council agenda:information packet

8/12/2019 Council Agenda:Information Packet

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~ t Q I ,Q f\\0 City of Troyu ~

PLEDGE OF ALLEGIANCEINVOCATION

AGENDA. TROY CITY COUNCILMONDAY. JUNE 2 2014 7:00P.M.COUNCIL CHAMBERS. CITY HALL

ROLL CALL Excuse Mr. PhillipsExcuse Mrs. Oda excuses by motion/second/roll call voteexcuses by motion/second/roll call voteSUMMARY OF MINUTESCOMMITTEE REPORTS

May 19, 2014 motion/second/roll call vote

Citizen comments on committee reports or agenda items - two minute limitRESOLUTIONS

ORDINANCES0 14 20140 15 20140 -16-20140 17 2014

0 18 20140 19 2014

NONE

Release of Mortgage Lien, Scott & Lori Robinson, Take 2 Productions EMERGENCYBond Issue, Sanitary Sewer Improvements, relining rehabilitation, 2,870,000 EMERGENCYBond Issue, Water Line Improvements, 3,985,000 EMERGENCYAmend Zoning Code and Subdivision Regulation sections (Zoning Code - parking lotcalculation M-2/M-3 districts, using lawn for parking, outdoor storage area in M-2 district,portable storage units; Subdivision Regs - sidewalk width)PUBLIC HEARING 6-16-2014 ON ZONING CODE AMENDMENTSAmend temporary sign provisions and prohibit vehicle on street for purpose of selling vehicleSalary Ordinance for Part-time Firefighter positions

COMMUNICATIONS/ANNOUNCEMENTSCOMMENTS:COMMENTS:COMMENTS:COMMENTS:ADJOURN

Mayor, Director of Public Service & Safety, Director of Law, Auditor, Council PresidentCouncilStaffAudience

NOTE: Committee meetings may take place prior to or following Council meeting

st readingst readingst readingst reading

st readingst reading


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DISPOSITION OF ORDINANCES AND RESOLUT NSDate of Meeting: June 2 2014 Troy City Council MeetingDESCRIPTION RESOLUTION NO. 1ST READING 2ND READING 3RD READING PUBLIC HEARING SUSPENSION ADOPTION

RDINANCE NO.Release of Mortgage 0-14-2014

onds - Sewer lmpr. 0-15-2014onds Water lmpr. 0-16-2014mend Zoning Code Sub. Regs 0-17-2014 6/16/2014mend Temp Signs Vehs. n road 0-18-2014mend part time salary Ord 0-19-2014


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May 19 2014MINUTES OF COUNCIL

A regular session of Troy City Council was held Monday, May 19 2014, at 7:00p.m. in Council Chambers.Members Present: Clark, Heath, Kendall, Oda, Schweser, Snee, Tremblay and Twiss.Upon motion of Mr. Clark, seconded by Mr. Twiss, Mr. Phillips was excused from this meeting by unanimous rollcall vote.Presiding Officer:Others Present:

Martha A. Baker,Patrick Titterington,John A. Stickel,James R. Livingston,

President of CouncilDirector of Public Service and SafetyCity AuditorDirector o Law

INVOCATION: An invocation was given by Council Member Clark. The Pledge of Allegiance followed theinvocation.PRESENTATION: State Senator William Beagle presented to Mrs. Baker a proclamation in recognition oTroy's Bicentennial. Sen. Beagle also congratulated Troy on being recognized as a National Main StreetCommunity.MINUTES: The Clerk gave a summary o the minutes o the May 5 2014, meeting of Troy City Council. Therewere no corrections or additions to these minutes. A motion was made by Mr. Clark, seconded by Mr. Twiss, toapprove these minutes. Motion passed by unanimous roll call vote.COMMITTEE REPORTS:Streets & Sidewalks Committee: Mrs. Snee reported that Committee recommends legislation be preparedauthorizing bidding for the 2014 Paving Program at a cost not to exceed 695,000.Report signed by Heath and Snee.Utilities Committee: Mr. Tremblay, Chairman, reported as follows:1) Committee recommends legislation be prepared authorizing bidding for two additional waterline projectsat a cost not to exceed 2,520,000 .2) Committee that legislation be prepared authorizing the Director of Public Service and Safety to enterinto an agreement with Archaea Solutions, Inc. for the trial bioaugmentation program for the Wastewater

Plant at a cost not to exceed 55,000 for 2014 and, upon evidence that the trial period has beensatisfactory, and with mutual agreement between the City and Archaea, to enter into two one-yearrenewals for calendar years 2015 and 2016 at a cost not to exceed 100,000 each year.Reports signed by Clark, Twiss and Tremblay.

CITIZEN COMMENTS: noneRESOLUTION NO. R-22-2014

RESOLUTION AUTHORIZING THE DIRECTOR OF PUBLIC SERVICE AND SAFETY OF THE CITY OF TROY,OHIO TO ADVERTISE FOR BIDS AND ENTER INTO CONTRACTS FOR TWO WATER LINE PROJECTSThis Resolution was given first title reading.

Mr. Clark moved for suspension of rules requiring three readings. Motion seconded by Mr. Tremblay.Yes: Tremblay, Kendall, Twiss, Oda, Heath, Clark, Snee and Schweser.


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May 1 LU 4 t- age I WO

Mr. Clark moved for suspension of rules requiring three readings. Motion seconded by Mr. Tremblay.Yes: Twiss, Oda, Heath, Clark, Snee, Schweser, Tremblay and Kendall.No: None.Mr. Kendall moved for adoption. Motion seconded by Mrs. Snee.Yes: Oda, Heath, Clark, Snee, Schweser, Tremblay, Kendall and Twiss.No: None. RESOLUTION ADOPTED

RESOLUTION NO. R-24-2014RESOLUTION AUTHORIZING THE DIRECTOR OF PUBLIC SERVICE AND SAFETY OF THE CITY OF TROY,OHIO TO ENTER INTO AN AGREEMENT WITH ARCHAEA SOLUTIONS, INC. FOR A BIOAUGMENTATIONPROGRAM FOR THE WASTEWATER TREATMENT PLANTThis Resolution was given first title reading.

Mr. Tremblay moved for suspension of rules requiring three readings. Motion seconded by Mr. Twiss.Yes: Heath, Clark, Snee, Schweser, Tremblay, Kendall, Twiss and Oda.No: None.Mr. Kendall moved for adoption. Motion seconded by Mr. Clark.Yes: Clark, Snee, Schweser, Tremblay, Kendall, Twiss, Oda and Heath.No: None. RESOLUTION ADOPTED

RESOLUTION NO. R-25-2014RESOLUTION AUTHORIZING THE DIRECTOR OF PUBLIC SERVICE AND SAFETY OF THE CITY OF TROY,OHIO TO FILE AN APPLICATION FOR THE USE OF FY 2014 COMMUNITY DEVELOPMENT BLOCK GRANTFUNDS

This Resolution was given first title reading.Mr. Kendall moved for suspension of rules requiring three readings. Motion seconded by Mr. Tremblay.Yes: Snee, Schweser, Tremblay, Kendall, Twiss, Oda, Heath and Clark.No: None.Mr. Schweser moved for adoption. Motion seconded by Mr. Twiss.Yes: Schweser, Tremblay, Kendall, Twiss, Oda, Heath, Clark and Snee.No: None. RESOLUTION ADOPTED

COMMENTS OF DIRECTOR OF PUBLIC SERVICE AND SAFETY: Mr. Titterington commented that:-City offices will be closed for Memorial Day (May 26), but refuse collection and recycling will not be delayed.-Staff is reminding citizens that brush is to be cut, bundled or tied, and that only the regulation T -bags are to beused for the collection of brush.COMMENTS OF COUNCIL MEMBERS:-Mr. Clark commented that City staff has been working to repair potholes.AUDIENCE COMMENTS:-A Leadership Troy Class member was introduced.


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May 19 2014 Page Three

-Lester Conard 1210 S. Clay Street commented that a mountain bike trail would only lead to dope sexualassault and robbery and could not maintain itself. Regarding a proposal related to adding part-time firefightershe opposes that.- Jennifer Knisley 2480 Meadowpoint Drive spoke opposing part-time firefighter positions commenting theywould not have the same credentials checking and training as the full-time employees would not beparamedics and feels it would be irresponsible to send someone less than a paramedic into a home to treatsomeone.

There being no further business the meeting adjourned at 7:41p.m.

Clerk o Council President of Council


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TO:FROM:

COMMITTEE REPORTTROY CITY COUNCIL

Mrs. Baker, President of CouncilCommittee of the Whole

DATE: May 29 2014

SUBJECT: REQUEST TO EST BLISH P RT TIME FIREFIGHTER EMT POSITIONSSUMMARY REPORT: { o be read t Council meetingCouncil met as a Committee of the Whole (with Mr. Phillips the only member absent) on May 29 to consideradding professional part-time Firefighters/EMTs or Paramedics in the Troy Fire Department and to considerestablishing a wage for such positions. Fire Chief Boehringer made a presentat ion, then recommended that onlytwo such part-time positions should be filled at this time so that there could be a determination of how wellhaving the part-time staff works, and that additional part-time positions could be considered for 2015. Anumber of Troy Firefighters attended the meeting, along with representatives of IAFF Local 1638. Three personsspoke opposing the part-time position.RECOMMENDATION: { o be read t Council meetingRecognizing that an amendment to the salary ordinance for City part-time staff would be needed to create thepositions and wage for Part-time Firefighter/Emergency Medical Technician and Part-time Firefighter/Paramedic,we ask that the legislation be prepared so that Council may vote on the issue. Such legislation would create thefollowing positions and wage for the Troy Fire Department:

Part-time Firefighter/Emergency Medical TechnicianPart-time Firefighter/Paramedic

Respectfully submitted:

Alan R Clark Brock A. Heath

Robin I. Oda Bobby W. Phillips

Lynne B. Snee Douglas W. Tremblay

DETAILED REPORT:

$13.00 per hour$14.00 per hour

Thomas M. Kendall

John W. Schweser

William C Twiss

On May 29 2014, Council again met as a Committee of the Whole on the subject of Consider authorizing areappropriation Ordinance for the General Fund in the amount of $206,000 to add professional part-timeFirefighters/EMTs in the Troy Fire Department and to consider establishing a wage for such posit ion. A previousmeeting was held on April 29 on the same subject.


