|
thereto ($54,000); and 0) improving certain streets as designated by Council by replacing storm
<br />and sanitary sewers, together with any necessary appurtenances ($464,000).
<br />
<br /> Section 2. Said bondS shall be dated approximately May 1, 2003, shall bear
<br />interest at the estimated rate of five per centum (5%) per annum, payable semi-annually, until the
<br />principal sum is paid, and shall mature as certified by the Director of Finance in her certificates
<br />as stated hereinabove.
<br />
<br /> Section 3. It is hereby determined that notes (hereinafter called the '2qotes") in
<br />the aggregate principal mount of $2;489,000 shall be issued in anticipation of the issuance of
<br />said bonds for the above-described purpose. The Notes shall bear interest at a rate not exceeding
<br />the maximum interest rate of six per centum (6%) per aunum, as may be fixed by the Fiscal
<br />Officer in his certificate awarding the Notes, such interest to be payable at maturity, with
<br />provision, if requested by the purchaser, that, in the event of default, the same shall bear interest
<br />at a rate not exceeding the maximum interest rate often per centum (10%) per annum until the
<br />principal sum is paid; shall be dated their date of issuance and shall mature on a date between
<br />nine months and one year from such date, as determined by the Fiscal Officer; shall not be
<br />subject to redemption by the City at any time prior to maturity; and shall be payable as to both
<br />principal and interest at the office of the Fiscal Officer of the City, or at banks or trust
<br />companies, as determined by the Fiscal Officer, without deduction for exchange, collection or
<br />service charge. "Fiscal Officer" as used in this ordinance means the City's Director of Finance~
<br />
<br /> Section 4. Pursuant to Section 133.30(B), Ohio Revised Code, the Fiscal Officer
<br />may combine the Notes with other notes into a single consolidated issue of notes for purposes of
<br />their sale as a single issue, to be designated "Various Purpose General Obligation Bond
<br />Anticipation Notes, Series 2002"; such notes shall contain a summary statement of purposes
<br />encompassing the purpose for which the Notes are issued; shall state that they are issued
<br />pursuant to this ordinance; shall be issued in such numbers and denominations as may be
<br />requested, by the original purchaser; and shall be executed by the. Mayor and Fiscal Officer,
<br />provided that one of such signatures may be a facsimile signature.
<br />
<br /> The Notes, pursuant to the terms set forth below, may also be issued to a
<br />Depository (as hereinafter defined) for use in a book-entry system (as hereinafter defined). The
<br />Director of Finance is hereby authorized and directed, to the extent necessary or required, to
<br />enter into any agreements determined necessary in connection with the authentication,
<br />immobilization, and transfer of Notes, including arrangements for the payment of principal and
<br />interest by wire transfer, after determining that the execution thereof will not endanger the funds
<br />or securities of the City, which determination shall be conclusively evidenced by the signing of
<br />any such agreement.
<br />
<br /> If and as long as a book-entry system is utilized, (i) the Notes shall be'issued in
<br />the form of one note in the name of the Depository or its nominee, as owner, and immobilized in
<br />the custody of the Depository; (ii) the beneficial owners in book-entry form shall have no right to
<br />receive Notes in the form of physical securities or certificates; (iii)ownership of beneficial
<br />interests in book-entry form shall be shown by a book entry on the system maintained and
<br />operated by the Depository and its Participants (as hereinafter defined), and transfers of the
<br />ownership of beneficial interests shall be made only by book entry by the Depository and its
<br />Partieipants; and (iv)the Notes as such shall not be transferable or exchangeable, except for
<br />transfer to another Depository or to another nominee of a Depository, without further action by
<br />the Council of the City.
<br />
<br /> If any Depository determines not to continue to act as a Depository for the Notes
<br />for use in a book-entry system, the Director of Finance may attempt to have established a
<br />securities depository/book-entry relationship with another qualified Depository. If the Director
<br />of Finance does not or is unable to do so, the Director of Finance, after making provision for
<br />notification of the beneficial owners by the then Depository and any other arrangements she
<br />deems necessary, shall permit withdrawal of the Notes from the Depository, and authenticate and
<br />deliver Note certificates in bearer or registered form, as she determines, to the assigns of the
<br />Depository or its nominee, all at the cost and expense (including any costs of printing), if the
<br />event is not the result of Council action or inaction, of those persons requesting such issuance.
<br />
<br />As used in this Section and this ordinance:
<br />
<br />{KLF15C~.~O¢;1 } 2
<br />
<br />
<br />
|