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which shall not exceed fifteen per centum (15%) per annum until the <br />principal sum is paid; shall be dated their date of issuance; shall <br />mature on August 16, 1983; shall not be subject to redemption by the <br />City at any time prior to maturity, unless the original purchaser of the <br />Notes requests that the Notes provide for such redemption, in which case <br />provision shall be made for calling the Notes for redemption upon ten <br />(10) days written notice to the original purchaser; shall be designated <br />"Waterford Breakwall Bond Anticipation Notes - 1983 Renewal"; shall be <br />issued in such numbers and denominations as may be requested by the <br />original purchaser; and shall be payable as to both principal and inter- <br />est at the offices of the Director of Finance of the City, or at banks <br />or trust companies, as determined by the Director of Finance, without <br />deduction for exchange, collection or service charge. <br /> <br /> Section 4. That the Notes shall be executed by the Mayor and <br /> Director of Finance, provided that one of such signatures may be a <br /> facsmile signature, and bear the seal of the corporation or a facsimile <br /> thereof. The Notes shall express upon their faces the purpose for which <br /> they are issued and that they are issued pursuant to this ordinance. <br /> <br /> Section 5. Subject to the rejection of the Notes by the <br /> Director of Finance for investment in the Bond Retirement Fund, the <br /> Notes shall be sold at the par value thereof by the Director of Finance <br /> at private sale at an interest rate not exceeding that specified in <br /> Section 3 of this ordinance and in accordance with the best interests <br /> and welfare of the City; and the Director of Finance is hereby author- <br /> ized and directed to deliver the Notes, when executed, to the original <br /> purchaser 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 the Notes are being issued under the provisions of <br /> this ordinance. Any premium and accrued interest shall be transferred <br /> <br />-3- <br /> <br /> <br />