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COMMITIEE OF THE WHOLE REPORTPAGE TWO

Fire Chief Boehringer's comments included:• His recommendation to maintain the 38 full time, uniformed Firefighter/Paramedic staff with no future

reduction in full time personnel. Part-time staff would not substitute or replace full-time staff, butsupplement the current level of services provided, with the part-time staff primarily supplementing stafffor firefighting.

• The Troy Fire Department continuing to respond to ambulance calls with two Paramedics is essential andmust continue. Part-time staff will not replace the Paramedics on an ambulance call, but could respond inaddition to the two Paramedics to serve as a third pair of hands to assist with work such as driving theambulance to the hospital while the paramedics attend to the party needing assistance.

• A hiring process for part-time staff will follow state law and be thorough and follow the best practices offire departments that use part-time staff.• Part-time staff will have access to the same training provided to full-time staff.

• To assess how well adding part-time staff to the Troy Fire Department would work, he asks that Councilconsider a gradual adding of part-time staff, by adding only two part-time staff at this time. The Chiefwould create a process with the IAFF to fully evaluate this, and then additional part-time staff could beconsidered in 2015. The recommended part-time positions and wage rate are:

Part-time Firefighter/Emergency Medical TechnicianPart-time Firefighter/Paramedic

$13.00 per hour$14.00 per hour

The Chief noted that adding two part-time staff members during 2014 should not require a reappropriation. Acopy of the Chief's presentation is attached to this report.Speaking in opposition to the Chief's proposal was Steve Lazarus attorney for the IAFF Local 1638, PlatoonCommander Bill Sheafer, and a citizen (Mr. Kennedy). Mr. Lazarus' comments included legal issues and how thecurrent union agreement may affect the hiring of part-time staff, turnover and part -time workers not showing up,and training costs.Members of Council asked questions of Chief Boehringer, during which it was emphasized that the considerationof adding part-time staff is to supplement the firefighting service, that part-time staff would not replace theprocedure of sending out an ambulance with two paramedics, and the City is not asking to replace the currentfull-time staffing number with part-time staff. Mr. Titterington confirmed that initially only two part-time staffwould be added and a reappropriation would not be required.Some members of Council commented that they were very disappointed with the misinformation that has beendistributed, and the scare tactics designed to lead citizens to believe that the plan is to provide them with a lowerlevel of care and services.RECOMMENDATION:Recognizing that an amendment to the salary ordinance for City part-time staff would be needed to create the


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1 I d like to remind all that City Council asked me to analyze fire staffing,identify any deficiencies, and recommend ways to address any concerns. Ibelieve I did that in as comprehensive, cost effective, and objective manner asI could.2 I continue to stand by that recommendation, which continues to guarantee thecitizens of the City of Troy the high level of service we are proud to provideon a daily basis.

3 As proud as I am of our great service, I am very disappointed in themischaracterizations made after my presentation, as well as themisinformation that has been spread through Facebook postings, emails, andletters to the editor.4 I would like to stress that:

I did not nor will I support any recommendation that would reduce the number of fulltime Paramedics in our department. I believe that having two Paramedics on eachambulance run is imperative and my recommendations reflect that. The 8 minimum staffthat we have now, made up ofFT Paramedics, would continue, even if aFT calls off sick,is on vacation, or is otherwise unable to fill his shift.I am recommending part-time staff to INCREASE the department's ability to be readyfor a fire, not to replace Paramedics on the ambulances. That's not to say that a part-timeFF might be on an ambulance as a third set o hands Any Paramedic will tell you thathaving that additional assistance is sometimes, though not always, necessary. Using anEMT for that third set of hands will free up other Paramedics to be available for that nextambulance call, which, again, improves our service and makes our citizens more andNOT LESS safe.Our screening process for hiring PT was also questioned and perhaps I wasn' t clearenough in my presentation. I apologize for that but I will assure City Council that ourscreening process will be rigorous, thorough and will follow the best practices of otherfire departments that use PT staff. We may not do as many tests as we would for FTbut that's because some of those tests are required by the P F pension system, whichPTers would not be in.

We will also follow the state laws regarding testing, screening and hiring PT based onstate requirements. That's an administrative function that we, of course, will take veryseriously. Candidates will be required to have a current CP AT (Candidate PhysicalAbility Test) card. Candidates will receive a medical exam, Criminal History Check, drugscreen, CVSA, references will be required and checked, and there will be an interviewprocess. We will also get a driving abstract and credit information. The costs for those


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their level of certification as do full time personnel. It is the responsibility of everyone toobtain continuing education hours in order to maintain certifications. In fact, we havehad to discipline several of our FT employees in the past because certifications haven'tbeen maintained. It also requires communication so that individuals are comfortable witheach other s well as each employee knowing his or her limitations. This combined withfollowing policies and procedures will ensure we are able to respond to every incidentprofessionally, efficiently and most importantly, safely.Much emphasis has been placed on the three studies submitted by the local. Themost being directed to the Piqua Study. While the Piqua study is centered onreplacing full time staff with part time employees, it does contain some interestingpointsIt is imperative to recognize that the use of part time staffing in Ohio fire departments iswide spread and allows for budgetary savings in adding personnel. (page 5)When departments develop the need for additional staffing they are choosing to growwith part time members. (page 6)Utilizing part time staff on top of our current staffing levels will also allow us to bettermeet industry staffing recommendations and allow us to respond with larger crews whohave been proven to be more efficient. (page 52)

It s been stated that I have not provided any evidence based research to support myclaims that a part time department could work.I made recommendations based on information obtained from extensive research thatclearly shows that combination departments work very well throughout Ohio. In fact,cities as large as Kettering use combined departments very cost effectively. Myrecommendations were also based on a study involving the Mount V emon Ohio FireDepartment. This study is an apples to apples study as it is focused on addingadditional part time employees to an existing full time staff. The City ofMount VemonOhio is a statutory city. The Mount Vernon Fire Department is currently involved in theprocess of adding part time employees.In summary, will adding PT to our complement ofFT work here? As Fire Chief, I believeit will 100%. How do we find out? As we approach the 2015 budget development cyclesoon, instead ofplunging in fully all at once with an additional24 or more PT, theAdministration has discussed perhaps gradually adding PT. I would propose we startwith two part time employees (to add a part-time presence to one of the three shifts),


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I know this is a change for everyone but I stand behind my recommendations. It is themost efficient and fiscally responsible way to increase staffing to meet our need for firereadiness.To entice the most qualified PT staff, I would also request that Council pass an ordinancethat not only adds a 'Part-Time Fire Fighter/EMT wage of$13.00 but also adds a 'Parttime Fire Fighter/Paramedic wage of$14.00. Compared to other agencies using PT, ourrates would be very competitive and could result in more PT Paramedics being recruited.That would only enhance further the level o service we already provide.Thank you Madame Chair and I am available for any questions.


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~ t Q / ,Q (\\Q City of Troyu ~MEMORANDUM

TO: City CouncilFROM: Martha Baker, President of CouncilDATE: May 27,2014SUBJECT: RELEASE OF MORTGAGE LIEN

Martha A. BakerPresident of Council

100 S. Market StreetP Box 3003Troy , Ohio 45373www.troyohio.govmartha .baker@troyohio .gov

Attached s a communication advising that a loan in the amount of 75,000 made in 2006 to Take 2Productions, Inc. has been paid in full and the mortgage lien associated with the loan needs to bereleased.Loans that have been made from City loan funds over the past four years have included a provision inthe legislation that when the loan s paid in full the release of the mortgage s authorized without furtherlegislative action so that the release of the mortgage can be handled without delay. Older loans did notinclude that provision, so as loans have been repaid a committee has met to provide arecommendation. Starting in 2011, after review with members of the Finance Committee I suggestedthat as a routine procedure when one of the older loans s paid off, the legislation for the release of amortgage lien is then prepared without any further committee review. A memo would be provided toCouncil explaining that the loan has been paid and the release of the mortgage lien needs to beapproved.Therefore, for the next meeting there will be legislation authorizing the release of the mortgage lien onthe property at 528 Trade Square West related to the loan to Take 2 Productions, Inc. So that the lien canbe released without delay this would be emergency legislation.This loan was from the Economic Development Revolving Loan Fund ED RLF). The loan payments andpayoff have been re-paid into the ED RLF fund to be available for other qualifying loan applicants.These loans are a positive reflection on the value of the loan programs to the City and to theproperty business owners.


