Notice of Public Hearing: The Tax-Exempt Subordinate Obligation Notes
June 7, 2024
Press Releases
Notice is hereby given that on Tuesday, June 18, 2024, a public hearing will be held by the City of Cleveland, Ohio (the “City”), commencing at 3:30 p.m. Eastern Time in Room 104 of City Hall, 601 Lakeside Avenue, Cleveland, Ohio, with respect to the proposed issuance by the City, pursuant to a plan of finance, of its Airport System Subordinate Obligation Notes, Series 2024 (Tax-Exempt) (the “Tax-Exempt Series 2024 Subordinate Obligation Notes”), in a maximum aggregate principal amount of $175,000,000. The Tax-Exempt Subordinate Obligation Notes will be issued as exempt facility airport bonds under Section 142(a)(1) of the Internal Revenue Code of 1986, as amended, to assist in paying costs of airport facilities (the “Project”).
The Project will be located at Cleveland Hopkins International Airport, 5300 Riverside Drive, Cleveland, Ohio, and Burke Lakefront Airport, 1501 Marginal Road, Cleveland, Ohio, which together constitute an integrated operation of the City. The Project will be owned and operated by the City.
The Tax-Exempt Series 2024 Subordinate Obligation Notes are special obligations of the City, payable solely from and secured by moneys pledged under the subordinated obligations trust indenture. The Tax-Exempt Series 2024 Subordinate Obligation Notes and the interest thereon do not constitute a debt or pledge of the faith and credit of the City, or the State of Ohio or any political subdivision thereof, and holders or owners of the Tax-Exempt Series 2024 Subordinate Obligation Notes have no right to have taxes levied by the City, or the State or any political subdivision thereof.
Persons wishing to express their views on the proposed Tax-Exempt Series 2024 Subordinate Obligation Notes and the Project to be financed by the Tax-Exempt Series 2024 Subordinate Obligation Notes may appear at the hearing or may submit their views in writing. Any written submissions should be sent to the City at Room 104, City Hall, 601 Lakeside Avenue, Cleveland, Ohio 44114 Attention: Director of Finance and clearly marked “Re: Proposed $175,000,000 City of Cleveland, Ohio Airport System Subordinate Obligation Notes, Series 2024 (Tax-Exempt)”. Written submissions should be mailed in sufficient time to be received on or before the aforesaid hearing date.
CITY OF CLEVELAND, OHIO
/s/ Ahmed Abonamah
Ahmed Abonamah
Director of Finance