Ordinance 2015-086 - Laserfiche WebLink

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Revised Code) in connection with the Bonds, to the extent not paid by the Original Purchaser in accordance with the Purchase Agreement, is authorized and approved, and the Director of Finance is authorized to provide for the payment of the cost of obtaining each such rating, any such policy and all such other financing costs, except to the extent paid by the Original Purchaser in accordance with the Purchase Agreement, from the proceeds of the Bonds to the extent available and otherwise from any other funds lawfully available and that are appropriated or shall be appropriated for that purpose. Section 7. Prepayment of Outstanding Note. This Council determines that it is in the best interest of the City to prepay the Outstanding Note on a date within thirty days after the Closing Date, which date (the Prepayment Date) shall be determined by the Director of Finance on or promptly after the Closing Date. The Director of Finance is authorized and directed to give written notice of that prepayment to The Huntington National Bank, as paying agent for the Outstanding Note (the Paying Agent), and to The Huntington Investment Company, the original purchaser of the Outstanding Note, on or promptly after the Closing Date, and the Outstanding Note shall be prepaid in accordance with the terms of the Outstanding Note and the Prior Note Legislation. The City covenants for the benefit of the holder of the Outstanding Note and of the Bonds, that it will at no time take actions to modify or rescind that notice of prepayment once given, and that it will take, and will cause the Paying Agent and the original purchaser of the Outstanding Note to take, all steps required by the terms of the Prior Note Legislation and the Outstanding Note to provide for the prepayment of the Outstanding Note on the Prepayment Date. The Director of Finance is hereby authorized and directed to pay to the Paying Agent on or before the Prepayment Date any funds of the City, including any proceeds of the Bonds, on deposit in the Bond Retirement Fund or otherwise available for the payment of debt charges on the Outstanding Note determined by the Director of Finance to be applied for that purpose, in the amount required to provide for the retirement of the Outstanding Note on the Prepayment Date. Those funds and proceeds are appropriated and shall be applied to pay the prepayment price of the Outstanding Note on the Prepayment Date. Section 8. Provisions for Tax Levy. There shall be levied on all the taxable property in the City, in addition to all other taxes, a direct tax annually during the period the Bonds are outstanding in an amount sufficient to pay the debt charges on the Bonds when due, which tax shall not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Ohio Constitution. The tax shall be within the 11.1-mill limitation provided by the Charter of the City, shall be and is ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the same time that taxes for general purposes for each of those years are certified, levied, extended and collected, and shall be placed before and in preference to all other items and for the full amount thereof The proceeds of the tax levy shall be placed in the Bond Retirement Fund, which is irrevocably pledged for the payment of the debt charges on the Bonds when and as the same fall due. Section 9. Federal Tax Considerations. The City covenants that it will use, and will restrict the use and investment of, the proceeds of the Bonds in such manner and to such extent as may be necessary so that (a) the Bonds will not (i) constitute private activity bonds or arbitrage - 15 -