31-07 Issue/Sale of notes to pay Sidewalk Program

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(0 Underwriter. The City retains the services of A.G. Edwards 8~ Sous, Inc., as Underwriter f6r the Notes. ~te Underwriter must be paid for services in accordance with its underwriting proposal ~ Registrar. The City r6tains 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 Re~ialrar for the Notes. The Registrar must peffoma the services as bond registrar, authenticating agent, paying agent, and transfer agent for the Notes as provided in this ordinance The Registrar must be paid for those services in accordance with the Registrar Agreement. Ratings and Insurance. If, in the judgment of the 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 paymant 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 Com~cil further authorizes the fees for those ratings and the premimns for the insurance to be included in Financing Costs authorized under Section 8(0 below Limits on Authority of Service Providers. In rendering the services described above, as independent contractors, those service providers must not exercise any administrative discretion on behalf' of the City in the formulation of public policy; expenditure of public funds; enforcement of laws, roles and regulations of the State of Ohio, the City, or any other political subdivision; or the execution of public trusts. Payment of Financing Costs. This Council authorizes and approves the expenditure of the amounts necessary to pay those Financing Costs specifically authorized above and all other necessm'y Financing Costs in connection 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 Finan.ce to provide for the payment of those Financing Costs from the prdeeeds of the Notes to the extent available and, otherwise, from any other fmuls lawfully available and appropriated for the purpose Section 9. Use Of Note Proceeds. The proceeds from the sale of the Notes must be deposited and used as provided in this 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 maturity The remainder of the proceeds must be paid into the proper fund or funds and used for the payment of the costs of the Project and any Financing Costs of the Notes to the extent that those Financing Costs are not paid by the Underwriter and to the extent that the Director o£Finance determines to pay those Financing Costs from the proceeds of the Notes. Section 10. Security and Sources of Payment. The Notes will be general obligations of the City. (a) This Council pledges 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 levy taxes w/thin the ten-mill linfitation, as defined in Section 570502, Revised Code. (2) The special assessments levied to pay the costs of the Project.