89-100 Ordinance - Laserfiche WebLink

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including the assignment of the Loan Agreement and the Project Note, except for Unassigned Issuer's Rights, and (iii) secured by the Mortgage, the Security Agreement and the Assignment. The Project Bonds shall be further secured by the Letter of Credit and the proceeds therefrom and may be paid from the proceeds of the Letter of Credit. Anything contained in this Bond Legislation, the Bonds or the Indenture to the contrary notwithstanding, neither this Bond Legislation, the Bonds, nor the Indenture shall constitute a debt or a pledge of the full faith and credit of the Issuer, and the Bonds shall contain on the face thereof a statement to that effect and that such Bonds are payable solely from the Revenues; provided, that nothing herein shall be deemed to prohibit the Issuer, of its own volition, from using to the extent lawfully authorized to do so any other resources for the fulfillment of any of the terms, conditions or obligations of the Indenture, this Bond Legislation or any of the Bonds. Section 5. Sale of Project Bonds. The Project Bonds shall be sold and awarded to the Original Purchaser, in accordance with the Bond Purchase Agreement. The Executive, the Fiscal Officer and the Clerk are each authorized and directed to make the necessary arrangements with the Original Purchaser to establish the date, location, procedure and conditions for delivery of the Project Bonds to the Original Purchaser, and to take all steps necessary to effect due execution, authentication and delivery to the Original Purchaser of the Project Bonds under the terms of this Bond Legislation and the Indenture to the extent not provided for in the Bond Purchase Agreement. It is hereby determined that the price for and the terms of the Project Bonds and the sale thereof, all as provided in this Bond Legislation and the Bond Purchase Agreement, are in the best interest of the Issuer and in compliance with all legal requirements. Section 6. Allocation of Proceeds of Project Bonds. The proceeds of the sale of the Project Bonds shall be allocated and deposited as follows: (a) To the Bond Fund, any accrued interest paid by the Original Purchaser; and (b) To the Project Fund, the balance of the proceeds of the Project Bonds. The money to the credit of the Project Fund and the Bond Fund shall, pending disbursement, be subject to a lien and charge in favor of the Trustee as security for the payment of the Bond Service Charges on the Bonds as more fully described in the Indenture. Section 7. Prevailing Wage Rates. As provided in Section 165.031 of the Ohio Revised Code, the Issuer covenants and agrees that all wages paid to laborers and mechanics employed on the - 13 -