29-07 Bonds - Street Improvements

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Underwriter. The City retains the services of A.G. Edwards & Sons, Inc.; as UndeDvtiter for the Notes. The Underwriter must be paid for services in accordtmce w/th its underwriting proposal (c) (d) Registrar. The City retains the services of The Huntington National Bank, or another bank or trust company as determined by the Director of Finance in the Certificate of Award, to act as Rggistrar for the Notes. The Registrar must perform the services as bond registrar, authenticating agent, paying agent, and transfer agent for the Notes as provided in this ordinance. The Registrar must be pa'rd for those services in accordance with the Registrar Agreement Ratings and Insurance. If, in the judlpuent 6fthe Director of Finance, the filing of an application for (1) a rating on the Notes by one or more nationally- recognized rating agencies or (2) a policy of insurance to better assure the payment of principal of and interest on the Notes, is in the best interest of and financially advantageous to the City, the Director of Finance must prepare and submit those applications and provide to each of those agencies or companies the information required for the purpose. This Council further authorizes the fees for those ratings and the premiums for the insurance to be included in Financ'mg Costs authorized m~der Section 8(f) below Limits on Authority of Service Providers. In rendering the services described above, as independent contractors, those service providers must not exercise any admirdstrative discretion on behalf of the City in the formulation of public policy; expenditure nfpublie fimds; enforcement of laws, roles and regulations of the State of Ob5o~ the City, or any other political subdivision; or the execution of public trusts. Payment of Financing Costs. Tlds Coundll authqkizes and approves the expenditare of the an~ounts itecessary to pay those Financing Costs specifically authorized above and all other necessary Financing Costs in cormecfion with the issuance and sale of the Notes. Those Financing Costs may be paid by the Underwriter. To the extent they are not paid by the Underwriter, this Council authorizes and directs the Director of Finance to provide for the payment of those Financing Costs fi:om the proceeds of the Notes to the extent available and, otherwise, from any other fm~ds lawlhlly available and appropriated for the purpose. Section 9. Use of Note Proceeds. The proceeds fi:om the sale of the Notes must be deposited and used as provided in th/s Section 9 (a) Any accrued interest or premium received on the sale of the Notes must be deposited in the Bond Retirement Fund of the City and be used for the payment of interest on the Notes at their matutity. (b) The remainder of the proceeds must be paid into the pro'er fund or funds and used for the payment of the costs of the Project and any Finandmg Costs of the Notes to the extent that those Financing Costs are not paid by the Underwriter and to the extent that the Director of Finance determines to pay those Financing Costs fi:om the proceeds of the Notes. Section 10. Security and Sources of Payment; The Notes will be general obligations of the City. (a) This Council pledgas to the payment of Debt Service on the Notes the full faith and credit of the City including, without limitation: (1) The general taxing power of the City, including the power to le:~y taxes within the ten-mill limitation, as defined in Section 5705 02, Re~Ased Code. (2) The proceeds to be received fi:om the sale of any notes issued to refund the Notes and of the Bonds in anticipation nf which the Notes are issued.