2022-077 Ordinance - Laserfiche WebLink

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anticipation note issues of the City into a consolidated note issue pursuant to Section I33.30(B) of the Revised Code. (b) Note _Purchase Attrecinent. If the Director of Finance and the Original Purchaser determine to use it Note Purchase Agreement, then the Mayor and the Director of Finance shall sign and deliver, in the name and on behalf of the City, the Note Purchase Agreement between the City and the Original Purchaser (the Note Purchase Agreement), in substantiallc the form as is now on file with the Clerk of Council, providing for the sale to, and the purchase by. the Original Purchaser of the Notes. the Note Purchase Agreement is approved. together with arty changes or amendments that are not inconsistent with this Ordinance and not substantially adverse to the City and that are approved by the Director of Finance on behalf of the City_ all of which shall be conclusively evidenced by the signing ofthe Note Purchase Agreement or amendments thereto. (c) Application for Rating F inancing Costs. The Director of Financc is authorized to request a rating for the Notes from one or more nationally-recognized rating agencies in connection with the sale and issuance of the Notes. 'I lie expenditure of the amounts accessary to secure those rating(s) and to pay the other financing costs fas defined in Section 133.01 of the Revised C'odc) in connection with the Notes is authorized and approved. and the Director of Finance is authorized to provide for the payment of am such amounts and costs firom the proceeds of the Notes to the extent available and otherwise from any other funds lawfully available that are appropriated or shall be appropriated for that purpose. Section 7. Application of Notes Proceeds. The proceeds from the sale of the Notes_ except any premium and accrued interest. shall be paid into a separate fund of this Citv established for the purpose set forth in Section I pursuant to Sections 5705.09 and 5705.10 of the Revised Code, and those proceeds arc appropriated and shall be used for that purpose. 'The expenditure of those proceeds for that purpose. including, without limitation, for financing costs as defined in Section 133.01 of the Revised Code. is herehc authorized and approved. Any portion of those proceeds representing premium and accrued interest shall be paid into the Bond Retirement fund. Section 8. Application and Pledge of Bond or Renewal Note Proceeds or Excess Funds. the par value to be received from the sale of the Bonds or of any renewal notes and any excess funds resulting from the issuance of the Notes shall, to the extent necessary. be used to pay the debt charges on the Notes at maturity and arc pledged for that purpose. Section 9. Provisions for Tau le,, N. During the year or yews in which the Notes are outstanding, there shall be levied on all the taxable property in the City, in addition to all other taxes, the same lax that would have been levied it the Bonds had been issued without the prior issuance of the Notes. ']he tax shall he within the 11.1 -mill limitation provided by the Charier of the Cit, 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 irreyocablp pledged for the payment of the debt charges (in the Notes or the Bunds when and as the sante fall due. To the extent the real estate purchased with the proceeds of the Notes is used for sanitary sewor and storm water control then in each year to the extent that rcyenucs from lire City's sanitary sewerage system or M