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termini provided in Resolution No. 5362 duly adopted by the Council of <br />the City on January 15, 1979, as amended by Resolution No. 5388, adopted <br />April 3, 1979 and Resolution No. 5427, adopted December 4, 1979. <br /> <br />Section 2. That said bonds shall be dated approximately <br />May 1, 1985, shall bear interest at the estimated rate of ten per centum <br />(10%) per annum, payable semi-annually, until the principal sum is paid, <br />and shall mature in five (5) substantially equal annual installments <br />after their issuance. <br /> <br /> Section 3. That it is hereby determined that notes (herein- <br />after called the "Notes") in the principal amount of $70,000 shall be <br />issued in anticipation of the issuance of said bonds for the above- <br />described purpose. The Notes shall bear interest at a rate or rates not <br />exceeding the maximum interest rate permitted by law, as may be fixed by <br />the Director of Finance in his certificate awarding the Notes at private <br />sale, such interest to be payable at maturity, with provision, if re- <br />quested by the purchaser, that, in the event of default, the same shall <br />bear interest at a rate or rates not exceeding the maximum interest rate <br />permitted by law until the principal sum is paid; shall be dated June 1, <br />1984; shall mature on May 31, 1985; shall not be subject to redemption <br />by the City at any time prior to maturity, unless the original purchaser <br />of the Notes requests that the Notes provide for such redemption, in <br />which case provision shall be made for calling the Notes. for redemption <br />upon ten (10) days written notice to the original purchaser; shall be <br />designated "1980 Street Improvement Bond Anticipation Notes-1984 <br />Renewal"; shall be issued in such numbers and denominations as may be <br />requested by the original purchaser; and shall be payable as to both <br />principal and interest at the office of the Director of Finance of the <br />City, or at banks or trust companies, am determined by the Director of <br />Finance, without 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 /> facsimile 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 /> to the Bond Retirement Fund to be applied to the payment of the princi- <br /> pal of an interest on the Notes in the ~manner provided by law. <br /> <br /> The City hereby covenants that it will restrict the use of the <br /> proceeds of the Notes in such manner and to such extent, if any, as may <br /> be necessary, after taking into account reasonable expectations at the <br /> time of the delivery of any payment for the Notes, so that the Notes <br /> <br />-2- <br /> <br /> <br />