37-07 Advance Refund Outstanding Notes

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Escrow Agent. This Council authorizes and directs the Dfrector of Finance to select a bank or trust company as an Escrow Agent. The Escrow Agent may be the Registrar for the Refunding Bonds, the registrar for the Outstanding Bonds, or another bank or lr0st company. The Escrow Agent must hold the Escrow Fund under the Escrow Agreement, and apply the money,and government obligations in the Escrow Fund to the payment and ddscharge of the Refunded OutstamFmg Bonds. The Escrow Agent must be paid for those services in accordance with its engagement proposal. L'mfits on Authority of Service Providers. In rendering the services described above, as independent contractors, those service pro,Aders must not exercise any administrative discretion on behalf of the City in the formulation of public policy; expenditure of pubtic funds; enforcement of laws, roles and regulations of the State, the City, or any other political subdivi£1on; or the execution of public lrusts Payment of FInancing Costs. This Coun~ authorizes and approves the expenditure of the mounts necessary to pay those Financing Costs specifically authorized above and all other necessary Ffuancing Costs in connection with the issuance and sale of the Refunding 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 fi.om the proceeds of the Refunding Bonds to the extent available and, otherwise, from any other funds lawfully available and appropriated for the purpose. Section 9. Use of Proceeds~ The proceeds from the sale of the RefumYmg Bonds must be deposited and used as provided In this Section 9. (~) Any interest accrued or premium received on the sale of the Refunding Bonds must be deposited in the Bond Retirement Fund of the City and used for the payment of interest on the Refimding Bonds on the first Interest Payment Date. Any proceeds of the Refunding Bonds representing Capitalized Interest must be deposited in the appropriate fund and used to pay the interest on the Refunding Bonds at the earliest Interest Payment Dates as determined by the Director of Financo in the Certificate of Award; Pm amount necessary to pay the Financing Costs of the RefuntYmg Bonds, to the extent not paid by the Underotfiter in accordance with the Purchase Agreement and to the 6xtent that the Director of Finance determines to pay those Financ'mg Costs from the proceeds of the Refunding Bonds, must be deposited in a separate fund and used for the payment of those Finandmg Costs - 2he amount necessary to defesse the Refimded Outstanding Bonds as determined in the Verification Report must be paid into the Escrow Fund, invested as provided in Section 1333402)), Revised Code, and used to pay Debt Charges on the Refunded Outstanding Bonds to the'n: redemption dates and to discharge the Refunded Outstanding Bonds on their redemption dates. This Council authorizes and directs the Director of Finance to select the redemption dates for the Refunded Outstanding Bonds and to call the Refunded Outstanding Bonds for redemption on those redemption dates, in accordance with the bond proceedings for the Outstanding Bonds Section 10. SecuriW and Source of Payment. The Refunding Bonds will be general obligations of the ~ty (~) This Council pledges to the payment of Debt Charges on the bonds the full faith and credit of the City incluffmg, without limitation: (i) The general taxing power of the City, including the power to levy taxes within the ten-mill limitation, as defined in Section 5705.02, Revised Code.