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Section 3. That it is necessary and this Council hereby <br />determines that notes in the principal amount of $500,000 shall be <br />issued in anticipation of the issuance of said bonds and to pay and <br />retire the above-mentioned note. <br /> <br /> Section 4. That such anticipatory notes in the amount afore- <br />said shall bear interest payable at maturity at one or more rates not <br />exceeding the maximum rate permitted by law, provided that such notes <br />may bear one or more different, rates not exceeding the maximum rate <br />permitted by law after maturity and until the principal sum is paid, <br />shall be in the denominations and numbered as the original purchaser or <br />purchasers thereof request, shall be dated September 4, 1981, and shall <br />mature September 3, 1982, with an option in the City to redeem such <br />notes prior to maturity upon ten (10) days written notice, if satis- <br />factory to the original purchaser or purchasers of such notes. Such <br />notes shall be issued in such number and in such denominations as the <br />purchaser or purchasers thereof request. The rate or rates of interest <br />to be borne by the notes until maturity and, if a different rate or rates <br />after maturity is requested by th~ original purchaser or purchasers, after <br />maturity shall be fixed by the certificate of the Director of Finance of <br />the City awarding the notes at private sale and specifying such rate or <br />rates and the principal amount of the notes applicable to each rate. <br />Such notes shall be designated "Waste Water Treatment Plant Improvement <br />Bond Anticipation Notes - 1981 Renewal". <br /> <br /> Section 5. That such notes shall be executed by the Mayor and <br />Director of Finance, provided that one of such signatures may be a fac- <br />simile signature, and bear the seal of the corporation or a facsimile <br />thereof. The notes shall be payable as to both principal and interest <br />in Federal Reserve Funds of the United States of America at the office <br />of the Director of Finance, City Hall, Lakewood, Ohio, or at the principal <br />office of a bank in Cuyahoga County, Ohio, designated by the original <br />purchaser or purchasers thereof, without deduction for exchange, collec- <br />tion or service charges. The notes shall express upon their faces the <br />purpose for which they are issued and that they are issued pursuant to <br />this ordinance. <br /> <br /> Section 6. Subject to the rejection of said notes by the <br />Director of Finance for investment in the Bond Retirement Fund, said <br />notes shall be sold at the par value thereof by the Director of Finance <br />at private sale at an interest rate or rates not exceeding that specified <br />in Section 4 of this ordinance and in accordance with the best interests <br />and welfare of the City; and the Director of Finance is hereby authorized <br />and directed to deliver said notes, when executed, to the original pur- <br />chaser or purchasers thereof upon payment of the purchase price. The <br />proceeds of such sale shall be paid into the proper fund and used for <br />the purpose for which said notes are being issued under the provisions <br />of this ordinance. Any premium and accrued interest shall be transferred <br /> <br />- 2 - <br /> <br /> <br />