2022-078 Ordinance - Laserfiche WebLink

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providing for the payment of debt charges pacahIe on the Cho 's general obligation securities in that year from sources available for that purpose. will appropriate and maintain Nontax Rcveums at such times and in such amounts as will be sufticient, together with other funds available for the purpose. including but not limited to the proceeds of Bonds issued to retire the Notes, to pay the debt charges on the Notes as if the Notes had been issued without the prior issuance of the Notes. which Nontax Revenues are hereby selected by the City pursuant to Section 165.12 of the Revised Code as moneys that are not raised by taxation. Further, this City Council will give clTect to such appropriations in all ordinances it passes the caller in that year appropriating money ]or expenditure and encumbrance and limit the other appropriations of Nontax Revenues in that year to the amount available atter deducting the amount required Gtr the payment of debt charges payable on the City's general obligation securities and to pay those debt charges on the Notes. There is hereby created by the Circ a separate fund or account designated as the "Economic Development Nontax Revenue Debt Retirement Fund" or such other designation that may be provided pursuant to Section 13 hereof (the Debt Retirement Fund), into which shall be deposited (i) any Project Rcvcnucs upon receipt. (ii) proceeds of any Bonds to retire the Notes, and (iii) other Nontax Revenues on or prior to the date on which any debt charges on the Notes are due in an amount sufficient to pay those debt charges. Nothing herein shall be construed as requiring the City to use or apply to the payment of debt charges on the Notes any funds or revenues from amsource other than Nontax Revenues. Nothing herein, however, shall be deemed to prohibit the City. of its own volition, from using, to the extent that it is authorized by law to do so, any other resources for the fulfillment of any of the terms. conditions or obligations of this Ordinance or of the Notes. Section 10. Additional Covenants of the Citv. In addition to other representations and warranties of City contained in this Ordinance, the City covenants and agrees that: (a) Parin Obliaations. The City covenants that, so long as any of the Notes are outstanding. it shall not issue any parity Obligations unless, prior to passage of the ordinance authorizing such Parity Obligations. the Director of Finance shall have certified to this City Council that the average annual Nontax Rcvcnucs received by the City during the preceding two years, adjusted to reflect, if necessary, changes in the rates or charges resulting in the Nontax Revenues. aggregate in amount not less than 100% of the highest amount of (a) Bond debt charges and (h) required payments on such proposed Parity Obligations and any outstanding parity Obligations due in any succeeding calendar year. (b) Performance of Cotenants and ChN Actions. "I he City will at all times Iaithfully observe and perform all agreements, covenants, undertakings, stipulations and provisions to be performed on its part under this Ordinance and the Notes and under all proceedings of this City Council pertaining thereto. The City represents that (i) it is a municipal corporation, duly organized and existing under and by virtue of the laws of State: (ii) it is. and upon delivery of the Notes covenants that it will be, duly authorized by the Constitution and laws of the State including particularly and without limitation the Act and its Charter, to issue the Notes and to provide the security for payment of the debt charges on the Notes in the manner and to the extent set firth herein and in the Notes_ (iii) all actions on its part for the issuance of the Notes have been or gill be