formerly known as National Inventure Center, Inc.) to provide for the construction and operation of Inventure Place.
"Port Authority Bonds" means revenue bonds to be issued by the Summit County Port Authority to provide for the construction, renovation, improving and equipping of Akron Civic Theatre, and any revenue bonds issued to refund those bonds or to refund any refunding bonds.
"Port Authority Trust Agreement" means the trust agreement or indenture securing the Port Authority Bonds.
"Port Authority Trustee" means the bank or trust company serving as trustee under the trust agreement securing the Port Authority Bonds.
"Series A Bonds" means the general obligation bonds of the City in the original principal amount of $7,000,000 dated as of October 15,1993 to pay costs of constructing Inventure Place.
"Series B Bonds" means the general obligation bonds of the City in the original principal amount of $2,000,000 dated as of October 15,1993 to pay costs of constructing Inventure Place.
"Series C Bonds" means the general obligation bonds of the City in the original principal amount of $2,000,000 dated as of August 1, 1995 to pay costs of constructing Inventure Place.
"Series D Bonds" means the general obligation bonds of the City in the original principal amount of $700,000 dated as of August 15,1996, to pay costs of constructing Inventure Place.
(Ord. 2005-563. Adopted 11-7-05; Ord. 2012-246. Adopted 6-4-12.)
(Ord. 2005-563. Adopted 11-7-05; Ord. 2012-246. Adopted 6-4-12.)