2025-031 Ordinance - Laserfiche WebLink

Home Browse Search

approved by the Director of Finance on behalf of the City, all of which shall be emulatively evidenced by the signing of the Note Purchase Agreement or amendments thereto. (c) Application for Retina Finanine Costs. The Director of Finance is authorized m recluest a rating for the Notes fipm ore or more nationally-recognired rating agencies in wonection with the sale ad issuance of the Notes. The expenditure of the amounts necessary to secure those Ta[in ts) and in pay the other bouncing costs (as defined in Section 133.01 of the Revised Cade) in contraction with the Notes is authorizd and approved, and the Director of Firearm is authorized to provide for the payment of any such amounts and costs from the proceeds of the Notes to the extent available and otherwise fiom any other funds lawfully available that are appropriated or shall be appropriated for that purpose. (d) Ohio Market Acreas Program. If the Director of Finance determines in the Certificate of Award for it to be in the ben interest of and financially advantageous to the City, the City shall participate in the Treasurer ofState's Ohio Market Access Program. The Standby Now Purchase Agreement (Standby Note Purchase Agreement) and Paying Agent Agreement (Paying Agent Agreement) am hereby authorised in the forms as are new 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 Now Purchase Agreement and Paying Agent Agreement. The City acknowledges the agreement of the Treasurer of Store in the Sotheby Note Purchase Agreement that, in the event the City is unable to relay the principal amount and seemed and unpaid interest of the Notes at then maturity, whether d rrugh its own funds or though the issuance of other obligations of the City, the Treasurer of State agrees (A) to purchase the Notes firm the holders or beneficial owners thereof upon then presentation to the Treasurer of State for such purchase at a price of par plus accrued interest to maturity or (B) m purchase renewal notes of the City in a principal amount not greeter than the principal anomn of the Notes plus interest due at maturity, with such renewal notes beau ng interest at the Renewal NOW Rate (as defined in the Standby Note Purchase Agreement), maturing rot more than ore year after the date of their issuance, and being prepayable at my time with 30 days' rotice, provided that in coonecvon with the Treasurer of Store's purchase of such renewal notes tho City shall deliver to the Treasurer of State an unqualified opinion of nationally recognized bond counsel that (i) such renewal rotes me the legal, valid and binding general obligations of des City, and the principal of and interest on such renewal notes, unless paid from other sources, are in be paid from the proceeds of the levy of ad valorem taxes, within the 11.1-mill limitation provided by the Chasse of the City, on all property subject to M valorem toss levied by the City and (ii) interest on the renewal notes is excluded from gross income for federal income tax purposes under Section 103 of the Intend Revenue Code, as amended, to the same extent that interest on the Notes is an excluded. The officers signing the Notes are authorized to rake all actions that may in their judgment reasonably be necessary m provide for the Standby Note Purchase Agreement including but not limited m the inclusion of nation on the form of the Notes providing notice to the holders or beneficial owners of the existence of the Standby Note Purchase Agreement and providing instructions in such holders or beneficial owners regarding the presentation of the Note for purebese by the Treasurer of State at natty moronity. -5-