Laserfiche WebLink
other paying agents for Bonds and to the City. Any payment of principal or interest pursuant to such an <br />agreement shall constitute payment thereof pursuant to, and for all purposes of, this Ordinance. <br />The Director of Finance and the Mayor of the City are authorized and directed to execute, <br />acknowledge and deliver, in the name of and on behalf of the City, the letter agreement among the City, the <br />Bond Registrar and The Depository Trust Company, as depository, to be delivered in connection with the <br />issuance of the Bonds to the Depository for use in a book-entry system in substantially the form submitted <br />to this Council. <br />The City may decide to discontinue use of the book -entry system through the Depository. In that <br />event, Bond certificates will be printed and delivered to the Depository. <br />If any Depository determines not to continue to act as a depository for the Bonds for use in a book - <br />entry system, the City and the Bond Registrar may attempt to establish a securities depository/book-entry <br />relationship with another qualified Depository under this Ordinance. If the City and the Bond Registrar do <br />not or are unable to do so, the City and the Bond Registrar, after the Bond Registrar has made provision for <br />notification of the beneficial owners by the then Depository, shall permit withdrawal of the Bonds from the <br />Depository and authenticate and deliver bond certificates in filly registered form to the assigns of the <br />Depository or its nominee, all at the cost and expense (including costs of printing and delivering definitive <br />Bonds), if the event is not the result of action or inaction by the City or the Bond Registrar, of those persons <br />requesting such issuance. <br />Section 9. Debt Service Levy. There shall be and is hereby levied annually on all the taxable <br />property in the City, in addition to all other taxes and inside the ten mill limitation, a direct tax (the "Debt <br />Service Levy ") for each year during which any of the Bonds are outstanding, for the purpose of providing, <br />and in an amount which is sufficient to provide, funds to pay interest upon the Bonds as and when the same <br />falls due and to provide a fund for the repayment of the principal of the Bonds at maturity or upon <br />redemption . The Debt Service Levy shall not be less than the interest and sinking fimd tax required by <br />Article XII, Section l 1 of the Ohio Constitution; provided, however, that in each year to the extent that <br />funds are available from other sources and are lawfully appropriated for the payment of the Bonds, the <br />amount of the Debt Service Levy shall be reduced by the amount of such funds so available and <br />appropriated. <br />The Debt Service Levy shall be and is hereby ordered computed, certified, levied and extended <br />upon the tax duplicate and collected by the same officers, in the same manner, and at the same time that <br />taxes for general purposes for each of such years are certified, extended and collected. The Debt Service <br />Levy shall be placed before and in preference to all other items and for the fill amount thereof. The funds <br />derived from the Debt Service Levy shall be placed in a separate and distinct fund, which shall be <br />irrevocably pledged for the payment of the interest and principal of the Bonds when and as the same falls <br />due. <br />Section 10. Sale of the Bonds. The Bonds shall be sold at private sale to KeyBanc Capital <br />Markets Inc., Cleveland, Ohio (the "Original Purchaser "), at the purchase price set forth in the Certificate of <br />Fiscal Officer, plus interest accrued to the date of delivery of the Bonds to the Original Purchaser. The <br />Director of Finance and the Mayor of the City, or either of them individually, are authorized and directed to <br />execute on behalf of the City a Bond Purchase Agreement with the Original Purchaser, setting forth the <br />conditions under which the Bonds are to be sold and delivered, which Bond Purchase Agreement shall be in <br />such form, not inconsistent with this Ordinance, as the Director of Finance shall determine. <br />Section 11. Establishment of Escrow Fund; Escrow Trustee. There is hereby created and <br />established, as an account within the Bond Retirement Fund of the City, a trust fund to be designated "City <br />98547750 <br />