Ordinance 2015-087 - Laserfiche WebLink

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counsel selected by the City. The Director of Finance, acting in the name and on behalf of the City, shall be entitled to rely upon any such legal advice in determining whether a filing should be made. The performance by the City of its Continuing Disclosure Agreement shall be subject to the annual appropriation of any funds that may be necessary to perform it. (d) Application for Rating or Bond Insurance; Financing Costs. If, in the judgment of the Mayor or the Director of Finance,the filing of an application for(i) a rating on the Bonds by one or more nationally recognized rating agencies, or (ii) a policy of insurance from a company or companies to better assure the payment of principal of and interest on all or a portion of the Bonds, is in the best interest of and financially advantageous to this City, the Mayor or the Director of Finance may prepare and submit those applications. The Director of Finance is also authorized to provide to each such agency or company such information as may be required for the purpose. If, in their judgment, it is in the best interest of and financially advantageous to the City,the Mayor or the Director of Finance may accept a commitment for insurance issued by a nationally recognized municipal bond insurance company insuring the payment when due of the principal of and interest on all or any portion of the Bonds. The Mayor or the Director of Finance may to enter into any agreements, on behalf of and in the name of the City, that they determine to be necessary or required to obtain such ratings or insurance, which agreements may be included in the Registrar Agreement. The expenditure of the amounts necessary to secure any such rating or ratings on the Bonds and any such policy and to pay the other financing costs (as defined in Section 133.01 of the 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. - 15 -