52-06 Issuance/Sale of Sewer System Revenue Bonds $16,500,000

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to purchase such surety boud without competitive bidding. The surety boud shall be in such fonn as, in the Fiscal Officer's judgment, will satisfy the Bond Reserve Requirement for the Series 2006 Bouds The Legislative Authority hereby authorizes the Fiscal Officer, if recommended by the Original Purchaser and determined by the Fiscal Officer to be available and to produce an interest cost savings with respect to the Series 2006 Bonds (or any portion thereof), to make application for, and to purchase, with respect to the Series 2006 Bonds, a municipal bond insurance policy for the Series 2006 Bonds (or any portion thereof) and hereby ratifies any such application heretofore made. Reasonably standard provisions pertaining to such insurance policy and reasonable changes to the First Supplemental Indenture relating to such insurance policy shall be approved by the officers executing the First Supplemeutal Indenture, which approval shall be evidenced by their executiou thereof. In connection with obtaining such a municipal bond insurance policy, the Legislative Authority hereby determines that it is (a) impractical to obtain such a municipal baud insurance policy under competitive bidding procedures and (b) cost-effective and in the best interests of the Issuer to purchase such insurance without competitive bidding" Prior to the passage ofthis Series 2006 Bond Legislation a fonn of the policy of municipal bond iusurance ITom the provider selected by the Fiscal Officer shall be placed on file with the Clerk for the review and approval by the Legislative Authority, and passage of this Series 2006 Boud Legislation shall coustitute approval of the fonn of such municipal boud insurance policy If, in the judgment of the Fiscal Officer, the filing ofan application for a rating on the Series 2006 Bonds by one or more nationally-recognized rating services is in the best interest of and financially advantageous to the Issuer, the Fiscal Officer is authorized to prepare and submit such application, to provide to each such service such information as may be required for the pmpose, and to provide further for the payment of the cost of obtaining each such rating, except to the extent paid by the Original Purchaser, from the proceeds of the Series 2006 Bonds to the extent available and otherwise from any other funds lawfully available and that are or that appropriated or shall be appropriated for that pmpose. Section 1 O.Non-Utilitv Monevs. Nothiug coutaiued in this Series 2006 Bond Legislation or in the Indenture shall be deemed to prevent the Issuer from creating or providing such funds or accounts which shall not be subject to the provisions of the Indenture for any ad valorem taxes, grants, gifts, moneys withdrawn by the Trustee and paid to the Issuer from the General Obligatiou Debt Service Fund or the Renewal and Replacement Fund, or any other moneys whatsoever which do not constitute Revenues as defined in the Indenture. 'Section 11. Compliance with Open Meering Laws. It is found and determined that all fonnal actious of this Legislative Authority coucerniug and relating to the passage of this Series 2006 Bond Legislation were takeu in an open meeting of this Legislative Authority, and that all deliberations of this Legislative Authority and of any of its committees that resulted in those formal actions were in meetings open to the public, in compliance with all legal requirements, including Section 121.22 of the Revised Code. Sèction 12. Findirtgs and Recitals ofValiditv. It is. hereby determined, represented and recited that all acts, conditions and things necessary to be done precedent to and in the issuance of the Series 2006 Bonds iu order to make such Series 2006 Bonds legal, valid and binding special obligations of the Issuer have, or prior to the delivery thereof will have, happened, been done and performed in regular and due fonn as required by law and the Issuer's Charter; and that no limitation of indebtedness or taxation, either statutory or constitutional, is applicable to the Series 2006 Bonds or their issuance. It is further found and determined, and is hereby represented and recited, that the provisious of the Issuer's Charter, the rules of tbe Legislative Authority and its ordinances and resolutious have been fully complied with and that this Series 2006 Bond Legislation was passed in conformity therewith. Sectiou 13 Governing Law. The provisions of this Series 2006 Bond Legislation, the Trust Agreement and the First Supplemental Indenture are subject to the laws of the State of Ohio Section 14. Severability. Each section of this Series 2006 Bond Legislatiou and each subsection or provision ôf any section is hereby declared to be independent, and the finding or holding that any section or any subsection or provision of any section is invalid or void shall not be deemed or held to affect the validity of any other section, subsection or provision of this Series 2006 Bond Legislation. ~