18-89 Anticipation Notes $257,000 1985 Street Improve

Home Browse Search

Section 2. That said bonds shall be dated approximately May 1, 1990, shall bear interest at the estimated rate of ten per centum (10%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in five (5) substantially equal annual installments after their issuance. Section 3. That it is hereby determined that notes (herein- after called the "Notes") in the principal amount of $312,500 shall be issued in anticipation of the issuance of said bonds for the above- described purpose. The Notes shall bear interest at a rate or rates not exceeding the maximum interest rate of 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 or rates not exceeding the maximum interest rate of fifteen per centum (15%) per annum until the principal sum is paid; shall be dated May 12, 1989 and shall mature on May 1I, 1990; shall not be subject to redemPtion by the City at any time prior to maturity; shall be designated "1986 Street Improvement Bond Anticipation Notes - 1989 ReneWal"; shall be issued in such numbers and denominations as may be requested by the original purchaser; and shall be payable as to bot]~ principal and interest at the office 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 Mayor and Director of Finance, provided that one of such signatures may be a facsimile 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. Section 5. Subject to the rejection of the Notes by the Director of Finance for investment in the Bond Retirement Fund, the' Notes shall be sold at the par value thereof by the Director of Finance at private sale at an interest rate not exceeding that specified in Section 3 of this ordinance pursuant to and in accordance with the terms and conditions set forth in the fo~m of Invitation for Proposals attached hereto as Exhibit 1, and after distribution of said Invitation for Proposals to prospective purchasers of the Notes; the Director of Finance is hereby authorized and directed to deliver the Notes, when executed, to the original purchaser or purchasers thereof upon payment of the purchase price. The proceeds of such sale shall be paid into the proper fund and used for the purpose for' which the Notes are being issued under the provisions of this ordinance and to pay those costs of issuance set forth in Section 133.361, Ohio Revised Code. Any premium and accrued interest shall be transferred to the Bond Retirement Fund to be applied to the payment of the principal of an interest on the Notes in the manner provided by law. The City covenants that it will restrict the use of the pro- ceeds of the Notes in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the time of the delivery of and payment for the Notes, so that the Notes will not constitute arbitrage bonds under Section 148(a) of the Internal Revenue Code of 1986 (the "Code") and the applicable regulations prescribed under that Section. The Director of Finance or any other officer having responsibility for issuing the Notes~ shall, alone or with any other officer or employee of or consultant to the City, give an appropriate certificate of the City for inclusion in the transaction or proceedings -2-