§ 325.05. Mandatory purchase of city obligations with put arrangements.

For purposes of this section:

(A)

"Put arrangements" shall have the meaning set forth in Ohio R.C. 9.98(N).

(B)

"Remarketing agent" shall have the meaning set forth in Ohio R.C. 9.98(O).

If obligations of the city which provide for put arrangements are outstanding and if the remarketing agent for such obligations is otherwise unable to remarket such obligations upon the tender for purchase thereof in accordance with their terms, then to the extent that there are moneys in the treasury of the city available for investment pursuant to C.C. 325.010, the city treasurer shall purchase such obligations for the treasury investment account at a price not in excess of the principal amount thereof plus accrued interest, if any, and retain such obligations in the treasury investment account, until the earlier of their maturity or such time as they are remarketed by the remarketing agent.

If uninvested moneys in the treasury of the city are insufficient to provide for purchase of obligations of the city under the circumstances described in the immediately preceding paragraph of this section, the city treasurer shall convert such other investments made pursuant to C.C. 325.010 to cash to the extent necessary, and at such time as is necessary, to provide sufficient moneys for such purchase.

Obligations purchased by the city treasurer pursuant to this section shall remain outstanding in accordance with their terms and shall not be considered redeemed or retired as a result of the purchase thereof pursuant to this section.

(Ord. 543-95.)