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INTERDEP RTMENT L CORRESPONDENCE

Date: May 27,2014To: Patrick Titterington, Director ofPublic Service and SafetyFrom: Gregg Harris, Assistant Development Directorcc: Jim Livingston, Law DirectorJim Dando, Development DirectorSue Knight, Clerk ofCouncil

RE: Release ofMortgage Lien on 528 Trade Square West; owners Scott and Lori Robinson

Please ask City Council to consider passage of legislation that would authorize you s Director of PublicService and Safety to sign a Release of Mortgage document on the residential property of 528 TradeSquare West, Troy, Ohio.The city was recently paid in full for the loan to Take 2 Productions, Inc., which is owned y Scott andLori Robinson. A release of the mortgage held s security is now appropriate. This release of a mortgagecan e done only through action of the Troy City Council.A loan of 75,000 was made on July 6, 2006 to Take 2 Productions, Inc. from the city EconomicDevelopment Revolving Loan Fund for the purchase of equipment. Take 2 Productions, Inc. providesvideo services to small businesses in areas of advertising, funeral services, sports recruitment and jobtraining. The EDRLF loan was part of a larger blended finance acquisition project with a local bank, inwhich the Robinsons became new owners of a three-year old business. Although the video serviceindustry was hit hard y the economy affecting job creation, the Robinsons have successfully continued tooperate the business this past eight years located at the former Stouder Hospital on Wayne Street. Thecity revolving loan program has contributed to the success of this locally owned business.The recorded mortgage on 528 Trade Square West, Troy, Ohio is found in Volume 1729, Page 107.


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CITY OF TROY O HIO

ORDINANCE No. = - 4 . . . . . . 2 ~ o . . . . . _ . . 1 4 a y t l n L c g ; . ~ ] Bl:mk, lr_

ORDINANCE RELEASING MORTGAGE LIEN FOR SCOTTE. AND LORI K. ROBINSON AND DECLARING ANEMERGENCY

WHEREAS, the City of Troy received a mortgage on a property located 528Trade Square West, Troy, Ohio 45373 in the year 2006 as security for loan to Take 2Productions, Inc. and

WHEREAS, such loan has been pa id off, and the City no longer has aninterest in the real estate,

NOW, THEREFORE, BE IT ORDAINED by the Council o the City of TroyOhio as follows:

SECTION 1: That the Director of Public Service and Safety is herebyauthorized to execute any documents necessary for the release and cancellation of themortgage dated July 6 2006, from Scott E. and Lori K. Robinson to the City of Troy ,Oh io and re co rded July 18 2006 in Mortgage Volume 1729, Page 107, Miami CountyMortgage Records.

SECTION II : That the Law Director is hereby authorized and directed tocause the recording of any documents, to take any other action necessary, and to seethat such release is properly filed and recorded .

SECTION Ill: That this Ordinance is an emergency measure necessary forthe immediate preservation of the public peace, health and safety o the City of Troy,Ohio, and for the further reason that there is no reason for the lien to remain on theowner's property, NOW WHEREFORE, this Ordinance shall be effective immediatelyupon its adoption and approval by the Mayor.

Adopted: President o Council

Approved:

-.

'


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\CITY O TROY OHIO0 RD INANCE N ____ ::: _1 ;; = = :. =

= = = = D a y w n l t a i B .. r

N ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OFBONDS IN THE MAXIMUM PRINCIPAL AMOUNT OF 2.870,000 FORTHE PURPOSE OF PAYING THE COSTS OF IMPROVING THEMUNICIPAL SANITARY SEWER SYSTEM. INCLUDING BY LININGEXISTING SANITARY SEWER LINES ND MANHOLES. TOGETHERWITH ALL INCIDENTAL WORK AND RELATED APPURTENANCESTHERETO. AND DECLARING N EMERGENCY.

WHEREAS, this Council has requested that the City Auditor, as fiscal officer of this City,certify the estimated life or period of usefulness of the Improvement described in Section II andthe maximum maturity o the Bonds described in Section II; andWHEREAS, the City Auditor has certified to this Council that the estimated life or periodof usefulness of the Improvement is at least five (5) years and that the maximum maturity of theBonds is thirty (30) years;NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Troy, MiamiCounty, Oh io that:SECTION I. Definitions and Interpretation . In addition to the words and termselsewhere defined in this Ordinance, unless the context or use clearly indicates another ordifferent meaning or intent:Authorized Denominations means the denomination of $5,000 or any integral multiplein excess thereof.Bond Proceedings means, collectively , this Ordinance, the Certificate of Award , theContinuing Disclosure Agreement, the Purchase Agreement, the Registrar Agreement, andsuch other proceedings of the City, including the Bonds, that provide collectively for, amongother things, the rights of holders and beneficial owners of the Bonds.Bond Register' means all books and records necessary for the registration, exchangeand transfer of Bonds as provided in Section V.Bond Registrar' means a bank or trust company authorized to do business in the Stateof Ohio and designated by the City Auditor in the Certificate of Award pursuant to Section IV asthe initial authenticating agent, bond registrar, transfer agent and paying agent for the Bondsunder the Registrar Agreement and until a successor Bond Registrar shall have become such

pursuant to the provisions of the Registrar Agreement and , thereafter, Bond Registrar' shallmean the successor Bond Registrar.Bonds means, collectively, the Serial Bonds and the Term Bonds, each as isdesignated as such in the Certificate of Award .Book entry form or book entry system means a form or system under which (a) theownership of beneficial interests in the Bonds and the principal of and interest on the Bondsmay be transferred only through a book entry, and (b) physical Bond certificates in fullyregistered form are issued by the City and payable only to a Depository or its nominee asregistered owner, with the certificates deposited with and immobilized in the custody of theDepository or its designated agent for that purpose . The book entry maintained by others thanthe City is the record that identifies the owners o beneficial interests in the Bonds and that

principal and interest.Certificate o Award' means the certificate authorized by Section VI, to be executed bythe City Auditor, setting forth and determining those terms or other matters pertaining to theBonds and their issuance, sale and delivery as this Ordinance requires or authorizes to be setforth or determined therein .Closing Date means the date of physical delivery of, and payment of the purchaseprice for, the Bonds.


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ORDINANCE N .0-15-2014 PAGE TWO

Continuing Disclosure Agreemenf' means the Continuing Disclosure Agreement whichshall constitute the continuing disclosure agreement made by the City for the benefit of theholders and beneficial owners of the Bonds in accordance with the Rule, as it may be modifiedfrom the form on file with the Clerk of Council and executed by the Mayor and the City Auditor ,all in accordance with Section IX( c).Depository means any securities depository that is a clearing agency under federal lawoperating and maintaining, with its Participants or otherwise, a book entry system to recordownership of beneficial interests in Bonds or the principal of and interest on Bonds, and to effecttransfers of Bonds, in book entry form , and includes and means initially The Depository TrustCompany a limited purpose trust company), New York, New York .Financing Costs" shall have the meaning given in Section 133.01 of the Ohio RevisedCode.Interest Payment Dates means June 1 and December 1 of each year that the Bondsare outstanding, commencing on the date specified in the Certificate of Award.Mandatory Redemption Date shall have the meaning set forth in Section lll(b).Mandatory Sinking Fund Redemption Requirements shall have the meaning set forth inSection lll(e)(i).Original Purchaser' means the purchaser of the Bonds specified in the Certificate ofAward.Participant means any participant contracting with a Depository under a book entrysystem and includes securities brokers and dealers, banks and trust companies, and clearingcorporations.Principal Payment Dates means December 1 in each of the years from and including2014 to and including 2043; provided that the first Principal Payment Date may be deferred upto one year and the last Principal Payment Date may be advanced or deferred by such number

of years as determined by the City Auditor in the Certificate of Award in such manner as to be inthe best interest of and financially advantageous to the City; provided, further, that in no caseshall the final Principal Payment Date of the Bonds exceed the maximum maturity limitationreferred to in the preambles hereto.Pu;chase Agreemenf' means the Bond Purchase Agreement between the City and theOriginal Purchaser as it may be modified from the form on file with the Clerk of Council andexecuted by the Mayor and the City Auditor, all in accordance with Section VI.Registrar Agreemenf' means the Bond Registrar Agreement between the City and theBond Registrar, as it may be modified from the form on file with the Clerk of Council andexecuted by the Mayor and the City Auditor, all in accordance with Section IV.Regulations means Treasury Regulations issued pursuant to the Code or to thestatutory predecessor of the Code .Rule means Rule 15c2-1 2 prescribed by the SEC pursuant to the Securities ExchangeAct of 1934.SEC means the Securities and Exchange Commission .Serial Bonds means those Bonds designated as such and maturing on the dates setforth in the Certificate of Award, bearing interest payable on each Interest Payment Date andnot subject to mandatory sinking fund redemption.Term Bonds means those Bonds designated as such and maturing on the date ordates set forth in the Certificate of Award, bearing interest payable on each Interest Payment

Date and subject to mandatory sinking fund redemption .The captions and headings in this Ordinance are solely for convenience of reference andin no way define, limit or describe the scope or intent of any Sections, subsections, paragraphs,subparagraphs or clauses hereof. Reference to a Section means a section of this Ord inanceun less otherwise indicated.SE TION II . Authorized Principal Amount and Purpose: Application of Proceeds. This

.


