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2001-034 Ordinance
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2001-034 Ordinance
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1/16/2014 10:57:34 AM
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North Olmsted Legislation
Legislation Number
2001-034
Legislation Date
3/21/2001
Year
2001
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thereof will not endanger the funds or securities of the City and after approval of the form of any such <br />agreement by the Director of Law. <br />Section 6. Sale of the Bonds. <br />(a) To the Original Purchaser. The Bonds shall be sold at private sale to the <br />Original Purchaser at a purchase price not less than 97% of the aggregate principal amount thereof <br />plus accrued interest on the Bonds from their date to the Closing Date, as shall be determined by the <br />Mayor and the Director of Finance in the Certificate of Award, and shall be awarded by the Mayor <br />and the Director of Finance with and upon such other terms as are required or authorized by this <br />ordinance to be specified in the Certificate of Award, in accordance with law, the provisions of this <br />ordinance and the Purchase Agreement. The Mayor and the Director of Finance are authorized, if it is <br />determined to be in the best interest of the City, to combine the issue of the Bonds with one or more <br />other bond issues of the City into a consolidated bond issue pursuant to Section 133.30(B) of the <br />Revised Code in which case a single Certificate of Award may be utilized for the consolidated bond <br />issue if appropriate and consistent with the terms of this ordinance. <br />The Mayor and the Director of Finance shall sign and deliver the Certificate of Award <br />and shall cause the Bonds to be prepared and signed and delivered, together with a true transcript of <br />proceedings with reference to the issuance of the Bonds, to the Original Purchaser upon payment of <br />the purchase price. The Mayor, the Director of Finance, the Director of Law, the Clerk of Council <br />and other City officials, as appropriate, each are authorized and directed to sign any transcript <br />certificates, financial statements and other documents and instruments and to take such actions as are <br />necessary or appropriate to consuminate the transactions contemplated by this ordinance. <br />The Mayor and the Director of Finance shall sign and deliver, in the name and on <br />behalf of the City and in their official capacities, the Purchase Agreement between the City and the <br />Original Purchaser, in substantially the form as is now on file with the Clerk of Council, providing for <br />the sale of the Bonds to, and the purchase of the Bonds by, the Original Purchaser. The Purchase <br />Agreement is approved, together with any changes or amendments that are not inconsistent with this <br />ordinance or the Certificate of Award and not substantially adverse to the City and that are approved <br />by the Mayor and the Directar of Finance on behalf of the City, all of which shall be conclusively <br />evidenced by the signing of the Purchase Agreement or amendments thereto. <br />(b) Primarv Offering Disclosure -- Official Statement. The Mayor and the <br />Director of Finance are authorized and directed, on behalf of the City and in their official capacities, <br />to (i) prepare or cause to be prepared, and make or authorize modifications, completions or changes <br />of or supplements to, a disclosure document in the form of an official statement relating to the <br />original issuance of the Bonds, (ii) determine, and to certify or otherwise represent, when the official <br />statement is to be "deemed final" (except for permitted omissions) by the City as of its date or is a <br />final official statement for purposes of paragraph (b) of the Rule, (iii) use and distribute, or authorize <br />the use and distribution of those official statements and any supplements thereto in connection with <br />the original issuance of the Bonds, and (iv) complete and sign the final official statement and any <br />supplements thereto, together with such certificates, statements or other documents in connection <br />with the finality, accuracy and completeness of those official statements and supplements as they may <br />deem necessary or appropriate. <br />-13-
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