37-09 Repeal Ordinance 26-09 - Laserfiche WebLink

Home Browse Search

(d) Ratings and Insurance. If, in the judgment of the Director of Finance, the filing of an application for (1) a rating on the Notes by one or more nationally recognized statistical rating organizations or (2) a policy of insurance to better assure the payment of principal of and interest on the Notes, is in the best interest of and financially advantageous to the City, the Director of Finance must prepare and submit those applications and provide to each of those organizations or companies the information required for the purpose. This Council further authorizes the fees for those ratings and the premiums for the insurance to be included in Financing Costs authorized under Section 9(f) below. (e) Limits on Authority of Service Providers. Tn rendering the services described above, as independent contractors, those service providers must not exercise any administrative discretion on behalf of the City in the formulation of public policy; expenditure of public funds; enforcement of laws, rules and regulations of the State of Ohio, the City, or any other political subdivision; or the execution of public trusts. (fj 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 Notes. Those Financing Costs may be paid by the Original Purchaser. To the extent they are not paid by the Original Purchaser, this Council authorizes and directs the Director of Finance to provide for the payment of those Financing Costs from the proceeds of the Notes to the extent available and, otherwise, from any other funds lawfully available and appropriated for the purpose. Section 10. Use of Note Proceeds. The proceeds from the sale of the Notes must be deposited and used as provided in this Section 10. (a) Any accrued interest or premium received on the sale of the Notes must be deposited in the Bond Retirement Fund of the City and be used for the payment of interest on the Notes at their maturity. (b) The remainder of the proceeds must be paid into the proper fund or funds and used for the payment of the costs of the Project and any Financing Costs of the Notes to the extent that those Financing Costs are not paid by the Original Purchaser and to the extent that the Director of Finance determines to pay those Financing Costs from the proceeds of the Notes. Section 11. Security and Sources of Payment. The Notes will be general obligations of the City. (a) This Council pledges to the payment of Debt Service on the Notes the full faith and credit of the City including, without limitation: -9-