(a) The City Council, Mayor, and Finance Director shall comply with the current requirements of law relative to debt issuance and the administration of the outstanding debt, specifically, with the law provided for in the City Charter Section 21, subsections A to D; in Revised Code Chapter 133: Uniform Public Securities Law and Chapter 5705: Tax Levy Law, and all requirements as imposed under Federal Law and by the Security and Exchange Commission. In the execution of the provisions of this section the City may enter in agreements with experts in the municipal bond market, such as, but not limited to, bond council, investment bankers, financial advisors, underwriters, or any other experts deemed necessary, in order to meet the federal and state requirements of either an issuance or ongoing annual informational filings, pursuant to the City's current outstanding and/or newly issued debt.
(b) The Finance Director shall, for all years that the City has outstanding debt, maintain a detailed listing which itemizes the type of outstanding debt; the name of the outstanding issue; the original issuance ordinance number; the date of the original issuance; the final due date of the issue; the interest rate of the issue; the total amount outstanding and the individual amounts showing the division between general obligation and special assessment portions of the issue; the annual amount required for each individual years principal, interest, and total combined debt payment, and any annual estimated revenue to be derived from the special assessment portions of any bonds thus issued. This detailed listing shall be utilized during the annual budgetary hearings to ensure the proper appropriation of funds for the annual principal and interest payments required in any particular year.
(Ord. 21-2013. Passed 3-25-13.)