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ORDINANCE N0.0- 15-2 014 PAGE THREE

The aggregate principal amount of Bonds to be issued shall notex eed the maximumprincipal amount specified in this Section and shall be an amount determined by the City Auditorin the Certificate of Award to be the aggregate principal amount of Bonds that is required to beissued at this time for the purpose stated in this Section, taking into account the costs of theImprovement, estimates of the Financing Costs and the interest rates on the Bonds.The proceeds from the sale of the Bonds received by the City (or withheld by theOriginal Purchaser on behalf of the City) shall be paid into the proper fund or funds, and thoseproceeds are hereby appropriated and shall be used for the purpose for which the Bonds arebeing issued, including without limitation but only to the extent not paid by others, the payment

of the costs of issuing and servicing the Bonds, printing and delivery of the Bonds, legalservices including obtaining the approving legal opinion of bond counsel, fees and expenses ofany financial advisor, paying agent and rating agency, any fees or premiums relating tomunicipal bond insurance or other security arrangements determined necessary by the CityAuditor, and all other Financing Costs and costs incurred incidental to those purposes. TheCertificate of Award and the Purchase Agreement may authorize the Original Purchaser towithhold certain proceeds from the purchase price of the Bonds to provide for the payment ofFinancing Costs related to the Bonds on behalf of the City. Any portion of those proceedsreceived by the City representing premium (after payment of any Financing Costs identified inthe Certificate of Award and the Purchase Agreement) and any portion of those proceedsreceived by the City representing accrued interest shall be paid into the Bond Retirement Fund.SE TION Ill. Denominations· Dating· Principal and Interest Payment and RedemptionProvisions. The Bonds shall be issued in one lot and only as fully registered bonds, inAuthorized Denominations, but in no case as to a particular maturity date exceeding theprincipal amount maturing on that date. The Bonds shall be dated as provided in the Certificateof Award, provided that their dated date shall not be more than sixty (60) days prior to theClosing Date.(a) Interest Rates and Payment Dates. The Bonds shall bear interest at the rate orrates per year (computed on the basis of a 360-day year consisting of twelve 30-day months)asshall be determined by the City Auditor, subject to subsection (c) of this Section, in ttieCertificate of Award. Interest on the Bonds shall be payable at such rate or rates on the InterestPayment Dates until the principal amount has been paid or provided for . The Bonds shall bearinterest from the most recent date to which interest has been paid or provided for or if nointerest has be.en.paid or provided for, from their date.(b) Principal Payment Schedule. The Bonds shall mature or be payable pursuant toMandatory Sinking Fund Redemption Requirements on the Principal Payment Dates in principalamounts as shall be determined by the City Auditor, subject to subsection (c) of this Section, inthe Certificate of Award, which determination shall be in the best interest of and financiallyadvantageous to the City.Consistent with the foregoing and in accordance with the determination of the bestinterest of and financial advantages to the City, the City Auditor shall specify in the Certificate of

Award (i) the aggregate principal amount of Bonds to be issued as Serial Bonds, the PrincipalPayment Date or Dates on which those Bonds shall be stated to mature and the principalamount thereof that shall be stated to mature on each such Principal Payment Date and (ii) theaggregate principal amount of Bonds to be issued as Term Bonds, the Principal Payment Dateor Dates on which those Bonds shall be stated to mature, the principal amount thereof that shallbe stated to mature on each such Principal Payment Date, the Principal Payment Date or Dateson which Term Bonds shall be subject to mandatory sinking fund redemption (each aMandatory Redemption Date ) and the principal amount thereof that shall be payable pursuantto Mandatory Sinking Fund Redemption Requirements on each Mandatory Redemption Date.(c) Conditions for Establishment of Interest Rates and Principal Payment Dates .andAmounts. The rate or rates of interest per year to be borne by the Bonds, and the principalamount of Bonds maturing or payable pursuant to Mandatory Sinking Fund Redemption

Requirements on each Principal Payment Date, shall be such that the total principal and interestpayments on the Bonds in any fiscal year in which principal is payable is not more than threetimes the amount of those payments in any other fiscal year. The net interest cost for the Bondsdetermined by taking into account the respective principal amounts of the Bonds and terms tomaturity or Mandatory Sinking Fund Redemption Requirements of those principal amounts ofBonds shall not exceed 6.00 .(d) Payment of Debt Charges. The debt charges on the Bonds shall be payable nlawful money of the United States of America without deduction for the services of the Bond

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ORDINANCE N .0-15-2014 PAGE FOUR -

(e) Redemption Provisions. The Bonds shall be subject to redemption prior to statedmaturity as follows:(i) Mandatory Sinking Fund Redemption of Term Bonds. If any of the Bondsare issued as Term Bonds, the Term Bonds shall be subject to mandatory redemption in

part by lot and _ be redeemed pursuant to mandatory sinking fund· redemptionrequirements, at a redemption price of 100% of the principal amount redeemed, plusaccrued interestto the redemption date, on the applicable Mandatory Redemption Datesand in the principal amounts payable on those Dates, for which provision is made in _heCertificate of Award (such Dates and amounts being referred to as the MandatorySinking Fund Redemption Requirements ) .The aggregate of the moneys to be deposited with the Bond Registrar forpayment of principal of and interest on any Term Bonds on each Mandatory RedemptionDate shall include an amount sufficient to redeem on that Date the principal amount ofTerm Bonds payable on that Date pursuant to the Mandatory Sinking Fund RedemptionRequirements (less the amount of any credit as hereinafter provided) . ·The City shall have the option to deliver to the Bond Registrar for cancell'ationTerm Bonds in any aggregate principal amount and to receive a credit against the thencurrent or any subsequent Mandatory Sinking Fund Redemption Requirement (andcorresponding mandatory redemption obligation) of the City, as specified by the CityAuditor, for Term Bonds stated to mature on the same Principal Payment Date andbearing interest at the same rate as the Term Bonds so. delivered. That option shall ,beexercised by the City on or before the 45th day preceding any Mandatory RedemptionDate with respect to which the City wishes to obtain a credit, by furnishing the BondRegistrar a certificate, signed by the City Auditor, setting forth the extent of the credit tobe applied with . espect to the then current or any subsequent Mandatory Sinking FundRedemption Requirement for Term Bonds stated to mature on the same Princip;:tlPayment Date and bearing interest at the same rate as the Term Bonds so delivered. Ifthe certificate is not timely furnished to the Bond Registrar, the current Mandatory

Sinking Fund Redemption Requirement (and corresponding mandatory redemptionobligation) shall not be reduced. A credit against the then current or any subsequentMandatory Sinking Fund Redemption Requirement (and corresponding mandatoryredemption obligation), as specified by the City Auditor, also shall be received by theCity for any Term Bonds which prior thereto have been redeemed (other than throughthe operation of the applicable Mandatory Sinking Fund Redemption Requirements) orpurchased for cancellation and canceled by the Bond Registrar, to the extent not appliedtheretofore as a credit against any Mandatory Sinking Fund Redemption Requirement,for Term Bonds stated to mature on the same Principal Payment Date and bearinginterest at the same rate as the Term Bonds so delivered, redeemed or purchased andcanceled.Each Term Bond so delivered, or previously redeemed, or purchased andcanceled, shall be credited by the Bond Registrar at 100% of the principal amountthereof against the then current or subsequent Mandatory Sinking Fund RedemptionRequirements (and corresponding mandatory redemption obligations), as specified bythe City Auditor, for Term Bonds stated to mature on the same Principal Payment Dateand bearing interest at the same rate as the Term Bonds so delivered, redeemed orpurchased and canceled.(ii) Optional Redemption. The Bonds of the maturities and interest ratesspecified in the Certificate of Award (if any are so specified) shall be subject to optionalredemption by and at the sole option of the City, in whole or in part in integral multiplesof 5,000, on the dates and at the redemption prices (expressed as a percentage of theprincipal amount to be redeemed), plus accrued interest to the redemption date, to bedetermined by the City Auditor in the Certificate of Award, provided that the redemptionprice for any optional redemption date shall not be greater than .103 .If optional redemption of Term Bonds. at a redemption price exceeding 100% ofthe principa l amount to be redeemed is to take place as of any Mandatory RedemptionDate applicable to those Term Bonds, the Term Bonds, or portions thereof, to beredeemed optionally shall be selected by lot prior to the selection by lot of the TermBonds of the same maturity (and interest rate within a maturity if applicable) to beredeemed on the same date by operation of. the Mandatory Sinking Fund RedemptionRequirements. Bonds to be redeemed pursuant to this paragraph shall be redeemedonly upon written notice from the City Auditor to the Bond Registrar, given upon the


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ORDINANCE N .0-15-2014 PAGE SIX

The City Auditor is hereby authorized to designate in the Certificate of Award a bank ortrust company authorized to do business in the State of Ohio to act as the .nitial Bond Registrar.The Mayor and the City Auditor shall sign and deliver , in the name and on behalf of the City, theRegistrar Agreement between the City and the Bond Registrar, in substantially the form as isnow on file with the Clerk of Council. The Registrar Agreement is approved, together with anychanges or amendments that are not inconsistent with this Ordinance and not substantiallyadverse to the City and that are approved by the Mayor and the City Auditor on behalf of theCity, all of which shall be conclusively evidenced by the signing of the Registrar Agreement oramendments thereto. The City Auditor shall provide for the payment of the services renderedand for reimbursement of expenses incurred pursuant to the Registrar Agreement, except to theextent paid or reimbursed by the Original Purchaser in accordance with the Certificate. of AwaJ.dand the Purchase Agreement, from the proceeds of the Bonds to the extent available and thenfrom other money lawfully.available and appropriated or to be appropriated for that purpose. ·

.No Bond shall be valid. or obligatory for any purpose or shall be entitled to any security orbenefit under the Bond Proceedings unless and until the certificate of authentication printed onthe Bond is signed by the Bond Registrar as authenticating agent. Authentication by the BondRegistrar shall be conclusive evidence that the Bond so authenticated has been duly issued ,signed and delivered under, and is entitled to the security and benefit of, the Bond Proceedings.The certificate of authentication may be signed by any authorized officer or employee of theBond Registrar or by any other person acting as an agent of the Bond Registrar and approvedby the City Auditor on behalf of the City. The same person need not sign the certificate ofauthentication on all of the Bonds.

