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2001-020 Ordinance
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2001-020 Ordinance
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1/16/2014 10:57:37 AM
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North Olmsted Legislation
Legislation Number
2001-020
Legislation Date
3/21/2001
Year
2001
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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) deternune, and to certify or otherwise represent, when the <br />official statement is to be "deemed final" (except for permitted omissions) by the City as of its date <br />or is a final official statement for purposes of paragraph (b) of the Rule, (iu) use and distribute, or <br />authorize the use and distribution o? those official statements and any supplements thereto in <br />connection with the original issuance of the Bonds, and (iv) complete and sign the final official <br />statement and any supplements thereto, together with such certificates, statements or other <br />documents in connection with the finality, accuracy and completeness of those official statements as <br />they may deem necessary or appropriate. <br />(c) A,greement to Provide Continuing Disclosure. For the benefit of the holders <br />and beneficial owners from time to time of the Bonds, the City agrees, as the only obligated <br />person with respect to the Bonds under the Rule, to provide or cause to be provided such <br />financial information and operating data, financial statements and notices, in such manner, as <br />may be required for purposes of paragraph (b)(5)(i) of the Rule. In order to describe and specify <br />certain terms of the City's continuing disclosure agreement for that purpose, and thereby to <br />implement that agreement, including provisions for enforcement, amendment and termination, <br />the Mayor and the Director of Finance, are authorized and directed to sign and deliver, in the <br />name and on behalf of the City, the Continuing Disclosure Certificate, in substantially the form <br />as is now on file with the Clerk of Council, with any changes or amendments that are not <br />inconsistent with this ordinance and not substantially adverse to the City and that are approved <br />by the Mayor and the Director of Finance on behalf of the City, all of which shall be <br />conclusively evidenced by the signing of that Certificate or amendments to it. The agreement <br />farmed, collectively, by the Bonds, this paragraph and that Certificate, shall be the City's <br />continuing disclosure agreement for purposes of the Rule, and its performance shall be subject to <br />the availability of funds and their annual appropriation to meet costs the City would be required <br />to incur to perform it. <br />(d) Application for Rating ar 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 companies 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 <br />for the purpose, and provide further for the payment of the cost of obtaining each such rating or <br />policy, except to tlie extent paid by the Original Purchaser in accordance witli the Purchase <br />Agreement, from the proceeds of the Bonds to the extent available and othenuise from any other <br />funds lawfully 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 <br />other financing costs (as defined in Section 133.01 of the Revised Code) in connection with the <br />Bonds is authorized and approved. <br />Section 7. Provisions for Tax Lew. There shall be levied on all the taxable <br />property in the City, in addition to all other taxes, a direct tax annually during the period the Bonds <br />-8-
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