The County will issue bond anticipation notes in accordance with the following procedures:
(a) A Note Resolution shall be enacted for each issue of Notes, incorporating the terms of this General Program Ordinance, establishing terms of the issue of Notes to the extent not established in this General Program Ordinance, and determining any changes for that issue of Notes to the terms established by this General Program Ordinance. This General Program Ordinance and the Note Resolution will, together, constitute the legislation for an issue of Notes provided for in Section 133.22 of the Ohio Revised Code.
(b) The Note Program will only apply to unvoted, general obligation, bond anticipation notes.
(c) The County Fiscal Officer must deliver a fiscal officer's certificate of maximum maturity under Section 133.20 of the Ohio Revised Code, before Council enacts a Note Resolution for a new-money issue of Notes, for an issue of Notes that constitutes both a renewal issue and a new-money issue, or when the estimated lives of those assets to be financed with an issue of renewal notes have changed from the original estimated lives of those assets as financed with the notes being refunded.
(d) Each Note Resolution must do the following:
(1) It must authorize the issuance of Notes.
(2) It must state the following with respect to the Bonds anticipated by the Notes, as provided in Section 133.22(A)(1) of the Ohio Revised Code:
A. The purpose;
B. The maximum principal amount;
C. The estimated principal payment schedule;
D. The estimated average annual interest rate; and
E. Any source of payment, in addition to the tax levy provided for in Section 190.04.
(4) It must establish terms of the Notes, to the extent not established in this General Program Ordinance, including the following, all in accordance with Section l33.22(A)(2) of the Ohio Revised Code.
A. The maximum principal amount;
B. The maximum interest rate;
C. The date; and
D. The maximum maturity.
(5) It may make any changes, for that issue of Notes, to the terms established by this General Program Ordinance.
(6) It must provide for the sale and delivery of the Notes.
(7) It may provide for the delivery of a Certificate of Award by an Authorized Officer, establishing the principal amounts, interest rate, date, maturity, and redemption provisions, and establishing the terms of the sale, all within the limits imposed by the Note Resolution.
(8) It must provide for the application of proceeds of the Notes.
(Ord. 2009-139. Adopted 4-13-09.)