38-09 Anticpation Notes $495,000 Traffic Signals

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(b) Original Purchaser. This Council authorizes and directs the Director of Finance to select the Original Purchaser, either as an underwriter or as a purchaser in a private placement. The Original Purchaser must be paid for services in accordance with any Purchase Agreement, or, if there is no Purchase Agreement, in accordance with its proposal. (c) Registrar. The City retains the services of The Huntington Nafional Bank, or another bank or trust company as detemuned by the Director of Finance in the Certificate of Award, to act as Registraz for the Notes. The Registrar must perform the services as bond registrar, authenticating agent, paying agent, and transfer agent for the Notes as provided in this ordinance. The Registrar must be paid for those services in accordance with the Registraz Agreement. (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. In 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. (f) 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. -8-