By adoption of a Note Resolution Council will authorize the payment of the Financing Costs for the Notes, as provided in this Section. The County shall retain bond counsel in connection with the County's bonds and notes issued under the Note Program. The County will designate any other necessary service providers, including underwriters and registrars, in the Note Resolution.
(a) Registrar. The Registrar must perform the services as bond registrar, authenticating agent, paying agent, and transfer agent for the Notes as provided in the Note Proceedings. The Registrar must be paid for those services in accordance with the Registrar Agreement.
(b) Ratings and Insurance. If, in the judgment of the Authorized Officer, the filing of an application for:
(1) A rating on the Notes by one or more nationally-recognized statistical rating organizations, or
(2) A policy of insurance to better assure the payment of principal of and interest on the Notes,
is in the best interest of and financially advantageous to the County, the Authorized Officer must prepare and submit those applications and provide to each of those organizations or insurance companies the information required for the purpose. The fees for those ratings and the premiums for the insurance shall be included in Financing Costs authorized under Section 190.11 (d) below.
(c) Limits on Authority of Service Providers. In rendering services in connection with an issue of Notes, as independent contractors, those service providers must not exercise any administrative discretion on behalf of the County in the formulation of public policy; expenditure of public funds; enforcement of laws, rules and regulations of the State of Ohio, the County, or any other political subdivision; or the execution of public trusts.
(d) Payment of Financing Costs. By adoption of the Note Resolution, Council will authorize and approve the expenditure of the amounts necessary to pay the Financing Costs specifically authorized above and all other necessary Financing Costs in connection with the issuance and sale of the Notes. Those Financing Costs may be paid by the Original Purchaser. To the extent they are not paid by the Original Purchaser, the Authorized Officer shall provide for the payment of those Financing Costs from the proceeds of the Notes to the extent available and, otherwise, from any other funds lawfully available and appropriated for the purpose.
(Ord. 2009-139. Adopted 4-13-09.)