2000-086 Ordinance - Laserfiche WebLink

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are based, and other facts and circumstances relevant to the tax treatment or status of the Bonds and interest thereon. Each covenant made in this Section with respect to the Bonds is also made with respect to ali issues any portion of the debt service on which is paid from proceeds of the Bonds (and, if different, the original issue and any refeuzding issues in a series of refundings), to the extent such compliance is necessary to assure exclusion of interest on the Bonds from gross income for federal income tax purposes, and the officers identified above are authorized to take actions with respect to those issues as they are authorized in this Section to take with respect to the Bonds. Section 9. Certification and Delivery of Ordinance and Certificate of Award. The Clerk of Council is directed to deliver promptly a certified copy of this ordinance and a signea copy of the Certificate of Award to the Cuyahoga County Auditor as soon as each is available. Section 10. Satisfaction of Conditions for Bond Issuance. This Council determines that a11 acts and conditions necessary to be performed by the City or to have been met precedent to and in the issuing of the Bonds in order to make them legal, valid and binding general obligations of the City of North Olmsted have been performed and have been met, or will at the time of delivery of the Bonds have been performed and have been met, in regulaz and due form as required by law; that the full faith and credit and generai property taxing power (as described in Section 7) of the City are pledged for the timely payment of the debt charges on the Bonds; and that no statutory or constitutional limitation of indebtedness or taxation will have been exceeded in the issuance of the Bonds. Section 11. Retention of Counsel. The legal services of the law firm of Squire, Sanders & Dempsey L.L.P. be and are hereby retained. Those legal services shall be in the nature of legal advice and recommendations as to the documents and the proceedings in connection with the authorization, saie and issuance of the Bonds and rendering at delivery a related legal opinion, a11 as set forth in the form of engagement letter dated as of July 17, 2000, now on file in the office of the Clerk af Council. In providing those legal services, as an independent contractor and in an attorney-client relationship, that firm shall not exercise any administrative discretion on behalf of this City in the formulation of public policy, expenditure of public funds, enforcement of laws, rules and regulations of the State, any county or municipal corporation or of this City, or the execution of public trusts. For those legal services that firm shall be paid just and reasonable compensation and sha11 be reimbursed for actual out-of-pocket expenses incurred in providing those legal services. The Director of Finance is authorized and directed to sign and detiver the engagement letter, to make appropriate certification as to the availability of funds for those fees and any reimbursement and to issue an appropriate order for their timely payment as written statements are submitted by that Firm. Section 12. Compliance with Open Meeting Requirements. This Council finds and deternunes that all formal actions of this Council concerning and relating to the passage of this ordinance were taken in an open meeting of this Council and that all deliberations of this Council and of any committees that resuited in those formal actions were in meetings open to the public in compliance with the law. -16- ?.