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<br />(b) Underwriter. The City retains the services of Wachovia Bank, National <br />Association, as Underwriter for the Notes. The Underwriter must be paid for <br />services in accordance with the Purchase Agreement, <br /> <br />(c) Registrar. The City retains the services of The Huntington National Bank, or <br />another bank or trust company as determined by the Director of Finance in the <br />Certificate 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 (I) a rating on the Notes by one or more nationally- <br />recognized statistical rating organizations or (2) a policy of insurance to better <br />assure the payment of principal of and interest on the Notes, is in the best interest <br />of and financially advantageous to the City, the Director of Finance must prepare <br />and submit those applications and provide to each of those organizations or <br />insurance companies the information required for the purpose. This Council <br />further authorizes the fees for those ratings and the premiums for the insurance to <br />be included in Financing Costs authorized under Section 8(f) below, <br /> <br />(e) Limits on Anthority of Service Proyiders. In rendering the services described <br />above, as independent contractors, those service providers must not exercise any <br />administrative discretion on behalf of the City in the formulation 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 />(f) 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 in accordance with the Purchase Agreement. To the extent they are <br />not paid by the Underwriter, this Council authorizes and directs the Director of <br />Finance to provide for the payment of those Financing Costs from the proceeds of <br />the Notes to the extent available and, otherwise, from any other fimds lawfully <br />available and appropriated for the purpose. <br /> <br />Section 9. Use of Note Proceeds. The proceeds from the sale of the Notes must be <br />deposited and used as provided in this Section 9, <br /> <br />(a) 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) The remainder of the proceeds must be paid into the proper fund or fimds and <br />used for the payment of the costs of the Project and any Financing Costs of the <br />Notes to the extent that those Financing Costs are not paid by the Underwriter in <br /> <br />5 <br />