2025-032 Ordinance - Laserfiche WebLink

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Revised Code)in connection with the Notes is authorized and approved, and the Director of Finance s authorized to provide for the payment of any such amounts and costs from the proceed of the Notes to the extent available had mherwise from any other Curds lawfully available that are appropriatedor shall be appropriated forth[ purpose. (d) Chin Markel Access Prouram. If the Director of Finance dwennmes in the Certificate of Award for it a be in the best interest ofard financially advantageous w do City, the City shall parlicipaa in the Treasurer ofState's Ohio Market Access Program, The Standby Note Purchase Agreement (Standby Note Purchase Agreement) and Paying Agent Agreement (Paying Agent Agree rmth are hereby untoward in the ibnms as are now on file with the Clerk of Council with such changes not materially adverse m 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 Sate in the Standby Now Purchase Agreement 0ast, in the event the City is unable to repay, the principal amoiml and accrued and unpaid interest of the Notes at their maturity, whether tlwugh its own furls or through the issuance of other obligations of the City, the Treasurer of Sate spaces (A) to purchase the Notes from the holders or beneficial owners thereof upon their presentation an the Treasurer of Sale for such purchase at a price of par plus seemed interest to maturity or (8) In pomhase renewal notes of the City in a principal amount not greaten than the principal amount of the Notes plus Interest due at maturity, with such renewal owes bearing interest o the Renewal Now Rare (as defined in the Standby Now Purchase Agreement), maturing not more than one yew after the date of their issuance, and being prepayable at my time with 30 days' entice, provided that in co mectlon with the Treasurer of Safe's purchase of such renewal tortes the City shill deliver to the Treasurer of Sloe an unqualified opinion of nationally recognized band cournel that (i) such renewal notes are the legal, valid and binding general obligations of the City, and the principal of oil interest on such renewal notes, unless paid from other sources, are no, be paid from the proceeds of the levy of d valorem axes, within the 11.1-null limitation provided by the Charter of the City, on all property subject to ed valorem taxes levied by the City and (ii) mterea on the renewal notes is excluded from gross income for federal income her purposes ceder Section 103 of the Internal Revenue Code, as amended, ro the same extent that interest on the Notes is so excluded. The officers sighing the Notes are authorized to eke all actions rho may in their judgment reasonably be necessary, to provide for the Standby New Purchase Agreement, including but out limited m the inclusion of a notation on the form of the Notes providing notice to the holders or beneficial owners of the existence of the Standby Now purchase Agreement and providing instructions In such holders or beneficial owners regarding the presentation of the Now for purchase by the Treasurer of Sate o sated maturity. Section 7. Anul canon of Notes Proceeds. The proceeds from the sale of the Notes, except any premium and accrued interest, shall be paid into a separate fiend of this City esablislted for the purpose set forth in Section 1 pursuant to Sections 5705.09 and 5705, 10 of the Revised Code, and those proceeds are appropriated and shall be used for that purpose. The expenditure of those proceeds for that purpose, including, without frnitoion, for firercing costs as defined in Section 133.01 of the Revised Code, is hereby authorized and approved. Any portion of those proceeds representing premium and seemed interest shall be paid into the Bond Retirement Fund. -5-