2006 032 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 2006-32 PAGE 12 circumstances. Any such amendment shall not be effective unless and until the Village shall have received: (i) a written opinion of bond or other independent special counsel expert in federal securities laws that this agreement (as amended) would have complied with the requirements of the Rule at the time of the primary offering of the Bonds, after taking into account any amendments to or interpretations of the Rule, as well as any change in circumstances, and (ii) a written opinion of bond counsel or determination of the Bond Registrar or the holders or beneficial owners of at least 25% in aggregate principal amount of the Bonds then outstanding, that the amendment would not materially impair the interests of holders or beneficial owners or, if the amendment would materially impair the interests of holders or beneficial owners, the written approval of the amendment by all of the holders and beneficial owners of the Bonds then outstanding. The agreement of the Village made under this Section shall be solely for the benefit of the holders and beneficial owners from time to time of the Bonds. Any holder or beneficial owner may enforce the Village's obligation to provide or cause to be provided a filing that is due in accordance with that agreement, in the absence of any pertinent filing havmg been made (disregarding the sufficiency of the filing if a pertinent filing has been made), and holders and beneficial owners also may take actions or proceedings in accordance with Section 133.25(B)(4)(b) and (C)(1) of the Revised Code (or any like or comparable successor provisions) to enforce any other obligations of the Village under that agreement (including any obligation as to the sufficiency of any filing that is made); provided, that the right of the beneficial owners or holders to enforce any provision of the agreement shall be limited to a right to obtain specific enforcement of the Village's obligations. The performance by the Village of its agreement made under this Section shall be subject to the availability of funds and their annual appropriation to meet costs the Village would be required to incur in its performance. The agreement made by the Village under this Section shall remain in effect only for such period that the Bonds are outstanding in accordance with their terms and the Village remains an obligated person with respect to the Bonds within the meaning of the Rule. The obhgation of the Village to provide the Annual Information and notices of the events described above shall terminate, if and when the Village no longer remains such an obligated person; provided that the Village shall provide or cause to be provided notice of that termination to each NRMSIR, the MSRB and any SID. Section 8. Provisions for Tax Lew• Covenant to Pay Debt Charges on the Bonds from Municipal Income Taxes. There shall be levied on all the taxable property in the Village, in addition to all other taxes, a direct tax annually during the period the Bonds are outstanding m an amount sufficient to pay the debt charges on the Bonds when due, which tax shall not be less than the interest and sunking fund tax required by Section 11 of Article XII of the Ohio Constitution. The tax shall be within the ten-mill limitation imposed by law, shall be and is ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the same time that taxes for general purposes for each of those years are certified, levied, extended and collected, and shall be placed before and in preference to all other items and for the full amount thereof. The proceeds of the tax levy shall be placed in the Bond Retirement Fund, which is irrevocably pledged for the payment of the debt charges on the Bonds when and as the same fall due. In each year the amount of such property tax shall be reduced by