85-019 Ordinance - Laserfiche WebLink

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A11 Bonds shall be negotiable instruments within the meaning of Chapter 165 of the Ohio Revised Code, subject to applicable provisions for registration, and shall express on their faces the purpose for which they are issued and such other statements or legends as may be required by law. If B onds are duly called for redemption and if on such redemption date moneys for the redemption of all the Bonds to be redeemed, together with accrued interest to the redemption date, shall be held by the Trustee so as to be available therefor, then from and af ter such redemption date such B onds shall cease to bear interest. The Bonds shall be executed on behalf of the Issuer by the Executive and the Fiscal Officer of the Issuer, provided that any or ail of such signatures may be facsimiles, and the seal of the Executive shall be impressed thereon or a facsimile of such seal placed thereon. In case any officer whose signature or a facsimile thereof shall appear on any Bond shall cease to be such officer before the issuance, authentication or delivery of the B ond, such signature or facsimile thereof shall nevertheless be valid and sufficient for all purposes, the same as if he had remained in office until after that time. Section 5. Securitv for the Bonds. As provided herein, the B onds shall be payable solely rom the B ond F und, the Reserve Fund and the Pledged Receipts and secured by a pledge of and lien on the Pledged Receipts, the B ond Fund and the Reserve F und, and shall be further secured by the M ortgage, the G uaranty Agreement and the Indenture. Anything in the Bond Legislation, the Indenture, the Bonds or any other agreement or instrument to the contrary notwithstanding, neither the Bond Legislation, the Bonds, the Indenture, the Loan Agreement, the B ond Purchase Agreement, the Mortgage nor the Guaranty Agreement shall represent or constitute a debt or pledge of the faith and credit or the taxing power of the Issuer, and each Bond shall contain on the face thereof a statement to that effect. Nothing herein shall be deemed to prohibit the Issuer, of its own volition, from using, to the extent it may be lawfully authorized to do so, any other resources or revenues for the fulfillment of any of the terms, conditions or obligations of the Indenture, the Bond Legislation or the Bonds. Section 6. Sale of Bonds, The Bonds are hereby sold and awarded to the Original Purchaser, in accordance with its offer therefor in the Bond Purchase Agreement, at a purchase price of 100$ of the principal amount of the B onds being purchased by it, aggregating $430,000, plus accrued interest (if any) from the date of the B onds to their date of delivery to the Original Purchaser. The Executive and the Fiscal Officer are authorized and directed to make on behalf of the Issuer the necessary arrangements with the Trustee and the Original Purchaser to establish the date, location, procedure and conditions for the delivery of the Bonds to the Original P urchaser, and to take all steps necessary to eff ect due execution, authentication and delivery to'the Original P urchaser of the B onds purchased by it under the terms of this Bond Legislation, the Indenture and the Bond Purchase Agreement. It is hereby determined that the price for and the terms of the Bonds, and 'zhe sale thereof, all as provided in this B ond Legislation and the B ond Purchase Agreement, are in the best interest of the Issuer and consistent with all legal requirements. Section 7. Allocation of Proceeds of Bond - Construction F und. There is hereby created by the Issuer and ordered maintained, as a separate deposit account (except when invested as hereinafter provided) in the custody of the - 9 -