36-07 Retire Outstanding Notes - Laserfiche WebLink

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(6) Appropriation. The performance by the City of the Continuing Disclosure Agreement will be subject to the annual appropriation of any funds that may be necessary to perform it. (7) Term. The Continuing Disclosure Agreement will main in effect only for the period that the Bonds are outstanding in accordance with their terms and the City remains an obligated person with respect to the Bonds within the meaning of the SEC Rule. The obligation of the City to provide the Annual Information, audited 5nancial statements, and notices of the events described above will terminate if and when the City no lunger remains an obligated person with regard to the Bonds. Section 8. Financing Costs. The City retains the professional services and authorizes the payment of the Financing Costs for the Bonds, as provided in this Section 8 (a) Bond Courts'el. The City retains the legal services of Vorys, 8ater, 8eymou~ and Pease LLP, as bond counsel for the Bonds. The legal services will be in the nature of legal advice and recommendations as to the documents and the proceedings in connection with the issuance and sale of the Bonds and rendering legal opinions upon the delivery of the Bonds. Bond counsel must render those services to the City in an attorney-client relationship Bond counsel must be paid just and reasonable co~npensafiun for those legal services mad will be reimbar'sed for actual out-of- pocket expenses it incurs in rendering those legal services in accordance with 8eetiun 8(f) below Underwriter. The City retains the services of A.G. Edwards & Sons, Inc., as Underwriter, for the Bonds. The Underwriter must be paid for services in accordance with the Purchase Agreement. (c) (~) Regisa'ar. 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 Registrar 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 Finence, the filing of an application for (1) a rating on the Bonds by one or mom nationally recognized statistical rating organizations, or (2) a policy of insurance to better assure the payment of principal of and interest on the Bonds, is in the best interest of and financially advantageous to the City, this Council authorizes and directs the Director of Finance to prepare and submit those epplieations and to provide to the rating agencies or insuun~ce companies the information required for the purpose. Ttds Council further authorizes the fees for those ratings and the lxemimns 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 thmmlafiun of public policy; expenditure of public funds; enforcement of laws, ralas and regulations of the State, 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 necessary Financing Costs in connection with the issuance and sale of the Bonds. Those Financing Costs may be paid by the Underwriter in accordance with the Purchase Agreement. 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 from the proceeds of the Bonds to the extent available and, oiherwise, fi-om any other funds lawfiflly available and appropriated for the purpose. SectiOn 9. Use of Proceeds. The proceeds from the sale of the Bonds must be deposited and used as provided in this Section 9. 7