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"Waterford Breakwall Bond Anticipation Notes - 1983 <br />Renewal"; shall be issued in such numbers and denomi- <br />nations as may be requested by the original purchaser; <br />and shall be payable as to both principal and interest <br />at the offices of the Director of Finance of the City, <br />or at banks or trust companies, as determined by the <br />Director of Finance, without deduction for exchange, <br />collection or service charge." <br /> <br />is hereby amended to read: <br /> <br /> "Section 3. That it is hereby determined that <br />notes (hereinafter called the "Notes") in the principal <br />amount of $165,000 shall be issued in anticipation of <br />the issuance of said bonds for the above-described purpose <br />and to pay and retire the outstanding notes. The Notes <br />shall bear interest at such rate, not exceeding fifteen <br />per centum (15%) per annum, as may he fixed by the Director <br />of Finance in his certificate awarding the Notes at private <br />sale, such interest to be payable at maturity, with provision, <br />if requested by the purchaser, that, in the event of default, <br />the same shall bear interest at a rate which shall not <br />exceed fifteen per centum (15%) per annam until the principal <br />sum is paid; shall be dated their date of issuance; shall <br />mature on or before one year from date of issuance; shall <br />not be subject to redemption by the City at any time prior <br />to maturity, unless the original purchaser of the Notes requests <br />that the Notes provide for such redemption, in which case <br />provision s hall be made for calling the Notes for redemption <br />upon ten (10) days written notice to the original purchaser; <br />shall be designated "Waterford Breakwall Bond Anticipation <br />Notes - 1983 Renewal"; shall be issued in such numbers and <br />denominations as may be requested by the original purchaser; <br />and shall be payable as to both principal and interest at <br />the offices of the Director of Finance of the City, or at <br />banks or trust companies, as determined by the Director of <br />Finance, without deduction for exchange, collection or service <br />charge." <br /> <br /> Section 2. Section 3 of the Original Note Ordinance is hereby <br />repealed. <br /> <br /> Section 3. The Clerk of Council is hereby authorized and directed <br />to forward a certified copy of this ordinance to the County Auditor of Cuyahoga <br />County. <br /> <br /> Section 4. It is found and determined that all formal actions <br />of this Council concerning and relating to the passage of this ordinance were <br />adopted in an open meeting of this Council and that all such deliberations of <br />this Council and any of its committees that resulted in such formal action were <br />in meetins open to the public in compliance with all legal requirements, including <br />the City's Charter and Codified Ordinances and Section 121.22 of the'bhto Revised <br />Code. <br /> <br />-2- <br /> <br /> <br />