38-82 Improve Certain Streets - BAN

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Section 3. That it is hereby determined that notes (herein- after called the "Notes") in the principal amount of $280,000 shall be issued in anticipation of the issuance of said bonds for the above- described purpose and to pay and retire the outstanding notes. The Notes shall bear interest at such rate, not exceeding fifteen per centum (15%) per annum, as may be fixed by the Director of Finance in his certificate awarding the Notes at private sale, such interest to be payable at maturity, with provision, if requested by the purchaser, that, in the event of default, the same shall bear interest at a rate which shall not exceed fifteen per centum (15%) per annum until the principal sum is paid; shall be dated 3uly 1, 1982; shall mature on 3uly 1, 1983; shall not be subject to redemption by the City at any time prior to maturity, unless the original purchaser of the Notes requests that the Notes provide for such redemption, in which case provision shall be made for calling the Notes for redemption upon ten (10) days written notice to the original purchaser; shall be designated "1981 Street Improvement Bond Anticipation Notes - 1982 Renewal"; shall be issued in such numbers and denominations as may be requested by the original purchaser; and shall be payable as to both principal and inter- est at the offices of the Director of Finance of the City, or at banks or trust companies, as determined by the Director of Finance, without deduction for exchange, collection or service charge. Section 4. That the Notes shall be executed by the P~ayor and Director of Finance, provided that one of such signatures may be a facsmile signature, and bear the seal of the corporation or a facsimile thereof. The Notes shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance.- -3-