2025-030 Ordinance - Laserfiche WebLink

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Revised Code) in connection with the Notes is gutter land approved, and the Director of Finance is authord a provide for the payment of any such summers and costs from the proceeds of the Notes to the extent available and otherwise from any other funds lawfully available that are appropriated or "I he appropriated for Nat pu lm;e. (d) Ohio Market Access Proomm. If the Director of Finance determines in the Certificate of Award for it m be in the best interest of and financially advantageous to the City, the City shall participate in the Treasurer ofState's Ohio Market Accem Rogmen. The Standby Note Purchase Agreement (Standby Nate Purchase Agreement) and Paying Agent Agreement (Paying Agent Agreement) are hereby mtlnrd in the forms as are now on file with the Clerk of Council with such changes not materially adverse to the City as may be approved by the officers of the City executing the Standby Note Purchase Agreement and Paying Agent Agreement The City acknowledges the agreenu n of the Treasurer of State in the Standby Now Purchase Agreement that, in the event the City is usable to repay the principal amount and accrued and unpaid interest of the Noes at their maturity, whether through its own funds or through the issuance of other obligaions of the City, the Treasurer of State agrees (A) to purchase the Notes from the holders or beneficial owners thereof upon their presentation to the Treasurer of State for such purchase at a price of par plus accrued'vaaest to maturity or (B) to purchase renewal notes of the City in a principal amour not greater than the principal amount of the Notes plus interest due at maturity, with such renewal notes bearing interest m the Renewal Note Rate (as defined in the Standby Now Purchase Agreement), mmuring not more data one year under the date of their and being prepayable m any time with 30 days' notice, provided that in connection with the Treasurer of Staw's purchase of such renewal notes the City shall deliver to the Treasurer of State an unqualified opinion of regionally recognized bond cuursel Out (i) such renewed notes are the legal, valid and binding general obligations of the City, mA the principal ofand interest on such removal notes, Orders paid from other sources, are to be paid fiorn the proceeds of the levy of ad valorem races, within the 11.1-mill lindeuov provided by the Chatter of the City, on all property subject to nd ve tman taxes levied by the City and (ip Owner on the renewal notes is "eluded from gross income for federal income tax purposes under Section 103 of the Internet Revenue Code, as amended, to the same extent that interest on the Notes is so excluded. The officers signing the Notes are authorised to take all actions that may in their judgment reasonably be necessary to provide for the Standby Now purchase Agreement, including but not limited to the inclusion of a notation on the room of the Notes providing notice to the holders or beneficial owners of the existence of the Standby Now Purchase Agreement and providing insinuations to such holders or beneficird owners regarding the presentation of the Note for purchase by me'treasurer of State at smted maturity. Section 7. Application f Nows Proceed . The proceeds firm the sale of the Noes, except any premium and accrued interest, shall be paid inn a separate fund of this City established Or the purpose set forth in Section 1 pursuant to Sections 5705.09 and 5705, 10 of the Revised Code, and thou prmeeds are appropriated and shall he used for Out purpose. The expenditure of those proceeds for Nat purpose, including, without limitation, for financing costs as defined in Section 133.01 of the Revised Cade, is hereby authorized and approved Any return of those procceds representing premium and accrued i umest shall he paid into the Bond Retirement Fund. -5-