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2014 017 Ordinance
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2014 017 Ordinance
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Last modified
11/19/2018 4:10:57 PM
Creation date
9/11/2018 4:34:36 AM
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Legislation-Meeting Minutes
Document Type
Ordinance
Number
017
Date
7/7/2014
Year
2014
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ORDINANCE NO. 2014-17 PAGE 11 <br />Each covenant made in this Section with respect to the Bonds is also made with respect <br />to a11 issues any portion of the debt charges on which is paid from proceeds of the Bonds (and, if <br />different, the original issue and any refunding issues in a series of refundings), to the extent such <br />compliance is necessary to assure exclusion of interest on the Bonds from gross income for federal <br />income tax purposes, and the officers identified above are authorized to take actions with respect <br />to those issues as they are authorized in this Section to take with respect to the Bonds. <br />Section 14. Certification and Deliverv of Ordinance and Certificate of Award. <br />The Clerk of Council is directed to deliver or cause to be delivered a certified copy of this <br />Ordinance and a signed copy of the Certificate of Award to the Cuyahoga County Fiscal Officer. <br />Section 15. Satisfaction of Conditions for Bond Issuance. This Council <br />determines that all acts and conditions necessary to be performed by the Village or to have been <br />met precedent to and in the issuing of the Bonds in order to make them legal, valid and binding <br />general obligations of the Village have been performed and have been met, or will at the time <br />of delivery of the Bonds have been performed and have been met, in regular and due form as <br />required by law; that the full faith and credit and general property taxing power (as described in <br />Section 12) of the Village are pledged for the timely payment of the debt charges on the Bonds; <br />and that no statutory or constitutional limitation of indebtedness or taxation will have been <br />exceeded in the issuance of the Bonds. <br />Section 16. Retention of Bond Counsel. The legal services of Squire Patton Boggs <br />(US) LLP, as bond counsel, be and are hereby retained. The legal services shall be in the nature of <br />legal advice and recommendations as to the documents and the proceedings in connection with the <br />issuance and sale of the Bonds and the rendering of the necessary legal opinion upon the delivery <br />of the Bonds. In rendering those legal services, as an independent contractor and in an attorney- <br />client relationship, that firm shall not exercise any admiiustrative discretion on behalf of the <br />Village in the formulation of public policy, expenditure of public funds, enforcement of laws, rules <br />and regulations of the State, the Village or any other political subdivision, or the execution of <br />public trusts. That firm sha11 be paid just and reasonable compensation for those legal services and <br />shall be reimbursed for the actual out-of-pocket expenses it incurs in rendering those legal <br />services, whether or not the Bonds are ever issued. The Director of Finance is authorized and <br />directed, to the extent they are not paid by the Original Purchaser, to make appropriate <br />certification as to the availability of funds for those fees and any reimbursement and to issue an <br />appropriate order for their tnnely payment as written statements are submitted by that firm. <br />Section 17. Compliance with Open Meetiniz Requirements. This Council finds <br />and determines that all formal actions of this Council and any of its committees concerning and <br />relating to the passage of this Ordinance were taken in an open meeting of this Council or its <br />committees, and that all deliberations of this Council and any of its committees that resulted in <br />those formal actions were in meetings open to the public, all in compliance with the law.
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