66-81 5th fl & ped bridge for hospital garage BAN

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Section 2. THat said bonds shall be dated approximately August 1, 1982, shall bear interest at the estimated rate of ten and one-half per centum (10-1/2%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty-two (22) substan- tially equal annual installments after their issuance. Section 3. That it is necessary and this Council hereby determines that notes in the principal amount of $900,000 shall be issued in anticipation of the issuance of said bonds and to pay and retire the above-mentioned notes. Section 4. That such anticipatory notes in the amount afore- said shall bear interest payable at maturity at one or more rates not exceeding the maximum rate permitted by law, provided that such notes may bear one or more different rates not exceeding the maximum rate per- mitred by law after maturity and until the principal sum is paid, shall be in the denominat'ions and numbered as the original purchaser or pur- chasers thereof request, shall be dated August 21, 1981, and shall mature on August 20, 1982, with an option in the City to redeem such notes prior to maturity upon ten (10) days written notice to the original pur- chaser or purchasers of such notes. Such notes shall be issued in such number and in such denominations as the purchaser or purchasers thereof request. The rate or rates of interest to be borne'by the notes until maturity and, if a different rate or rates after maturity is requested by the original purchaser or purchasers, after maturity shall be fixed by the certificate of the Director of Finance of the City awarding the notes at private sale and specifying such rate or rates and the principal amount of the notes applicable to each rate. Such notes shall be desig- nated "Parking Garage Construction Bond Anticipation Notes - 1981 Re- newal''. Section 5. That such notes shall be executed by the Mayor and Director of Finance, provided that one of such signatures may be a fac- simile signature, and bear the seal of the corporation or a facsimile thereof. The notes shall be payable as to both principal and interest in Federal Reserve Funds of the United States of America at the office of the Director of Finance, City.'Hall, Lakewood, Ohio, or at the prin- cipal office of a bank in Cuyahoga County, Ohio, designated by the original purchaser or purchasers thereof, without deduction for exchange, collection or service charges. The notes shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. Subject to the rejection of said notes by the Director of Finance for investment in the Bond Retirement Fund, said notes shall be sold at the par value thereof by the Director of Finance at private sale at an interest rate or rates not exceeding that speci- fied in Section 4 of this ordinance and in accordance with the best -2-