2016-105 Ordinance - Laserfiche WebLink

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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. Refunding; Redemption of Refunded Bonds. This Council determines that it is necessary and in the best interest of the City to refund all of the Refunded Bonds and to redeem all of the Refunded Bonds by optional redemption on a date within sixty days after the Closing Date, which date shall be determined by the Director of Finance and specified in the Escrow Agreement, at a redemption price of 100% of the principal amount thereof, plus accrued interest to the redemption date, in accordance with the Series 2006I Bond Legislation. The Director of Finance is authorized and directed to give to U.S. Bank National Association, as the bond registrar for the Refunded Bonds, or to its successor as the authenticating agent, bond registrar, transfer agent and paying agent for the Refunded Bonds, on or promptly after the Closing Date, written notice of that call for redemption, and those Refunded Bonds shall be redeemed in accordance with the Series 20061 Bond Legislation and the Escrow Agreement. The City covenants for the benefit of the holders of the Refunded Bonds and of the Bonds, that it will at no time on or after the Closing Date take actions to modify or rescind that call for prior redemption, and that it will take, and will cause the bond registrar and paying agent for the Refunded Bonds to take, all steps required by the terms of the Refunded Bonds to make and perfect that call for prior redemption. Section 8. Escrow Trustee. U.S. Bank National Association is authorized and appointed to act as the initial Escrow Trustee with respect to the refunding of the Refunded Bonds. -12-