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2001-033 Ordinance
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2001-033 Ordinance
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1/16/2014 10:57:35 AM
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North Olmsted Legislation
Legislation Number
2001-033
Legislation Date
3/21/2001
Year
2001
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with such certificates, statements or other documents in connection with the finality, accuracy and <br />completeness of those official statements as they may deem necessary or appropriate. <br />(c) Agreement to Provide Continuing Disclosure. Far the benefit of the holders <br />and beneficial owners from time to time of the Bonds, the City agrees, as the only obligated person <br />with respect to the Bonds under the Rule, to provide or cause to be provided such financial <br />information and operating data, financial statements and notices, in such manner, as may be <br />required for purposes of paragraph (b)(5)(i) of the Rule. In order to describe and specify certain <br />terms of the City's continuing disclosure agreement for that purpose, and thereby to implement <br />that agreement, including provisions for enforcement, amendment and termination, the Mayor and <br />the Director of Finance, are authorized and directed to sign and deliver, in the name and on behalf <br />of the City, the Continuing Disclosure Certificate, in substantially the form as is now on file with <br />the Clerk of Council, with any changes or amendments that are not inconsistent with this ordinance <br />and not substantially adverse to the City and that are approved by the Mayor and the Director of <br />Finance on behalf of the City, all of which shall be conclusively evidenced by the signing of that <br />Certificate or amendments to it. The agreement formed, collectively, by the Bonds, this paragraph <br />and that Certificate, shall be the City's continuing disclosure agreement for purposes of the Rule, <br />and its performance shall be subject to the availability of funds and their annual appropriation to <br />meet costs the City would be required to incur to perform it. <br />(d) Application for Rating or Bond Insurance. If, in the judgment of the Mayor or <br />the Director of Finance, the filing of an application for (i) a rating on the Bonds by one or more <br />nationally-recognized rating agencies, or (ii) a policy of insurance from a company or comparues to <br />better assure the payment of principal of and interest on the Bonds, is in the best interest of and <br />financially advantageous to this City, the Mayor or the Director of Finance may prepare and submit <br />those applications, provide to each such agency or company such information as may be required for <br />the purpose, and provide further for the payment of the cost of obtaining each such rating or policy, <br />except to the extent paid by the Original Purchaser in accordance with the Purchase Agreement, from <br />the proceeds of the Bonds to the extent available and otherwise from any other funds lawfully <br />available and that are appropriated or shall be appropriated for that purpose. <br />The expenditure of the amounts necessary to secure those ratings and to pay the other <br />financing costs (as defined in Section 133.01 of the Revised Code) in connection with the Bonds is <br />authorized and approved. <br />Section 7. Provisions for Tax Levv. There shall be levied on all the taxable property <br />in the City, in addition to all other taxes, a direct tax annually during the period the Bonds are <br />outstanding in an amount sufficient to pay the debt charges on the Bonds when due, which taY sha11 <br />not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Ohio <br />Constitution. The tax shall be unlimited as to amount or rate, shall be and is ordered computed, <br />certified, levied and extended upon the tax duplicate and collected by the same officers, in the same <br />manner and at the same time that taxes for general purposes for each of those years are certified, <br />levied, extended and collected, and shall be placed before and in preference to all other items and for <br />the full amount thereof. The proceeds of the tax levy shall be placed in the Bond Retirement Fund, <br />wluch is irrevocably pledged for the payment of the debt charges on the Bonds when and as the same <br />fall due. <br />-14-
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