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compensation for those legal services in accordance with its proposal and letter of <br />engagement. <br />(b) Original Purchaser. This Council authorizes and directs the Director of Finance to <br />select the Original Purchaser, either as an underwriter or as a purchaser in a private <br />placement. The Original Purchaser must be paid for services in accordance with any <br />Purchase Agreement, or, if there is no Purchase Agreement, in accordance with its <br />proposal. <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 />(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 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 />companies the information required for the purpose. This Council further <br />authorizes the fees for those ratings and the premiums for the insurance to be <br />included in Financing Costs authorized under Section 9(f) below. <br />(e) Limits on Authority of Service Providers. 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 />(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 />Original Purchaser. To the extent they .are not paid by the. Original Purchaser, this <br />Council authorizes and directs the Director of Finance to provide for the payment <br />of those Financing Costs from the proceeds of the Notes to the extent available <br />and, otherwise, from any other funds lawfully available and appropriated for the <br />purpose. <br />Section 10. Use of Note Proceeds. The proceeds from the sale of the Notes must be <br />deposited and used as provided in this Section 10. <br />-8- <br />