2006 032 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 2006-32 PAGE 11 Certificate of Award, or any combination thereof. If such policy is obtained, then any provision of this ordinance, the Certificate of Award or the Registrar Agreement expressly recognizing or granting rights in or to the Bond Insurer may not be amended in any manner that affects the rights of the Bond Insurer hereunder without the prior written consent of the Bond Insurer. If such policy is obtained, then in the event that the debt charges on the Bonds shall be paid by the Bond Insurer pursuant to such policy, the Bonds shall remain outstanding for all purposes, not be defeased or otherwise satisfied and not be considered paid by the Village and the covenants, agreements and other obligations of the Village to the registered owners shall continue to exist and shall run to the benefit of the Bond Insurer, and the Bond Insurer shall be subrogated to the rights of such registered owners. (d) Application of Proceeds from Sale of Bonds. The proceeds from the sale of the Bonds received by the Village, except any premium and accrued interest, shall be paid into the proper fund or funds, and those proceeds are appropriated and sha11 be used for the purpose for wluch the Bonds are being issued, all as further specified in Section 9. Any portion of those proceeds received by the Village representing premium and accrued interest shall be paid into the Bond Retirement Fund. The expenditure of amounts necessary to pay financing costs (as defined in Section 133.01 of the Revised Code) in connection with the Bonds is authorized and approved. Section 7. Agreement to Provide Continuing Disclosure. The agreements of the Village set forth in this Section, shall constitute the continuing disclosure agreement made by the Village for the benefit of holders and beneficial owners from time to time of the Bonds for purposes of the Rule. The Village hereby agrees, in accordance with and as the only obligated person with respect to the Bonds under the Rule, for the benefit of the holders and beneficial owners from time to time of the Bonds, to provide or cause to be provided: (i) to any person upon request to the Director of Finance of the Village and annually to any SID, a copy of the Village's most recent audited financial statement which is the financial information and operating data regarding the Village that is customarily prepared by the Village and which is publicly available (the Annual Information); and (ii) to each NRMSIR ar to the MSRB, and to any SID, in a timely manner, notice of the occurrence of any Specified Event if such Event is material. The Director of Finance is further authorized and directed to establish procedures in order to ensure compliance by the Village with this agreement and to make necessary filings of information in accordance with clauses (i) and (ii) above, provided that prior to making any filing in accordance with clause (ii) or providing notice of any other events, the Director of Finance shall consult with, as appropriate, the Law Director and bond or other independent special counsel to the Village. The Director of Finance, acting on behalf of the Village, shall be entitled to rely upon any legal advice provided by the Law Director or such bond or other special counsel in determining whether a filing should be made under clause (ii) or otherwise. The Village reserves the right to amend its agreement made under this Section as may be necessary or appropriate to achieve its compliance with any federal securities law or rule or to cure any ambiguity, inconsistency or formal defect or omission, and, if a change in circumstances arises from a change in legal requirements, change in law, or change in the identity, nature, or status of the Village, or type of business conducted by the Village, to address any such change in