SECTION V Registration: Transfer and Exchange: Book Entrv System.(a) Bond Register. So long as any of the Bonds remain outstanding, the City willcause the Bond Registrar to maintain and keep the Bond Register at its designated corporatetrust office. Subject to the provisions of Sections lll(d) and IX(c), the person in whose name aBond is registered on the Bond Register shall be regarded as the absolute owner of that Bondfor all purposes of the Bond Proceedings . Payment of or on account of the debt charges on anyBond shall be made only to or upon the order of that person; neither the City nor the BondRegistrar shall be affected by any notice to the contrary, but the registration may be changed asprovided in this Section. All such payments shall be valid and effectual to satisfy and dischargethe City s liability upon the Bond, including interest, to the extent of the amount or amounts sopaid.{b) Transfer and Exchange. Any Bond may be exchanged for Bonds of anyAuthorized Denomination upon presentation and surrender at the designated corporate trustoffice of the Bond Registrar, together with a request for exchange signed by the registeredowner or by a person legally empowered to do so in a form satisfactory to the Bond Registrar.A Bond may be transferred only on the Bond Register upon presentation and surrender of theBond at the designated corporate trust office of the Bond Registrar together with an assignmentsigned by the registered owner or by a person legally empowered to do so in a form satisfactoryto the Bond Registrar; Upon exchange . or transfer the Bond Registrar shall complete,authenticate and deliver a . new Bond or Bonds of any Authorized Denomination orDenominations requested by the owner equal in the aggregate to . he unmatured principalamount of the Bond surrendered and bearing interest. at the same rate and maturing on thesame date,f manual signatures on behalf oL the City required, the -Bond Registrar shallundertake the exchange or transfer of Bonds only after the new Bonds are signed by ,theauthorized officers of the City. In all cases of Bonds exchanged or transferred, the City shallsign and the Bond Registrar shall authenticate and del _ver Bonds in accordance with tryeprovisions of the Bond Proceedings. The exchange or transfer shall be without charge to tbeowner, except that the City and Bond Registrar may make a charge sufficient to reimburse themfor any tax or other governmental charge required to be paid with respect to the exchange ortransfer. The City or the Bond Registrar may require that those charges, if any, be paid beforethe procedure is begun for the exchange or transfer. All Bonds issued and authenticated uponany exchange or transfer shall be valid obligations of the City, evidencing the same debt, andentitled to the same security and benefit under the Bond Proceedings as the Bonds surrendered

upon that exchange or transfer. Neither the City nor the Bond Registrar shall be required tomake any exchange or transfer of (i) Bonds then subject to call for redemption between the 15thday preceding the mailing of notice of Bonds to be redeemed and the date of that mailing, or(ii) any Bond selected for redemption, in whole or in part.(c) Book Entry System. Notwithstanding any other provisions of this Ordinance, ifthe City Auditor determines in the Certificate of Award that it is in the best interest of andfinancially advantageous to the City, the Bonds may be issued in book entry form in accordancewith the following provisions of this Section.


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ORDINANCE N0.0 -15- 2014 PAGE SEVEN

If any Depository determines not o continue to act as a DepositorY for the Bonds for usein a book entry system, the City Auditor may attempt to establish a securities depository/bookentry relationship with another qualified Depository. If the City Auditor does not or is unable todo so, the City Auditor, after making provision for notification of the beneficial owners by thethen Depository and any other arrangements deemed necessary, shall permit withdrawal of theBonds from the Depository, and shall cause Bond certificates in registered form and AuthorizedDenominations to be authenticated by the Bond Registrar and delivered to the assignees of theDepository or its nomin ;le, all at the cost and expense including any costs of printing},. if ~ h eevent is not the result of the City action or inaction, of those persons requesting such issuance.

The City Auditor is hereby authorized and directed, to the extent necessary or required,to enter into any agreements, in the name and on behalf of the City, that the City Auditordetermines to be necessary in connection with a book entry system for the Bonds.SE TION V ._ Sale .of the· Bonds to the -Original -Purchaser. The City Auditor i.sauthorized to sell the Bonds at private sale to the Original Purchaser at a purchase price, i l)otless than 97 of the ~ g g r e g a t e principal amount thereof, as shall be determined by the cityAuditor in the Certificate of Award, plus accrued interest if any) on the Bonds from their date. tothe Closing Date, and shall be awarded by the City Auditor with and upon such other terms as

are reqljired .or authorized_by this Ordinance to be specified in the Certificate of Award, _naccordance with law and the provisions of this Ordinance arid the Purchase Agreement. TheCity Auditor is authorized, if it is determined to be in the best interest of the City, to combine theissue of Bonds with one or more other bond issues of the City into a consolidated bond issuepursuanl to Sectior 133.30 B) of the Ohio Revised Code in which case a single Certificate. QfAward may be utilized for the consolidated· bond issue if appropriate and consistent with _heterms of this Ordinance. .The City · Auditor shall sign and deliver the Certificate of ·Award and shall cause theBonds to be prepared and signed and delivered, together with a true transcript of proceedingswith reference to the issuance of the Bonds, to the Original Purchaser upon payment of thepurchase price.The Mayor and the City Auditor shall sign and deliver, in the n t ; ~ m e and on behalf of theCity, the Purchase Agreement between the City and the Original Purchaser, in substantially theform as is now on file with the Clerk of Council, providing for the sale to, and the purchase by,the Original Purchaser of the Bonds . The Purchase Agreement is approved, together .with anychanges or amendments that are not inconsistent with this Ordinance and not substantiallyadverse to the City and that are approved by the Mayor and the City Auditor on behalf of theCity, all of which shall be conclusively evidenced by the signing of the Purchase Agreement oramendments thereto.The Mayor, the City Auditor, the Director of Law, the Clerk of Council and other Cityofficials, as appropriate, each are authorized and directed to sign any transcript certificates,financial statements and other documents and instruments .and to take such actions as arenecessary or appropriate to consummate the transactions contemplated by this Ordinance .SE TION VII. Provisions for Tax Levv. There shallbe levied on all the t9xable propertyin the City, in addition to all other taxes, a direct tax annually during the period the Borids areoutstanding in an amount sufficient to pay the debt charges on the Bonds when due, which taxshall not be less than the interest and sinking func:J tax reql)ired by Section 11_ f Article XII of theOhio C o n s ~ i t u t i o n The tax shall, be within the tencmilllimitation imposed by law, shall be anc;f isordered computed; certified, levied and extended upon the _tax duplicate and collected by thesame officers, in the same manner and at the same time that taxes for general purp.oses foreach of those years are certified, levied, extended and collected, and shall be placed before andin preference to all other items and for the full amount thereof: The proceeds of the tax levyshall be placed in the Bond Retirement Fund, which is irrevocably pledged for the payment ofthe debt charges on the Bonds when and as the same fall due.

each year to the extent net revenues from the municipal sanitary sewer system areavailable for the payment of the debt charges on the Bonds and are appropriated for tb_tpurpose, · he amount of the tax shall be reduced by the amount of such net revenues 'soavailable and appropriated. ·In each year to the extent receipts from the municipal income tax are available for thepayment of the debt charges on the Bonds and are appropriated for that purpose, and to theextent not paid from net revenues of the municipal sanitary sewer system, the amount of the taxshall be reduced by the amount of such receipts so available and appropriated in compliancewith the following covenant. To the extent necessary, the debt charges on the Bo11ds shall be

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ORDINANCE N0 .0-15-2014 PAGE EIGHT

SE ONVIII. Federal Tax Considerations. The City covenants that it will use, and willrestrict the use and investment of the proceeds of the Bonds in such manner and to such extentas may be necessary so that (a) the Bonds will not (i) constitute private activity bonds orarbitrage bonds under Sections 141 or 148 of the Code or (ii) be treated other than as bonds tl:leinterest on which is excluded from gross income under Section 103 of the Code, and (b) theinterest on the Bonds will not be an item of tax preference under Section 57 of the Code ..The City further covenants that (a) it will take or cause to be taken ~ u c h actions that maybe required of it for the interest on the Bonds to be and remain excluded from gross income fqrfederal income tax purposes, (b) it will not take or authorize to be taken any actions that wouldadversely affect that exclusion, and (c) it or persons acting for it will, among other acts -ofcompliance, (i) apply the proceeds of the Bonds to the governmental purpose of the borrowing,(ii) restrict the yield on iiwestment property, (iii) make timely and adequate payments tofederal government, (iv} maintain books and records and make calculations and reports and v)refrain from certain uses of those proceeds, and, as applicable, of property financed with su


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ORDINANCE N .0-15-2014 PAGE NINE

The City Auditor is further authorized and directed to establish procedures in order toensure compliance by the City with its Continuing Disclosure Agreement, including timelyprovision of information and notices as described above. Prior to making any filing requiredunder the Rule, the City Auditor shall consult with and obtain legal advice from, as appropriate,the Director of Law and bond or other qualified independent special counsel selected by theCity. The City Auditor, acting in the name and on behalf of the City, shall be entitled to relyupon any such legal advice in determining whether a filing should be made. The performanceby the City of its Continuing Disclosure Agreement shall be subject to the annual appropriationof any funds that may be necessary to perform it

d) Financing Costs. The expenditure of the amounts necessary to pay anyFinancing Costs in connection with the Bonds, to the extent not paid by the Original Purchaserin accordance with the Certificate of Award and the Purchase Agreement, is authorized andapproved, and the City Auditor is authorized to provide for the payment of any such amountsand costs from the proceeds of the Bonds to the extent available and otherwise from any otherfunds lawfully available that are appropriated or shall be appropriated for that purpose.

