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<br />Fiscal Officer is hereby authorized and directed, to the exteut necessary or required, to enter into
<br />any agreements detemúned necessary in connection with the authentication, immobilization, and
<br />transfer of Notes, including arrangements for the payment of principal and interest by wire
<br />transfer, after detennining that the execution thereof will not endanger the funds or securities of
<br />the City, which detennination shall be conclusively evidenced by the signing of any such
<br />agreement.
<br />
<br />If and as long as a book-entry system is utilized, (i) the Notes shall be issued in
<br />the fann of one note in the name of the Depository or its nominee. as owner, and immobilized in
<br />the custody of the Depository; (ii) the beneficial owners in book-entry fonn shall have no right to
<br />receive Notes in the fann of physical securities or certificates; (Hi) ownership of beneficial
<br />interests in book-entry fann shall be shown by a book entry on the system maintained and
<br />operated by the Depository and its Participants (as hereinafter defined), and transfers of the
<br />ownership of beneficial interests shall be made only by book entry by the Depository and its
<br />Participants; and (iv) the Notes as such shall not be transferable or exchangeable, except for
<br />transfer to another Depository or to another nominee of a Depository, without further action by
<br />the Council of the City,
<br />
<br />, If any Depository detennines not to continue to act as a Depository for theN otes
<br />for use in a book-entIy system, the Fiscal Officer may attempt to have established a securities
<br />depositorylbook-entry relationship with another qualified Depository. ¡fthe Fiscal Officer does
<br />not or is unable to do so, the Fiscal Offièer. after making provision for notification of the
<br />beneficial owners by the then Depository and any other arrangements he deems necessary, shall
<br />pennit withdrawal of the Notes trom the Depository, and authenticate and deliver Note
<br />certificates in bearer or registered form. as he determines, to the assigns of the Depository or its
<br />nominee, all at the cost and expense (including any costs of printing). if the event is not the result
<br />of Council action or inaction, of those persons requesting such issuance.
<br />
<br />As used in this Section and this ordinance:
<br />
<br />"Book-entry fonn" or "book-entry system" means a fonn or system under which
<br />(i) the beneficial.right to principal and interest may be transferred only through a book entry and
<br />(ii) physical notes are issued only to a Depository or its nominee as owner, with the Notes
<br />"immobilized" to the custody of the Depository, and the book entry is the record that identifies
<br />the owners of beneficial interests in that principal and interest.
<br />
<br />"Depository" means any securities depository that is a clearing agency under
<br />federal law operating and ffiamtaining a book-entry system to record beneficial ownership of the
<br />right to principal and interest, and to effect transfers of notes, in book-entry fonn, and includes
<br />and means initially The Depository Trust Company (a limited purpose trust company), New
<br />York, New Yark.
<br />
<br />"Participant" means any participant contracting with a Depository under a book-
<br />entry system and includes security brokers and dealers, banks and trust companies, and clearing
<br />corporations.
<br />
<br />Section 5. The Notes shall be sold at not less than the par value thereof by the
<br />Fiscal Officer at' private sale in a manner determined by the Fiscal Officer to be in the best
<br />interest and welfare of the City and at an interest rate not exceeding that specified in Section 3 of
<br />this ordinance. The Direç:tor of Law shall obtain the services of qualified Bond Counsel, and his
<br />selection of Calfee, Halter & Griswold LLP, Bond Attorneys, Cleveland, Ohio, as Bond Counsel
<br />for the Notes is hereby confinned, approved and ratified. The Fiscal Officer is authorized, if she
<br />detennmes it to be in the best interest of the City, to retain the services of a qualified financial
<br />advisor in connection with the issuance of the Notes. The Fiscal Officer shall cause the Notes to
<br />be prepared, and have the Notes signed and delivered, together with a true transcript of
<br />proceedings with reference to the issuance of the Notes, to the original purchaser thereof upon
<br />payment of the purchase price. The proceeds from the sale of said Notes, except the accrued
<br />interest thereon, shall be paid into the proper fund and used for the pUIpose for which the Notes
<br />are being issued under the provisionS. of this ordinance. The proceeds of the Notes also may be
<br />used to pay, and are hereby appropriated to pay, those certain costs of issuance set forth in
<br />Section 133.15(B), Ohio Revised Code; any such costs also may be paid out of any other
<br />lawfully available moneys of the City, which monies are hereby appropriated to such purpose;
<br />
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