2009-021 Ordinance - Laserfiche WebLink

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,•As officer, (b) to take any and all other actions, make or obtain calculations, make payments, and make or give reports, covenants and certifications of and on behalf of the City, as may be appropriate to assure the exclusion of interest from gross income and the intended tax status of the Notes, and (c) to give one or more appropriate certificates of the City, for inclusion in the transcript of proceedings for the Notes, setting forth the reasonable expectations of the City regarding the amount and use of all the proceeds of the Notes, the facts, circumstances and estimates on which they are based, and other facts and circumstances relevant to the tax treatment of the interest on and the tax status of the Notes. Section 11. If in her judgment it is appropriate, the Director of Finance is authorized to request a rating for the Notes from Moody's Investors Service, Inc., Standard & Poor's Ratings Service or Fitch IBCA, or two or all of those rating agencies, as she determines is in the best interest of the City. The expenditure of the amounts necessary to secure any such ratings, as well as to pay the other financing costs (as defined in Section 133.01 of the Revised Code) in connection with the Notes, is hereby authorized and approved and the amounts necessary to pay those costs are hereby appropriated from the proceeds of the Notes. Section 12. The Clerk of Council is directed to deliver a certified copy of this ordinance to the County Auditor. Section 13. This Council determines that all acts and conditions necessary to be done or performed by the City or to have been met precedent to and in the issuing of the Notes 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 Notes have been performed and have been met, in regular and due form as required by law; that the full faith and credit and general property taxing power (as described in Section 9) of the City are pledged for the timely payment of the debt charges on the Notes; and that no statutory or constitutional limitation of indebtedness or taxation will have been exceeded in the issuance of the Notes. Section 14. This Council finds and determines that all formal actions of this Council and of any of its committees concerning and relating to the passage of this ordinance were taken, and that all deliberations of this Council and of any committees that resulted in those formal actions were held, in meetings open to the public in compliance with the law. -5-