SECTION X Bond Counsel. The legal services of the law firm of Squire Patton BoggsUS) LL P are hereby retained. Those legal services shall be in the nature of legal advice andrecommendations as to the documents and the proceedings in connection with theauthorization, sale and issuance of the Bonds and rendering at delivery related legal opinions.In providing those legal services, as an independent contractor . and in an attorney-clientrelationship, that firm shall not exercise any administrative discretion on behalf of this City in theformulation of public policy, expenditure of public funds, enforcement of laws, rules andregulations of the State, any county or municipal corporation or of this City, or the execution ofpub lic trusts. For those legal services that firm shall be paid just and reasonable compensationand shall be reimbursed for actual out-of-pocket expenses incurred in providing those legalservices. The City Auditor is authorized and directed to make appropriate certification as to theavailability of funds for those fees and any reimbursement and to issue an appropriate order fortheir timely payment as written statements are submitted by that firm.

SECTION XI. Certification and Delivery of Ordinance and Certificate of Award. TheClerk of Council is directed to promptly deliver a certified copy of this Ordinance and anexecuted copy of the Certificate of Award to the County Auditor of Miami County, Ohio.

SECTION XII Satisfaction of Conditions for Bond Issuance. This Council determinesthat all acts and conditions necessary to be performed by the City or to have been metprecedent to and in the issuing of the Bonds in order to make them legal, valid and bindinggeneral obligations of the City have been performed and have been met, or will at the time ofdelivery of the Bonds have been performed and have been met, in regular and due form asrequired by law; that the full faith and credit and general property taxing power as described inSection VII) of the City are pledged for the timely payment of the debt charges on the Bonds;that no statutory or constitutional limitation of indebtedness or taxation will have been exceededin the issuance of the Bonds; and that the Bonds are being authorized and issued pursuant toChapter 133 of the Ohio Revised Code, this Ordinance, the Certificate of Award, and otherauthorizing provisions of law.

SECTION XIII Compliance with Open Meeting Requirements. This Council finds anddetermines that all formal actions of this Council and any of its committees concerning andrelating to the passage of this Ordinance were taken in an open meeting of this Council or itscommittees and that all deliberations of this Council and of any committees that resulted inthose formal actions were in meetings open to the public, all in compliance with the law,including Section 22 of the Ohio Revised Code.SECTION XIV Effective Date. This Ordinance is declared to be an emergencymeasure necessary for the immediate preservation of the public peace, health, welfare andsafety of the City, and for the further reason that this Ordinance is required to be immediatelyeffective in order to issue and sell the Bonds, which is necessary to enable the City to timelyenter into contracts for the construction of the Improvement and to coordinate the sale of theBonds with other bonds of the City; wherefore, this Ordinance shall be in full force and effectimmediately upon its passage and approval by the Mayor.

Adopted:

CITY OF TROY OHIO\ \


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. RD INAN E No _ _:;..o...;..6;;... ..;:;..;:o.;...;4;.___--..~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~

IN THE MAXIMUM PRINCIPAL AMOUNT OF 3.985.000 FOR THE PURPOSEOF PAYING THE COSTS OF IMPROVING THE MUNICIPAL WATER SYSTEM.INCLUDING THE INSTALLATION OF NEW WATER DISTRIBUTION LINESAND THE 'REPLACEMENT OF EXISTING WATER DISTRIBUTION .LINES.TOGETHER WJTH ALL ·INCIDENTAL WORK AND RELATEDAP.PURTI:NANCES THERETO. AND DECLARING AN EMERGENCY.

WHEREAS, this Council has requested that the City Auditor, as fiscal officer of this City, ,·certify the estimated life or period of usefulness of the Improvement described in Section II and .·the maximum maturit y of the Bonds described in Section II; andWHEREAS; the City Auditor has certified to this Council that ·the estimated life or period ··

of us·etulness of the Improvement is at least five (5) years and that the maximum maturity of theBonds is forty (40) years;·NoW, THEREFORE, BE IT ORDAINED by the. Council of the City of Troy, , Miami ,County/ hio, that: · ·SECTION 1 . Definitions and Interpretation. In addition . to the words and terms ·elsewhere .defined in this Ordinance, unless the context or use clearly indicates .another or 'different meaning or intent· Authorized Denominations means the denomination of $5,000 or any integral multiple ,in ·excess thereof.Bond, r o c e ~ d i n g s means, collectively, this O r d i n a ~ c e , the Certificate of Award, theContinuing Disclosure Agreement, the . Purchase Agreement, the Registrar Agreement, , and ··such other proceedings of the City, including the Bonds, that provide collectively for, amongother things, the rights of holders and beneficial owners of the Bonds.Bond Register' means all books and records necessary for the registration, exchangeand transfer of Bonds as provided in Section V.Bond Registrar' means a bank or trust company authorized to do business in the Stateof Ohio and designated by the City Auditor in the Certificate of Award pursuant to Section IV as

the initial authenticating agent, bond registrar, transfer agent and paying agent for the Bondsunder the Registrar Agreement and until a successor Bond Registrar shall have become suchpursuant to the provisions ofthe Registrar Agreement and, thereafter, Bond Registrar' shallmean the successor Bond Registrar.Bonds means, collectively, the Serial Bonds and the Term Bonds, each as isdesignated as such in the Certificate of Award .

''Book entry form or book entry system means a form or system under which (a) theownership of beneficial interests, in the Bonds and the principal of and interest on the Bonds ·may be transferred only through a book entry, and (b) physical Bond certificates in fullyregistered form are issued by the .City and payable only to .a Depository or its nominee ,as ·registered owner, wjth the certificates deposited with and immobilized in the custody of theDepository or its designated agent for that purpose . The book entry maintained by others thanthe City is the record that identifies the owners of beneficial interests in the Bonds and thatprincipal and nterest..C e r t l f i ~ a t e ofAward means the certificate authorized by Section VI to be executed bythe City Auditor, setting forth and determining those terms or other matters pertaining to theBonds and their issuance, sale.and delivery as this Ordinance requires or authorizes to besetforth or determjned therein . ·

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ORDINANCE NO . 0 16-2014 PAGE TWO

Continuing Disclosure Agreemenf' means the Continuing Disclosure Agreement whichshall constitute the continuing disclosure agreement made by the City for the benefit of theholders and beneficial owners of the Bonds in accordance with the Rule, as it may be modifiedfrom the form on file with the Clerk of Council and executed by the Mayor and the City Auditor,all in accordance with Section IX( c).Depository'' means any securities depository that is a clearing agency under federal lawoperating and maintaining, with its Participants or otherwise, a book entry system to recordownership of beneficial interests in Bonds or the principal of and interest on Bonds, and to effecttransfers of Bonds, in book entry form, and includes and means initially The Depository TrustCompany a limited purpose trust company), New York, New York.

Financing Costs shall have the meaning given in Section 133.01 of the Ohio RevisedCode.Interest Payment Dates means June 1 and December 1 of each year that the Bondsare outstanding, commencing on the date specified in the Certificate of Award .Mandatory Redemption Date shall have the meaning set forth in Section l ll(b).Mandatory Sinking Fund Redemption Requirements shall have the meaning set forth inSection lll (e)(i).Original Purchaser'' means the purchaser of the Bonds specified in the Certificate ofAward.Participanf' means any participant contracting with a Depository under a book entrysystem and includes securities brokers and dealers, banks and trust companies, and clearingcorporations .Principal Payment Dates means December 1 in each of the years from and including2014 to and including 2043; provided that the first Principal Payment Date may be deferred upto one year and the last Principal Payment Date may be advanced or deferred by such numberof years as determined by the City Auditor in the Certificate of Award in such manner as to be in

the best interest of and financially advantageous to the City; provided, further, that in no caseshall the final Principal Payment Date of the Bonds exceed the maximum maturity limitationreferred to in the preambles hereto.Purchase Agreemen f' means the Bond Purchase Agreement between the City and theOriginal Purchaser, as it may be modified from the form on file with the Clerk of Council andexecuted by the Mayor and the City Auditor, all in accordance with Section VI.Registrar Agreemenf' means the Bond Registrar Agreement between the City and theBond Registrar, as it may be modified from the form on file with the Clerk of Council andexecuted by the Mayor and the City Auditor, all in accordance with Section IV.Regulations means Treasury Regulations issued pursuant to the Code or to the

statutory predecessor of the Code.Rule means Rule 15c2-12 prescribed by the SEC pursuant to the Securities ExchangeAct of 1934.SEC means the Securities and Exchange Commission .

''Serial Bonds means those Bonds designated as such and maturing on the dates setforth in the Certificate of Award, bearing interest payable on each Interest Payment Date andnot subject to mandatory sinking fund redemption .Term Bonds means those Bonds designated as such and maturing on the date ordates set forth in the Certificate of Award, bearing interest payable on each Interest PaymentDate and subject to mandatory sinking fund redemption.

