92-114 Ordinance - Laserfiche WebLink

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The Director of Finance is also hereby authorized and directed to the extent necessary or required to enter into any agreements determined necessary in connection with the book entry system for the Bonds, after determining that the signing thereof will not endanger the funds or securities of the City and after the approval of the form of any such agreement by the Director of Law. Section 7. The Bonds are sold at private sale to National City Bank (the Original Purchaser) at not less than 97% of par plus any accrued interest from the date of the Bonds to the date of delivery to the Original Purchaser, and shall be awarded by the Director of Finance with the final purchase price, aggregate principal amount and interest rate or rates as set forth in the Certificate of Award, all in accordance with law, the provisions of this ordinance and the Bond Purchase Agreement between the City and the Original Purchaser (the Bond Purchase Agreement). The Director of Finance shall also determine in the Certificate of Award the date of the Bonds, if other than October 15, 1992, and whether the Bonds shall be issued in book entry form. The Director of Finance is authorized, if it is determined to be in the best interest of the City, to combine the issue of Bonds with one or more other bond issues of the City into a consolidated bond issue pursuant to Section 133.30(B) of the Revised Code (the Consolidated Bonds). The Mayor and the Director of Finance shall sign and deliver, in the name of and on behalf of the City, the Bond Purchase Agreement in substan- tially the form as is now on file with the Clerk of Council. The Bond Purchase Agreement is approved, together with any changes or amendments that are not inconsistent with this ordinance or the Certificate of Award and not substantially adverse to the City and that are approved by the Mayor and the Director of Finance on behalf of the City, all of which shall be conclusively evidenced by the signing of the Bond Purchase Agreement or amendments to the Bond Purchase Agreement. The Director of Finance shall cause the Bonds to be prepared and signed and delivered, together with a true transcript of proceedings with reference to the issuance of the Bonds, to the Original Purchaser upon payment of the purctiase price. The Mayor, the Director of Finance, the Clerk of Council and other City offici.als, as appropriate, are each authorized and directed to sign any transcript certificates, financial statements and other documents and instruments and to take such actions as are necessary or appropriate to consummate the transactions contemplated by this ordinance. If it is determined by the Director of Finance to be in the best interest of the City to file an application for a municipal bond insurance policy to assure the payment of principal of and interest on the Bonds with one or more nationally recognized bond insurance companies, the Director of Finance is authorized to prepare and submit those applications and to provide to such companies such information as may be required for the purpose. The Director of Finance shall provide for the payment of the cost of obtaining any such policy from the proceeds of the Bonds to the extent available and then from other money lawfully available and appropriated or to be appropriated for that purpose. - 6 -