53-91 $1mil Sanitary Sewer Special Obligation Notes

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Invitation for Bids substantially in the form on file in the Clerk of Council's office and set forth in the Certificate of Award. The Notes shall bear interest at a rate not exceeding the maximum interest rate of eight per centum (8%) per annum, as may be fixed by the Issuer's Fiscal Officer in his certificate awarding the Notes, 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 rat.e not exceeding the maximum interest rate of ten per centum (10%) ,per annum until the principal sum is paid; shall be dated their date of issuance; shall mature on Feb .r~ary 5, 1992; shall not be subject to redemption by the Issuer at any time prior to maturity; and shall be payable as to both principal and interest at Cleveland, Ohio, without deduction for exchange, collection or service charge. The notes shall be designated "Sanitary Sewer System Special Obligation Bond Anticipation Notes, Series 1991"; such notes shall contain a s,~mmarystatement of the purpose for which the Notes are issued; shall state that they are issued pursuant to this ordinance and the General. Bond Legislation; shall be issued in such numbers and denominations as may be requested by the original purchaser; and shall be executed by the Mayor and Fiscal Officer of the Issuer, provided that one of such signatures may be a facsimile signature. Section 4. The Notes shall be sold at a private sale at not less than 100% of the par value thereof in a manner determined by the Issuer's Fiscal Officer to the purchaser offering the lowest interest cost to the Issuer at an interest rate not exceeding that specified in Section 3 of this ordinance upon terms and conditions consistent with this Legislation and the form of Invitation for Bids. Such form of Invitation for Bids is hereby approved, with such changes therein as are not inconsistent with this Legislation and the General Bond Legislation and are in the best interests of the Issuer or are not substantially adverse to the Issuer and which are permitted by the Charter of the Issuer and Constitution of Ohio and shall be approved by the Fiscal Officer executing the Invitation for Bids. The approval of such changes, and that such changes are in the best interests of the issuer or are not substantially adverse to the Issuer, shall be conclusivelyevidenced by the execution of the Invitation for Bids by the Fiscal Officer. Such sale and award shall be further evidenced by the Certificate of Award signed by the' Fiscal Officer. The Certificate of Award shall state the original aggregate principal amount of the Notes to be issued, and the purchase price, together with such additional information as shall be required by the terms of this Bond Legislation. The Fiscal Officer of the Issuer shall obtain the assistance of Calfee, Halter & Griswold, Bond Attorneys, Cleveland, Ohio, cause the Notes to be prepared, and have the Notes signed and delivered, together with a true transcript of proceedings with reference to the issuance of the Notes, to the original purchaser thereof upon payment of the purchase price. The proceeds from the sale of said Notes, except the accrued interest thereon, 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. The proceeds of the Notes may be used to pay, and are hereby appropriated to pay, those certain costs of issuance set -3-