The captions and headings in this Ordinance are solely for convenience of reference andin no way define, limit or describe the scope or intent of any Sections, subsections. paragraphs,subparagraphs or clauses hereof. Reference to a Section means a section of this Ordinanceunless otherwise indicated.SE TION II . Authorized Principal Amount and Purpose· Application of Proceeds. ThisCouncil determines that it is necessary and in the best interest of the City to issue bonds of this


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ORDINANCE NO. 0-16-2 014 PAGE THREE

The proceeds from the sale of the Bonds received by the City (or withheld by theOriginal Purchaser on behalf of the City) shall be paid into the proper fund or funds, and thoseproceeds are hereby appropriated and shall be used for the purpose for which the Bonds arebeing issued, including without limitation but only to the extent not paid by others, the paymentof the costs of issuing and servicing the Bonds, printing and delivery o the Bonds, legalservices including obtaining the approving legal opinion of bond counsel, fees and expenses ofany financial advisor, paying agent and rating agency, any fees or premiums relating tomunicipal bond insurance or other security arrangements determined necessary by the CityAuditor, and all other Financing Costs and costs incurred incidental to those purposes. TheCertificate of Award and the Purchase Agreement may authorize the Original Purchaser towithhold certain proceeds from the purchase price of the Bonds to provide for the payment ofFinancing Costs related to the Bonds on behalf of the City. Any portion o those proceedsreceived by the City representing premium (after payment of any Financing Costs identified inthe Certificate of Award and the Purchase Agreement) and any portion of those proceedsreceived by the City representing accrued interest shall be paid into the Bond Retirement Fund.

SE TION Ill. Denominations; Dating; Principal and Interest Payment and RedemptionProvisions. The Bonds shall be issued in one lot and only as fully registered bonds, inAuthorized Denominations, but in no case as to a particular maturity date exceeding theprincipal amount maturing on that date. The Bongs shall be dated as provided in the Certificateof Award, provided that their dated date shall not be more than sixty (60) days prior to theClosing Date.(a) Interest Rates and Payment Dates . The Bonds shall bear interest at the rate orrates per year (computed on the basis of a 360-day year consisting of twelve 30-day months) asshall be determined by the City Auditor, subject to subsection (c) o this Section, in theCertificate of Award. Interest on the Bonds shall be payable at such rate or rates on the InterestPayment Dates until the principal amount has been paid or provided for. The Bonds shall bearinterest from the most recent date to which interest has been paid or provided for or, if nointerest has been paid or provided for, from their date.(b) Principal Payment Schedule. The Bonds shall mature or be payable pursuant to

Mandatory Sinking Fund Redemption Requirements on the Principal Payment Dates in principalamounts as shall be determined by the City Auditor, subject to subsection (c) of this Section, inthe Certificate of Award, which determination shall be in the best interest of and financiallyadvantageous to the City.Consistent with the foregoing and in accordance with the determination of the bestinterest of and financial advantages to the City, the City Auditor shall specify in the Certificate ofAward (i) the aggregate principal amount of Bonds to be issued as Seri.al Bonds, the PrincipalPayment Date or Dates on which those Bonds shall be stated to mature and the principalamount thereof that shall be stated to mature on each such Principal Payment Date and (ii) theaggregate principal amount of Bonds to be issued as Term Bonds, the Principal Payment Date

or Dates on which those Bonds shall be stated to mature, the principal amount thereof that shallbe stated to mature on each such Principal Payment Date, the Principal Payment Date or Dateson which Term Bonds shall be subject to mandatory sinking fund redemption (each aMandatory Redemption Date ) and the principal amount thereof that shall be payable pursuantto Mandatory Sinking Fund Redemption Requirements on each Mandatory Redemption Date.

(c) Conditions for Establishment of Interest Rates and Principal Payment Dates andAmounts. The rate or rates of interest per year to be borne by the Bonds, and the principalamount of Bonds maturing or payable pursuant to Mandatory Sinking Fund RedemptionRequirements on each Principal Payment Date, shall be such that the total principal and interestpayments on the Bonds in any fiscal year in which principal is payable is not more than threetimes the amount of those payments in any other fiscal year. The net interest cost for the Bondsdetermined by taking into account the respective principal amounts of the Bonds and terms tomaturity or Mandatory Sinking Fund Redemption Requirements of those principal amounts ofBonds shall not exceed 6.00 .(d) Payment of Debt Charges. The debt charges on the Bonds shall be payable inlawful money of the United States of America without deduction for the services of the BondRegistrar as paying agent. Principal of and any premium on the Bonds shall be payable whendue upon presentation and surrender of the Bonds at the designated corporate trust office of theBond Registrar. Interest on a Bond shall be paid by the Bond Registrar on each InterestPayment Date by check or draft mailed to the person in whose name the Bond was registered,and to that person's address appearing, on the Bond Register at the close of business on the5 h day of the calendar month next preceding that Interest Payment Date. Notwithstanding the


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ORDINANCE NO. 0-16-20 14 PAGE FOUR

(i) Mandatory Sinking Fund Redemption of Term Bonds. If any of the Bondsare issued as Term Bonds, the Term Bonds shall be subject to mandatory redemption inpart by lot and be redeemed pursuant to mandatory sinking fund redemptionrequirements, at a redemption price of 100% of the principal amount redeemed, plusaccrued interest to the redemption date, on the applicable Mandatory Redemption Datesand in the principal amounts payable on those Dates, for which provision is made in theCertificate of Award (such Dates and amounts being referred to as the MandatorySinking Fund Redemption Requirements ) . ·The aggregate of the moneys to be deposited with the Bond Registrar forpayment of principal of and interest on any Term Bonds on each Mandatory RedemptionDate shall include an amount sufficient to redeem on that Date the principal amount ofTerm Bonds payable on that Date pursuant to the Mandatory Sinking Fund RedemptionRequirements (less the amount of any credit as hereinafter provided) .The City shall have the option to deliver to the Bond Registrar for cancellationTerm Bonds in any aggregate principal amount and to receive a credit against the thencurrent or any subsequent Mandatory Sinking Fund Redemption Requirement (andcorresponding mandatory redemption obligation) of the City, as specified by the City

Auditor, for Term Bonds stated to mature on the same Principal Payment Date andbearing interest t the same rate as the Term Bonds so delivered. That option shall· beexercised by the City on or before the 45th day preceding any Mandatory RedemptionDate with respect to which the City wishes to obtain a credit, by furnishing the BondRegistrar a certificate, signed by the City Auditor, setting forth the extent of the credit tobe applied with respect to the then current or any subsequent Mandatory Sinking FundRedemption Requirement for Term Bonds stated to mature on the same PrincipalPayment Date and bearing interest at the same rate as the Term Bonds so delivered . Ifthe certificate is not timely furnished to the Bond Registrar, the current MandatorySinking Fund Redemption Requirement ·(and corresponding ·mandatory redemptionobltgation) shall not be reduced. A credit against the then current or any subsequentMandatory Sinking Fund Redemption Requirement (and corresponding mandatoryredemption obligation), as specified by the City Auditor; also shall be received by theCity for any Term Bonds which prior thereto have been redeemed (other than throughthe operation of the applicable Mandatory Sinking Fund Redemption Requirements) orpurchased for cancellation and canceled by the Bond Registrar, to the extent not appliedtheretofore as a credit against any Manda tory Sinking Fund Redemption Requirement,for Term Bonds stated to mature on the. same Principal Payment Date and bearinginterest at the same rate as the Term Bonds so delivered, redeemed or purchased andcanceled.

Each Term Bond so delivered, or previously redeemed, or purchased andcanceled, shall be credited by the Bond Registrar .at 100% of the principal amountthereof against the then current ·or subsequent Mandatory Sinking Fund RedemptionRequirements (and corresponding mandatory redemption obligations), as specified bythe City Auditor, for Term Bonds stated to mature on the same Principal Payment Dateand bearing interest at the same rate as the Term Bonds so delivered; redeemed orpurchased and canceled.

(ii) Optional Redemption. The Bonds of the maturities and interest ratesspecified in the Certificate of Award (if any are so specified) shall be subject to optionalredemption by and at the sole option of the City, in whole or in part in integral multiplesof 5,000, on the dates and at the redemption prices (expressed as a percentage of theprincipal amount to be redeemed), plus accrued interest to the redemption date, to bedetermined by the City Auditor in the Certificate of Award, provided -that the redemptionprice for any optional redemption date shall not be greater than 103%.If optional redemption of Term Bonds at a redemption price .exceeding 100% ofthe principal amount to be redeemed is to take place as of any Mandatory Redemption

Date applicable ·to . those Term Bonds, the Term Bonds, or portions thereof, to .beredeemed optionally shall be selected by lot prior to the selection by lot of the TermBonds of the same maturity (and interest rate within a maturity if applicable) to beredeemed on the same date by operation of the Mandatory Sinking Fund RedemptionRequirements. Bonds to be redeemed pursuant to this paragraph shall be redeemedonly upon. written notice from the City Auditor to the Bond Registrar, given upon thedirection of the City by passage of an ordinance or adoption of a resolution . That noticeshall specify the redemption date and the principal amount of each maturity (and interestrate within a maturity if applicable) of Bonds to be redeemed, and shall be given at least

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(iii) Partial Redemption. If fewer than all of the outstanding Bonds are calledfor optional redemption at one time and Bonds of more than one maturity (or interest ratewithin a maturity if applicable) are then outstanding, the Bonds that are called shall beBonds of the maturity or maturit ies and interest rate or rates selected by the City. Iffewer than all of the Bonds of a single matu rity (or interest rate within a maturity ifapplicable) are to be redeemed , the selection of Bonds of that maturity(or interest ratewithin a maturity if applicable) to be redeemed, or portions thereof in amounts of 5,000or any integral multiple thereof, shall be made by the Bond Registrar by lot in a mannerdetermined by the Bond Registrar. In the case of a partial redemption of Bonds by lotwhen Bonds of denominations greater than 5,000 are then outstanding, each 5,000unit of principal thereof shall be treated as if it were a separate Bond of the denominationof 5,000. If it s determined that orie or more, but not all, of the 5,000 units of principalamount represented by a Bond are to be called for redemption, then , upon notice ofredemption of a 5,000 unit or units, the registered owner of that Bond shall surrenderthe Bond to the Bond Registrar (A) for payment of the redemption price of the 5,000unit or units of principal amount called for redemption (including, without limitation, theinterest accrued to the date fixed for redemption and any premium), and (B) forissuance, without charge to the registered owner , of a new Bond or Bonds of anyAuthorized Denomination or Denominations in an aggregate principal amount equal tothe unmatured and unredeemed portion of, and bearing interest at the same rate andmaturing on the same date as the Bond surrendered ..

