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(b) Underwriter. The City retains the services of A.G. Edwards & Sons~ Inc., as <br /> Underwriter for the Notes. The Underwriter must be paid for~ services in accordance <br /> with its underwriting proposal <br /> <br /> (c) Registrar. The City r~tains the services of The Huntington National Bank, or <br /> another bank or trust company as determined by the Director of Finance in the <br /> Ccu~ificate of Award, to act as Registrar for the Notes. The Registrar must perform <br /> the services as bond registrar, authenticating agent, paying agent, and transfer agent <br /> for the Notes as provided in this ordinance. The Registrar must be paid for those <br /> services in accordance with the Registrar Agreement. <br /> <br /> (d) Ratings and Insurance. If, in the judgment of the Director of Finance, the filing <br /> of an application for (1) a rating on the Notes by one or more nationally- <br /> recognized rating agencies or (2) a policy of Insurance to better assure the <br /> payment of principal of and interest on the Notes, is in the best interest of and <br /> financially advantageous to the City, the Director of Finance must prepare and <br /> submit thuse applications and provide to each of those agencies or compadies fue <br /> information required for the pnrpose. This Council further authorizes the fees for <br /> those ratings and the premiums for the insurance to be included in Financing <br /> Costs an~orized under Section 8(0 below. <br /> <br /> (e) Linfits in Authority of Service Providers. In rendering the services described <br /> above; as independent centractors~ those service providers must not exercise any <br /> admirfistrative discretion on behalf of fue City in the fonnulatiun of public policy; <br /> expenditure of public funds; enforcement of laws, rules and regulations of the State <br /> of Ohio, the City, or any other political subdivision; or the execution of public trusts. <br /> <br />(0 Payment of Financing Costs. This Council authorizes and approves the <br /> expenditure of the amounts necessary to pay those Financing Costs specifically <br /> authorized above and all other necessary Financing Costs in connection with the <br /> issuance and sale of the Notes. Those Financing Costs may be paid by the <br /> Underwriter. To the extent they are not paid by the Underwriter, this Council <br /> authorizes and directs the Director of Finance to provide for the payment of those <br /> Financing Costs from the proceeds of the Notes to the extent available and, <br /> otherwise, from any other funds lawfully available and appropriated for the <br /> purpose. <br /> <br /> Section 9. [[se of Note Proceeds. The proceeds from the sale of the Notes must be <br />deposited end used as provided in this Section 9. <br /> <br />Any accrued interest or premium received on the sale of the Notes must be <br />.deposited in the Bond Retirement Fund of the City and be used for the payment of <br />interest on the Notes at their maturity. <br /> <br />(b) <br /> <br />The amount necessary to pay for any costs of the Project and any Financing Costs <br />of the Notes to the extent that those Financing Costs are not paid by the <br />Undenvriter and to the extent that the Director of Finance determines to pay those <br />Financing Costs from the proceeds of the Notes <br /> <br />(c) The remainder of the proceeds must be paid into the proper fund or funds and <br /> used to retire the Outstanding Notes at thek maturity. <br /> <br /> Section 10. Security and Sources of Payment. The Notes will ~e general obligations <br />of the City. <br /> <br />(a) <br /> <br />This Council pledges to the payment of Debt Service on the Notes the full faith <br />and credit of the City including, without limitation: <br /> <br />O) <br /> <br />The general taxing power of the City, including the power to levy taxes <br />within the tan-mill limitation, as defined in Section 5705.02, Revised <br />Code. <br /> <br />4 <br /> <br /> <br />