(iv) N.otice of Redemption . The notice ·of the call for redemption of Bondsshall identify (A) by designation, letters, numbers or other distinguishing marks, theBonds or ·portions thereof to be redeemed, (B) the redemption price to be paid , (C) thedate fixed for redemption, and (D) the place or places where the amounts due ·uponredemption are payable. The notice shall be given by the Bond Registrar on behalf ofthe City by mailing a copy of the redemption notice by first-class mail, postage prepaid,at least 30 days prior to the date fixed for redemption, to the registered owner of eachBond subject to redemption in whole or in part at the registered owner's address shownon the Bond Register maintained by the Bond Registrar at the close of business on the15th day preceding that mailing . Failure to receive notice by mail or any defect in thatnotice regarding any Bond, however, shall not affect the validity of the proceedings forthe redemption of any Bond.(v) Payment of Redeemed Bonds. In the event that notice of redemptionshall have been given by the Bond Registrar to the registered owners as providedabove, there shall be deposited with the Bond Registrar on or prior to the redemptiondate, moneys that, in addition to any other moneys available therefor and held by theBond Registrar, will be sufficient to redeem at the redemption price thereof, plus accruedinterest to the redemption date, all of the redeemable Bonds for which notice ofredemption has been given. Notice having been mailed in the manner provided in thepreceding paragraph hereof, the Bonds and portions thereof called for redemption shallbecome due and payable on the redemption date, and, subject to the provisions ofSections l ll (d) arid V upon presentation and surrender thereof at the place or placesspecified in that notice, shall be paid at the redemption price, plus accrued interest to theredemptio·n date. · If moneys for the ·redemption of all of the Bonds and portions thereofto be redeemed, together with accrued interest thereon to the redemption date, are heldby the Bond Registrar on the redemption date, so as to be available therefor on that date

and, if notice of redemption has been deposited in the mail as aforesaid, then from andafter the redemption date those Bonds and portions thereof called for ·redemption shallcease to ·bear interest and no longer shall be considered to be outstanding. If thosemoneys shall not be so available on the redemption date, or that notice shall not havebeen deposited in the mail as aforesaid those Bonds and portions thereof shall continueto bear interest, until they are paid, at the same rate as they would have borne had theynot been called for redemption. All moneys held ·by the Bond Registrar for theredemption of particular Bonds shall be held in trust for the account of the registeredowners thereof and shall be paid to them, respeCtively, upon presentation and si.menderof those Bonds, provi e that any interest earned on the moneys so held by the BondRegistrar shall be for'the account of and pa id to the City to the extent not required for thepayment of the Bonds called for redemption .SE TION IV. Execution and Authentication of Bonds; Appointment of Bond Registrar .The Bonds shall be signed by the Mayor and the City Auditor, in the name of the City and intheir official capacities; provi e that either or both of those signatures may be a facsimile. TheBonds shall be issued ih the Authorized Denominations and numbers as requested by theOriginal Purchaser and approved by the City Auditor, shall be numbered as determined by theCity Auditor in order to distinguish each Bond from any other Bond , and.shall express upon theirfaces the purpose, in summary terms, for which they are issued and that they are issuedpursuan t to Chapter 133 of the Ohio Revised Code, this Ordinance and the Ce rtificate of Award.

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ORDINANCE NO. 0-16-2014 PAGE S X

No Bond sh;:tlf be valid or obligatory for any purpose or shall be entitled to any security orbenefit under the. Bond Proceedings unless and until the certificate of authentication printed onthe Bond is signed by the Bond Registrar as authenticating agent. Authentication by the BondRegistrar shall be conclusive evidence that the Bond so authenticated has been duly issued,signed and delivered under, .and is entitled to the security and benefit of, the Bond Proceedings.The certificate of a ~ t h e n t i c a t i o n may be signed by any authorized officer or employee of theBond Registrar or by any other p_erson acting as an agent of the Bond Registrar and approvedby the City Auditor on behalf of the City. The same person need not sign the certificate ofauthentication on all of the Bonds.

SECTION V .Registration: Transfer and .Exchanqe:·Book Eritrv System.(a) Bond R e q i s t e ~ So long as any of the Bonds remain outstanding, the City willcause the Bond Registrar to maintain and keep the Bond Register at its designated corporatetrust office. Subject to the provisions of Sections lll(d) and IX(c), the person in whose name·aBond is registered on the Bond Register shall be regarded as the absolute owner of that Bondfor all purposes of the Bond. Proceedings. Payment of or on account of the debt .charges on anyBond shall be made only to or upon the order of that person; neither the City nor the Bof)dRegistrar shall be affected by any notice to the contrary, but the registration may be changed as

provided in this Section. All such payments shall be valid and effectual to satisfy and dischargethe City's liability upon the Bond, including interest, to the extent of the amount or amounts sopaid.(b) Transfer and Exchange. Any Bond may be exchanged for Bonds of anyAuthorized Denomination upon .presentation and surrender at the. designated corporate trustoffice of tt)e Bonc;l Registrar, together with a request for exchange signed by the registeredowner or by a person legally empowered to do so in a form satisfactory to the Bond .Registrar.A Bond may be . ran&ferred .only on the Bond Register upon presentation and surrender of theBond at the designated corporate trust office of the Bond Registrar together with an assignmentsigned by the registered owner or by a person legally empowered to do so in a form satisfactoryto the Bond Registrar. Upon exchange or transfer the Bond . Registrar shall complete,authenticate and deliver . a new Bond or Bonds of any Authorized Denomination or

Denominations requested by the owner equal in the aggregate to the unmatured principalamount of the Bond surrendered and bearing interest at the same rate and maturing on thesame date. · · ·If manual signatures on behalf of the City are required, the Bond Registrar shallundertake the exchange or transfer of Bonds only after the new Bonds are signed by tt)eauthorized officers of the City. In all cases of Bonds exchanged or transferred, the City shallsign and the Bond Registrar shall authenticate and deliver Bonds in accordance with theprovisions of the Bond Proceedings. The exchange or tr.ansfer shall be without charge to t h ~owner, except that the City and Bond Registrar may make a charge sufficient to reimburse themfor any tax or. other governmental charge required to be .paid with respect to the exchange ortransfer. The City or t n ~ Bond Registrar may require that those charges, if any, be paid befqrethe procedure is begun for the exchange or transfer. All Bonds jssued and authenticated uponany exchange or transfer shall be valid obligations of the City, evidencing the same debt, andentitled to the same security and benefit under the Bond Proceedings as the Bonds surrenderedupon that exchal']ge or transfer. Neither the City nor the Bond Registrar shall be required tomake any exchange or transfer of (i) Bonds then subject to call for redemption between the 15thday preceding the mailing of notice of Bonds to t;le redeemed and the date of that mailing, or(ii) any Bond selected for redemption, in whole or in part.(c) Book Entry System. Notwithstanding any other provisions of this Ordinance, ifthe City Auditor determines in the Certificate of Award that it is in the best interest of andfinancially advantageous to the City, the Bonds may be issued in book entry form in accordancewith the following provisions of this Section .The Bonds may be issued to a Depository for use in a book entry system ~ n d if and aslong as a book entry system is utilized: (i) the Bonds may be issued in the form of a single, fullyregistered Bond representing each maturity, and, if applicable, each interest rate within. amaturity, and registered in the name of the Depository or its nominee, as registered owner, andimmobilized in the custody of the Depository or its designated agent for that purpose, which maybe the Bond Registrar; (ii) the beneficial owners of Bonds in book entry form shall have no rightto receive Bonds. in the form of physical sec Jrities or certificates; (iii) ownership of beneficialinterests in qook entry form shall be shown by book entry on the system maintained a n ~operated by the .Depository and its Participants, and transfers of the ownership of beneficialinterests shall be made only by book entry by the Depository and its Participants; and (iv) the

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The City .Auditor is hereby authorized and directed, to t h ~ extent necessary or r e q u i r ~ dto enter into any agreements, in the name and on behalf of the City, that the City Auditordetermines to be necessary in connection with a book entry system for the Bonds. ·SECTION VI Sale of the Bonds to the Original Purchaser. The City Auditor isauthorized to sell the Bonds at private sale to the Original Purchaser at a purchase price, notless than 97% of the aggregate principal amount thereof, as shall be determined by the CityAuditor. n the Certificate of Award, plus accrued interest (if any) on the Bonds from their date tothe Closing Date, and shall be awarded by the City Auditor with and. upon such other terms asare required or authorized by this Ordinance to be specified in the Certificate of Award, inaccordance with law and the provisions of this Ordinance and. the Purchase Agreemen t TheCity Auditor is authorized, if it is determined to be in the best int eres t of the City, to combine theissue of Bond

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